CAJ | 학술논문

公司融资活动关系到公司自身的创立、生存和发展。财务治理是公司治理的核心难点和出路。公司不同的融资活动会导致不同资本结构，影响公司财务治理效应的发挥。资源型上市公司在中国的国民经济发展中有举足轻重的作用。但是当前资源型上市公司融资存在强烈偏好股权，结构严重失衡，外部融资中债券融资所占比例过小，因此产生诸多财务治理方面的难题，进而影响到资源型上市公司发展的可持续性。由此，完善资源型上市公司治理结构，提高公司治理效率，必须调整公司现有融资结构和方式，发挥债券融资方式的治理优势，进一步强化债券融资自身应有的财务治理效应。
공사융자활동관계도공사자신적창립、생존화발전。재무치리시공사치리적핵심난점화출로。공사불동적융자활동회도치불동자본결구，영향공사재무치리효응적발휘。자원형상시공사재중국적국민경제발전중유거족경중적작용。단시당전자원형상시공사융자존재강렬편호고권，결구엄중실형，외부융자중채권융자소점비례과소，인차산생제다재무치리방면적난제，진이영향도자원형상시공사발전적가지속성。유차，완선자원형상시공사치리결구，제고공사치리효솔，필수조정공사현유융자결구화방식，발휘채권융자방식적치리우세，진일보강화채권융자자신응유적재무치리효응。
The activities of the corporate finance effect its founding,survival and development.The financial gov-ernance is the core difficulty and outlet of corporate governance.The different financing activities result in different capital structure and have crucial effects on the corporate governance effect.Resources of listed companies in our country has a pivotal role in the development of national economy.However, the financing structure of the Resource-based listed companies is serious imbalance,existing strong equity preference and the bond financing accounted for a very small proportion of external financing, which gives rise to a series of governance issues and effect the company’ s sustainable development.Therefore, to Perfect resource -based listed company financing governance and structure improve the efficiency of corporate governance,we have to adjust the structure of the company’ s fi-nancing,which is an effective way,to fully play the advantage of the financial governance of bond financing.