中文摘要：

结合中国制度，理论分析公司治理如何影响资本选择，提出研究假设．接着，使用中国非金融上市公司横截面数据，应用二阶段多元程序实证检验公司治理对资本选择的影响．研究发现，治理水平高的公司，其内部人机会主义行为受到限制，股权融资偏好在一定程度上受到抑制，债务水平提高．

英文摘要：

The paper theoretically analyses how corporate governance affects capital choice and puts forward hypotheses through integrating the institution of China. Then, the paper empirically examines the effects of corporate governance on capital choice by applying two-stage multiple procedure and. adopting cross-sectional data of Chinese non-financial listed companies It is found in the study that the insider＇ s opportunistic behavior is suppressed, the preference of equity financing is curbed to some extent, and the debt levels is raised in the case of high corporate governance level.