上市公司债务融资的影响因素及其治理效应的研究-会计学专业论文.docxVIP

THE FACTORS OF DEBT FINANCING AND ITS EFFECT ON CORPORATE GOVERNANCE OF THE LISTED COMPANY IN CHINA ABSTRACT Relying on the theory in the capital structure and corporate governance theory, this article analyses the factors of debt financing and its effects on corporate governance of the listed companies in China. The paper is consisted by six chapters, the first chapter is devoted to research background and research significance as well as the related literature review. Chapter II analyses the impact of debt financing factors, including internal and external factors. And internal factors are measured by specific targets. Chapter III theoretically analyses debt financing effects on corporate governance. By comparing Chinas debt financing status with developed countries, It is pointed out that Chinas debt financing existing problems. In Chapter IV, debt financing will be divided into different types for empirically analyzing the various debt financing is positively relevant with internal factors. It is found that asset size, asset structure and growth with a variety of debt financing at the different levels; The companys profit and debt financing are negatively relevant; And the correlation between equity structure and debt financing is not significant. Chapter Ⅴ focuses on empirical analysis of the effects of the asset-liability ratio, long-term debt ratio, short-term debt ratio and liabilities financing rate on the value of the company targets, Tobins Q value. By descriptive statistics and regression, the results show that the rate of assets and liabilities and short-term debt ratio have a slight negative correlation with Tobins Q value, and there is a positive correlation between the long-term debt ratio and Tobins Q value. In the final of this article, the sixth chapter, some advices about how to develop Chinas debt financing market and improve the efficiency of debt financing on corporate governance in listed companies have been raised. The creative point, the l