Research On The Impact Of Financial Groverance Structure On Financing Behavior

Different financing behaviors will form different financing structures and produce different financing behavior effects,which directly affect the company's production and operation,financial status and long-term development.At present,China's listed companies have experienced negative phenomena such as excessive financing,severe mismatch of assets and liabilities,and imbalance of internal and external financing,which have hindered the sustainable development of listed companies.Existing scientific research proves that good financial governance can constrain the financial behavior of managers,bring the interests of managers and shareholders closer to each other,and encourage managers to make financial decisions that are beneficial to shareholders' interests.As the financial governance structure is the core of financial governance,it is the focus of theory and practice to restrict the unreasonable financing behavior of the company by establishing a scientific,standardized and rigorous financial governance structure.Based on the combing of relevant research literature on financial governance structure and financing behavior,this paper analyzes the financing behavior of each component of the company's financial governance structure based on the principal-agent theory,signal transmission theory,corporate governance theory and financial power flow theory.The impact of research,put forward relevant research hypotheses to regulate financing behavior from the perspective of the overall financial governance structure,adopt a scientific method to measure the financial governance structure and financing behavior,and establish a regression model.Select the Shanghai and Shenzhen 300 Index companies as sample companies and adopt the principal component analysis method to extract the principal components from the variables reflecting the governance structure of the shareholders' meeting,the governance structure of the board of directors,the governance structure of the supervisory board and the management structure of the manager,and construct a structure that can reflect the comprehensive level of the financial governance structure The comprehensive index of financial governance is used as an explanatory variable,introducing company growth,return on total assets,mortgageable assets,corporate nature,etc.as control variables,and explained variables that can reflect financing behavior-asset-liability ratio,financing term structure and financing efficiency,respectively Carrying out correlation analysis and regression analysis,the study found that:(1)a good financial governance structure can constrain the financing behavior of the operator and select debt financing with a lower capital cost;(2)a good financial governance structure can form a set A complete incentive and supervision mechanism urges operators to make financing decisions that are conducive to the company's long-term development and choose long-term financing;(3)A good financial governance structure can reduce financing costs and improve financing efficiency.Finally,specific policy suggestions for improving financing behavior by improving the financial governance structure are proposed.