Abstract The governance of creditor’s rights plays the core role in the corporate governance evaluation system. This paper, on the basis of the review of literatures in China and abroad, constructs the evaluation index to measure and assess creditor’s rights governance of the listed small and medium enterprises in China, and makes an empirical study on the governance situation of 205 Chinese listed SMEs from four foundational dimensions, namely, solvency, debt financing level, assets maturity structure and debt maturity structure, and from the perspective of enterprise characteristics differences. Meanwhile, the paper combines with the enterprise growth evaluation system of listed SMEs, and makes a comprehensive and regression research on the two evaluation indices. The evaluation results show that the overall governance of creditor’s rights in China is poor. There are big differences under different ownerships. The governance index and the growth index have an inverted U-shaped relationship
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Received: 26 April 2007
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