A Tentative Study on Creditor Governance

Abstract: Debt,a means of financing,plays the role of the corporate governance.The governance efficiency of the debt varies according to its type,deadline and priority.The creditor governance,mainly including contract governance,liquidity governance and control-right governance,means governing a corporation with creditors function as one of the governance parties.To enhance the governance efficiency of domestic companies and realize creditor governance,the effective bankruptcy system should be built up;the reforms of the state-owned commercial banks should be advanced;the security market should be quickly developed;the debt structure of the firms should be optimized;and the new financing tools concerning debt should be brought forth.