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在上市公司治理设计中,通常可以通过有效的融资结构的设计,把债权的硬约束和股票的软约束结合起来,发挥两种控制方式的协同作用来实现公司治理结构的优化和治理绩效的提高。文章从委托代理理论和控制权转移两个角度分析了融资结构与公司治理的内在关系,从而得出对我国公司治理改进的建议和优化对策。
In the design of corporate governance in listed companies, it is usually possible to combine the hard constraint of debt with the soft constraint of stock through the design of effective financing structure, and make use of the synergetic effect of the two control modes to optimize the corporate governance structure and improve the governance performance . The article analyzes the internal relationship between financing structure and corporate governance from the perspectives of principal-agent theory and transfer of control, and draws some suggestions on the improvement of corporate governance in China and the optimization measures.