【正文】 s internal control will be strong, efficient governance structure of property rights on The lower the value the greater the damage to businesses.Based on the above analysis, in order to optimize China39。s stock market to see. External governance mechanisms from the pany perspective, as listed panies are stateowned shares and legal person shares can not be listed on the free flow of the proportion of public shares and less, it is difficult to form an effective merger and acquisition activity, even if all the hands of individual shareholders to sell shares are not pressure on the manager of the market, so people have a serious internal control it is not surprising, as research shows that: stateowned shares in the pany39。 Secondly, They are not investments, and interest in the absence of incentive mechanisms for managers under the supervision of a lack of incentives。s ownership structure of listed panies is unreasonable it is unreasonable ownership structure, resulting in the governance of listed panies of China39。 institutional investors on corporate governance to improve the structure of a certain active role。s stateowned enterprise reform process and effect. Optimization of capital structure there are many ways, we have more research than is the stock of capital structure adjustment and incremental adjustments, I would like to here from the optimal ownership structure of stateowned enterprises in China to talk about the optimization of capital structure.Shareholding structure of the optimization is an optimization of capital structure, the shareholding structure of the optimization to be a reasonable corporate governance structure could be improved to improve the management efficiency and enterprise value. Miller, a wellknown financial economist to choose the structure of corporate governance as the main strategy of enterprise reform. Enterprise Value is a function of ownership structure, ownership structure more rational, more efficient corporate governance, the greater enterprise value. According to statistics, the current shareholding structure of listed panies in China, the country shares about 36%, the proportion of social legal person shares is about 26%, the proportion of outstanding shares is about 26%. Generally speaking, social legal person shares, the equity shares are distributed among the different economic agents, pared with the concentration of stateowned stake in dominant form, Stock Dominance situation. According to various types of equity capital in the overall performance of the pany share of the relevance of the empirical analysis shows that: relatively speaking, the performance of stateowned shares in the pany39。s stateowned enterprises, most of the capital structure is not unreasonable is a fact, it has bee China39。 Third, the development of corporate bond market. Distribution market, the transaction can not be separated from the development of the market, the two are closely linked and both are indispensable. Improve the existing counters in the form of the transaction, the transaction may be the progressive development of the network。s corporate bond. First, countries should implement marketoriented interest rate and gradually opening up the transfer of the flow of the bond price。 On the other hand to deal with approval to carry out supervision and inspection of corporate bonds, debt collection issue and trading enterprises, as well as the use of funds arrangements and bonds to repay the interest due status, standardize enterprise behavior of bonds. Improve the liquidity of the bankruptcy system can be effectively bound by enterprises to safeguard the interests of investors in the debt, thus contributing to the organic operation of the bond market.3. Strengthen the liquidity of corporate bonds. China39。s corporate bond issuance, on the one hand, as soon as possible to develop a unified rating system and evaluation methods to ensure the scientific nature of ratings, impartiality and consistency。s bond credit rating system is a bit confusing, and corporate bonds to take the voluntary rating, the rating agencies their own way Our charter legislation。s bond market, which bond financing for Chinese enterprises to create a favorable external environment. China39。 corporate bond demand。s corporate governance, internal control, management personnel to the operator to provide an effective incentive and restraint mechanisms for the elimination of corporate equity financing is a fundamental way preferences. At present, China is planning to introduce a listed pany in the establishment of an independent director system and the measures being implemented to reduce the stateowned shares and the flow of the internal control, improve corporate governance structure in China is undoubtedly a great help.Stimulate enterprises to issue bonds of the external environment is financing the development of bond markets and improved. China39。s capital structure, it is contrary to the theory of capital structure of the financing options. Extraordinary enterprise in China is a listed pany, we prefer to issue bonds rather than equity financing financing, led to such results can be described as a variety of reasons, but mainly internal factors and external environmental factors: internal factors is internal governance structure and the efficiency of the impact of property rights, in the current corporate governance structure of China39。s reality, the decision to identify the capital structure of Chinese enterprises to establish the formation factor of capital structure of Chinese enterprises evaluation model. It should be noted that the capital structure of the evaluation model is not a once and for all, and in the process of application but also its ongoing revision and improvement。 volatility。 Liye types。 growth。 by nontax liabilities。 management staff of power and risktobusiness attitude. Affect their capital structure so many factors, so that both the theory and in practice,