论资本结构和公司治理的完善

The Improvement in Capital Structure and Corporate Governance

资本结构不仅影响企业的经营绩效,也对企业治理结构与治理效率产生重要影响。国有企业资本结构的畸形发展,导致了国有企业治理的失效。解决问题的根本途径,是以资本结构的优化带动国有企业公司治理机制的完善。

The article makes a study of the development of capital structure theory and its relations with corporate governance,and points out that capital structure influences not only the enterprise＇ s management,but also the enterprise＇ s governance structure and efficiency. It also demonstrates that it is the SOEs＇ abnormal development that leads to the inefficiency of such enterprises＇ governance, and the fundamental solution is to optimize capital structure,so that we can facilitate the SOEs＇ corporate governance mechanism.