融资结构与治理结构中的代理问题

研究企业融资行为以及资本结构和公司治理之间的关系成为近年来西方资本结构理论发展的新动向。文章通过回顾融资结构理论，发现其具有与代理理论相融合的取向，说明两者不是对立而是互补的。通过对影响融资结构因素的分析，探讨了我国上市公司治理结构中所有权安排存在的代理问题。

The Agency Problem in the Financial Structure and Governing Structure

Researches on the financial behavior of enterprises and the relations between capital structure and governing structure have become the new direction of the development of western capital structure theory. Through reviewing the financial structure theory, this paper finds that it possesses the orientation of the merging with the agency theory, which illustrates that the both sides are not contrary and are complementary. And through the analysis on the factors influencing the financial structure, this paper probes into the agency problem existing in the ownership disposition of Chinese listed company's governing structure.