一、引言资本结构是指企业长期债务和权益资本之间的比例关系。财务治理是以企业产权为基础,界定和协调相关利益主体在财权中的地位和作用,使各利益主体在财权上相互约束,相互制衡,最终实现企业财务价值最大化。资本结构表明了企业资金来源,同时揭示了企业的产权归属。财务治理侧重于企业财权的分配,企业不同的 I. Introduction Capital structure refers to the ratio between long-term debt and equity capital. Financial governance is based on the property rights of enterprises, defining and coordinating the status and role of relevant stakeholders in property rights, so that the various interest entities are mutually restrained and balanced in their financial power to maximize the enterprise’s financial value. Capital structure shows the source of corporate funds, while revealing the ownership of the enterprise. Financial governance focuses on the distribution of corporate financial power, different enterprises