This article takes horizon of shareholders' investment motive and the mechanism of debt governance, testing the effect of different types of holding companies' financing structure to enterprise value with empirical testing, the study discovers that: under the control of major shareholders, the financing structure of listed companies in China has more negative economic consequences to corporate, and its positive role in the mechanism has not been very good to play. As the changes of majority shareholders' shareholding ratio and the nature of equity, there exits some differences among negative i...
