Study on the Effects of Financing Structure on Governance Performance of Listed Companies

摘要

Oriented by governance target,the governance appraising index is constructed.Then the effects of financing structure on governance performance are analyzed from both the short-term and the longterm perspectives by structural equation model.The empirical results indicate that the rise in debt has larger direct negative impact on the short-term governance performance than the indirect positive impact via optimizing ownership structure.However,from the long-term perspective,the financing structure has only indirect positive impact on the long-term governance performance.The highly-concentrated ownership structure is the main cause of low governance efficiency.The increase in equity lowers the ownership concentration,and thus improves long-term governance efficiency.