Research On The Relationship Between Capital Structure And Governance Structure Of Enterprises

In recent years,with the advancement of technology and the innovation of the system,ownership and business rights have been combined into multiple entities.Business managers are both bosses and managers.The owners and managers have achieved the same goal,and they have previously been centered on things.The two-right system arrangement was restructured.Due to the adjustment of the ownership structure,it brought about fundamental changes in the corporate governance structure:the principal-agent chain between the enterprise owner and the operator was internalized,and the governance structure originally built to check the balance between the enterprise owner and the operator was implemented under institutional innovation.It seems pointless.In the era of pre-industrial economy,the capital structure and governance structure of enterprises could not meet the requirements of the new market economy.Therefore,the purpose of this paper is to study and follow the development law of capital structure and governance structure within the scope of the enterprise,so as to provide a theoretical basis for the transformation and innovation of enterprises in the post-industrial economic era.The traditional enterprise's technology and its system continuously adapt to the requirements of the socialist market economy in the matching process and grow and expand,and promote economic development.In the following,this paper makes an in-depth study and comparative analysis of the relationship between corporate capital structure and governance structure in the era of pre-and post-industrial economy.In the era of pre-industrial economy,the prominent feature of enterprises was the separation of ownership and management rights.Shareholders only retained the ultimate ownership(surplus control rights and residual claim rights)of the capital they derived,and assumed limited liability,while the company's operating rights were under specific control.The form of power is given to the board of directors and the management,and the board of directors and the management are in charge of business control over the property of the corporate legal person.The capital structure of enterprises reflects the different sources of corporate capital,affects the distribution of corporate power among various stakeholders,determines the constraints and incentive strengths of various stakeholders,and the capital structure can play a role in the efficiency of the principal-agent relationship.It also affects the ownership and control of the company,which affects the governance structure,affects corporate governance efficiency,and affects corporate performance.At the same time,under the framework of a certain governance structure,decision-making is the game of the interests of all parties under institutional constraints.As a result,the financing decisions will change the existing capital structure.Companies not only have an optimal capital structure,but also have an optimal governance structure.They achieve perfect unity through the goal of maximizing corporate value.In the post-industrial economy era,technological advances and institutional innovations promote the integration of owner and operator diversification.That is,employees and managers are both "bosses"and managers,and corporate ownership and management rights are integrated.The interests of the company are highly consistent with personal interests.Residual control rights and some residual claim rights belong to company employees.In the process of continuous"harmony" between corporate capital and labor,the corporate capital structure shows that corporate stakeholders effectively realize the value of various types of resources they provide on the basis of respecting the division of labor in specialized labor,and realize the company's resource allocation.Correspondence to the consistency of power configuration.The integration of the two powers has reversed the divergence between the capital structure and the governance structure.The evolutionary trend of the corporate governance structure is how to rationalize the people-oriented capital structure so as to finally realize the company's human rights allocation pattern.Next,the paper compares and analyzes the capital structure and governance structure of the enterprise in the pre-and post-industrial economic eras,and conducts an in-depth study on the relationship between the two.It discusses the relationship between corporate capital structure and governance structure in the era of post-industrial economy and combines typical representativeness.Enterprise-Haier Group conducts a case study and sorts out the capital structure and governance structure in the pre-and post-industrial economic era of Haier Group.Finally,this article selects a typical and representative enterprise,Haier Group,for a case study.The transformation of the relationship between Haier's capital structure and governance structure under bureaucratic and non-bureaucratic systems was thoroughly analyzed.According to the analysis,the separation of ownership and ownership of the Haier Group under the bureaucratic system separated the capital structure and the governance structure;under the non-section system,the Haier Group started with the traditional manufacturing industry,completed the enterprise transformation with Internet thinking,and organized and stimulated The one-man-one-man change has changed the employment relationship to the entrepreneurs in the ecosystem.Under the platform,the multiple ownership of business ownership and management rights means that Haier's internal capital structure and governance structure are being transformed into a combination of capital structure and governance structure.Based on the above analysis results,this paper hopes to restructure the relationship between corporate capital structure and governance structure in the era of post-industrial economy,provide theoretical basis for the transformation and innovation of enterprises in the post-industrial economic era,and make the technology and system of traditional enterprises in the process of matching.It has continuously adapted to the requirements of the socialist market economy and has grown and strengthened its economic development.