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F832.5GovernanceStructureandRationedShareFinancingBehaviorofListedCompany2001520025MM..........................................................................MM(MM).........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................WalphensonMMMMFrance.Modigliani(MertorMiller)1958MMISSBSBSBBWACCrrr??????SBSrBrWACCr)(00BSBSrrrr???Sr0rWACCrBrSBBSrMM(MM)MMBTVVCUL???1VUVLVLVCTB0)1(rTEBITVCU???EBIT)()1(00BCSBSrrTrr??????Sr0rWACCrBrSBSVSCBVBWACCrTrrLL??????)1(2WACCrMM100%MMVBTVVCUL???VUV?BB370ROSSMyers(Majluf)1965198261%23%23%43.3561.671199619971998199949.6448.6946.5443.3562.9961.0761.1461.67:20013AB11223973.1250908.4417662.136134.952878920012%1572.9139.60908.0622.8724.160.6120.340.512525.4763.59A1155.0429.08152.003.83138.963.51446.0036.413971.471001996530530332310631.9%10030.1%47(14.2%)20(6.0%)13(3.9%)1(0.3%)61.8%3911.8%332100%10681”K?K19964010%1020%2030%3040%4050%5060%6070%7080%80%6227075726962300K45.545.057.159.172.076.983.591.3ASTSTST41/321997199847530%()1/3205A199919985.37%18.31%51998123119991231/20.18%21.80%19941999610-11.9%9-9.9%6-6.9%19942874616.03165.57103.4812.4619953114614.79123.85123.859.27199651314127.48122.3371.368.29199772027237.77192.64121.667.01199882627933.77313.75374.482.71199992420021.64515.529310.066.07:199410%19969%19996%1994ROE10%17%12.46%10%199519941994199510%ROE10%1996ROE10%10%19961998ROE10%11.9%199737.77%199833.77%10%199810%37.53%10%ROE199936%1999ROE9%5.52%6%10.06%6%ROE199346150.59461.54EPS0.346.9%9.1810.980.34,1613151994-19981994199819991420.38.66280.282.923.232000560.303910.96EPS0.172.972.92199419987EPS199446142.973.550.332.5710.98199568432.633.690.332.5710.98199629292.73.940.342.559.181997156822.46.210.352.75.67199812502.757.830.323.095.2219988%1994355.3106.4409.944.53431.817.18480.239.111995497.6158.0573.819.65719.917.86865.622.841996735.723.97902.840.01951.98.82973.06.971997766.833.09949.126.13961.57.97485.612.51998823.831.15906.919.59455.326.0719971998199919969%1994586617.04597416.8325150.411172-3.331995631514.44742212.4084399.96111858.311996732113.0269659.90941810.72903023.261997810214.981080313.502046026.49993823.431998922717.621693726.76853024.911994199519961019946225.656136.983356.746976.0219956463.087252.388561.6111393.4419969718.4211182.7813680.9211983.0919978612.4111029.949287.583239.0919989057.588395.203413.70199419961994199519961997199811%199413.561911.39967.38857.4922199514.959612.283010.64508.1518199615.281011.596812.14178.6258199713.925710.77136.25703.1433199816.7221-4.20835.214219961998-1148%10%1-20.212%%%%%%%%199411.3912.967.3810.017.497.9710.98199512.2810.3610.648.178.157.1510.98199611.5910.6212.149.368.636.349.8199710.7710.506.258.113.147.657.141998-4.218.558.368.193.763.735.6719999.768.323.663.723.781-21-21A.W.F.200083012A.W.F.2000830331998941420014761J.williampetty,Arthur.keown,DavidF.scott.JrandJohnD.martin,BasicFinancialManagement,SixthEdition219953.19984.A.W.F.200085..C.2000116.200147.200151LaurenceBooth,VaroujAivaZian,AaliDemirgncKunt,andVojislanMaksimovic,CapitalStructuresinDevelopingCountries,TheJournalofFinance,No.1,20012JohnR.Graham,HowBigAretheTaxBenefitsofDebt?TheJournalofFinance,No.5,20003StewartC.Myers,OutsideEquity,TheJournalofFinance,No.3,2000419999520017620017720001082000491999610.2001711.2001412.2000713.2001714.’slistedcompaniesisstillattheprimarystage.Basedonthefactthatfinancialstructureisthefoundationofcorporategovernancestructure,thispaperresearchedtheproblemsofcorporategovernancestructureinlistedcompaniesfromboththetheoreticalandpracticalsides.IRelationsbetweencorporatefinancialstructureandcorporategovernancestructureClassicalcapitalstructuretheorythinksthat,lookingforthebestfinancialstructureistheimportantpathtomaximizecorporation’svalue.Duringtheprocess,corporateshouldconsidertomakeuseofthe“financialleverage”effectaswellasthinkingoverriskscausedbydebts.Thus,thecorporatemustmakereasonablechooseaccordingtotherealisticmainfactors.Financialstructuresandbehaviorofmanagershaveshownthatdebtfinancinghasstrongerstimulusfunction.Sincemanagersissuebonds,shareholdershavereasontobelievethat,managerswillmakeefforttoattainmaximumreturntokeephisincumbencybenefits,orhemustpayforit.Thus,corporatewillbemoreefficientunderthepressureofobligation.So