Research On The Influence Path Of External Governance Environment On Enterprise Financing Efficiency

Corporate governance and financing efficiency have always been two important topics in academic research.Both influence the business decision-making of the enterprise and have an important impact on the production and operation of the enterprise.A reasonable corporate governance structure can alleviate the adverse effects caused by agency problems and information asymmetry,reduce agency costs,inhibit managers from seeking private interests,urge managers to make decisions that meet business objectives,and improve corporate financing efficiency.There are two modes of corporate governance:one is the internal governance model and the other is the external governance model.Only by the internal and external mechanisms can the enterprise achieve the goal of corporate governance and achieve good corporate governance However,when we talk about corporate governance issues,we often think of internal governance issues such as regulating internal rights and responsibility distribution,but only considering these internal factors is difficult to achieve corporate governance goals.The external governance environment is a more fundamental aspect than internal governance.Therefore,it is especially important to consider the external governance environment when studying corporate governance issues.Although there are manv literatures on the external governance environment and financing efficiency in the academic community,there are no scholars in China who specifically study the impact and influence path of the external governance environment on corporate financing efficiency.The research ideas in this paper are as follows:The financing of enterprises is closely related to investment.The related research on the impact of external governance environment on investment efficiency provides some research ideas for this paper.According to the theoretical analysis of this paper,the research hypothesis of this paper is proposed.This paper summarizes the existing scholars'research on external governance environment,internal governance mechanism and corporate financing efficiency,and determines the latent variables,measured variables and their measurement.According to the theoretical analysis of this paper,the initial model of this paper is constructed.The two hypotheses proposed in this paper are validated based on the panel data of the listed companies for five consecutive years.The conclusions of this paper confirm:(1)the path hypothesis that the external governance environment significantly affects the financing efficiency of enterprises;(2)the path hypothesis that the external governance environment can indirectly affect the financing efficiency of enterprises through the internal communication mechanism.The main innovation of this paper is to break through the research mode that the scholars only pay attention to the internal governance of the company,and to study the influence and influence path of the external governance environment on the financing efficiency from the external environment.Therefore,the research in this paper not only enriches the research related to corporate governance and financing efficiency.And more importantly,it makes up for the lack of research on the impact of current corporate governance on financing efficiency.The empirical results of this paper provide practical guidance for the government to improve the external environment,improve the financing efficiency of enterprises,increase corporate profits,and increase the accumulation of social wealth.