| In 2008 "a loan" the crisis initiation's whole world financial crisis has caused heavy losses to the world economics by the US. With the "two room" was taken over Lehman Brothers filed for bankruptcy, Merrill Lynch, Wachovia, Washington Mutual were acquired, the insurance giant AIG liquidity difficulties due to receive government funding, for a time, the U.S. and Europe and other developed countries Financial companies have a liquidity difficulties and has financial trouble. China also suffered various degrees of financial crisis, the negative impact of a large number of export-oriented enterprises, especially the Pearl River Delta to foreign-based enterprises have closed down, a large number of unemployed migrant workers return home, which is China's economic development and livelihood issues have brought unprecedented pressure. The healthy development of enterprises bearing the future of a country's economy, if you want to keep the business healthy development of the state, on the understanding of the formation mechanism of financial distress becomes essential.However, current domestic and foreign related business finance difficult position origin research, although achievement quite a lot, but also has this problem. In the existing research, the major part either from external economy environment's angle embarking, or from enterprise interior government's angle embarking, comes to the financial difficult position origin to carry on the explanation. So far, had not discovered that the existence special research is from superintendent own angle embarking, comes to make the explanation to the financial difficult position origin. The author believed that this is precisely one which of places the business finance difficult position research area needs to consummate. It is well known, all enterprises are in manage and the management by the human, the administrative personnels different decision-making and the behavior choice has caused enterprise's different result, some enterprises grew strong unceasingly, but other enterprises actually gradually declined, and fell into finally the difficult position, even if under the same macro economic environment, during different enterprise's in the identical profession's development performance also mutually had the difference. Therefore, the author believed that so-called by the capital structure unreasonable, invests, the ill management, the strategic fault, the environment to adapt and so on factors disadvantageously excessively, brings the difficulty for enterprise's survival and the development, creates in the final analysis by the human, factors and so on human's decision-making and behavior is playing the very important role. Especially enterprise's Gao Guan personnel, because the high tube personnel decision-making and the behavior, are more important than the lower management personnel's decision-making and the behavior. Then, how enterprise's does Gao Guan the personnel usually is make the decision-making, they make when policy-making what is the basis, these decisions-making made have come under these factor influence? In view of this, the author believed that embarks from the high tube team background characteristic's angle of view, studies the origin which the business finance difficult position occurs, and promulgates conduction mechanism, will be an item has the widespread practical significance and the theory value the work.This paper selects between 2006-2008, in Shanghai and Shenzhen A-share listed companies as samples, respectively, on the top management team homogeneity and heterogeneity of the relationship between financial distress and an empirical test. The results showed:the average age of senior team members and business financial distress was U-shaped relationship between, the senior team members with an average age increased, the likelihood of financial distress will be presented first and then increase; executives The average education level of the team and the occurrence of financial distress was negatively correlated; senior management team tenure and corporate financial distress on average between the U-shaped relationship was that with the executive team to increase the average term of office will be showing a trend of decreased first and then increased; TMT size and the occurrence of financial distress negatively correlated, but not significant. TMT heterogeneity and firm age, financial distress was a significant positive correlation occurred; TMT education level heterogeneity and financial distress significant negative correlation occurred; TMT tenure heterogeneity and firm financial distress significant negative correlation occurred; high management team heterogeneity and firm background were significantly negatively related to financial distress; TMT tenure heterogeneity and financial difficulties experienced significant negative correlation occurred. In addition, regression results also show that the company's financial leverage is related to the occurrence of financial distress; the company's profitability, the proportion of executive team ownership, the proportion of independent directors, company size, ownership of state-owned companies and the occurrence of financial distress negative.As decision enterprise development one of most essential two kind of decision-making behaviors, the investment decision will have the important influence to the business finance difficult position occurrence, this article takes the investment decision excessively by the investment the substitution variable. Discovered in afterward empirical study:The high tube team average age and the enterprise capital structure assumes the remarkable inverse correlation relations in 1% levels; The high tube team school record average level and the capital structure also assume appear the remarkable inverse correlation relations; But high tube team average assignment deadline and enterprise capital structure inverse correlation, but is not remarkable; High tube team scale and enterprise capital structure present correlational dependence, but is not also remarkable; The capital structure and the business finance difficult position occurs the possibility is remarkable in 1% levels is being related;We also discovered that the high tube team school record horizontal non-uniformity and the enterprise capital structure assumes the remarkable inverse correlation relations;In the high tube team accounts for the proportion and the enterprise capital structure after the tubular goods specialized background personnel is remarkable is being related; The high tube team age non-uniformity and the enterprise capital structure is being related, but is not remarkable; High tube team tenure in office non-uniformity and enterprise capital structure inverse correlation, is also not remarkable; In addition, the return result also showed that the capital structure and the business finance difficult position's occurrence present correlational dependence, this indicated that the high tube team's background characteristic, may through with the enterprise capital structure relations, then affect to the enterprise has the financial difficult position possibility, In the controlled variable part, the possibility which enterprise's profit ability and the capital structure and the financial difficult position occurs assumes the remarkable inverse correlation relations; The high tube team owns stocks the proportion and the business finance difficult position occurrence also remarkable inverse correlation; But the independent director proportion and the business finance difficult position occurs the possibility assumes the inverse correlation relations, but is not remarkable; The enterprise size and the capital structure basically assumes appears the remarkable correlational dependence.The financing decision-making is affects the enterprise development another kind of essential policy-making behavior, this article takes the financing decision-making by the capital structure the substitution variable, sends the discovery in afterward empirical study:The high tube team average age and the enterprise invest the remarkable inverse correlation excessively; The high tube team's average school record and the enterprise invest the remarkable inverse correlation high tube team average tenure in office and the enterprise excessively invest the inverse correlation excessively, but is not remarkable; A high tube team scale coefficient obviously for negative, two coefficients for positive, but is not remarkable, for all this, we basically may also think this to indicate that the tendency which excessively the enterprise will invest will present after the high tube team scale's expansion reduces first increases; The high tube team age non-uniformity and the enterprise invest excessively are remarkable are being related; In the high tube team the scientific project class specialized background's personnel account for the ratio and the enterprise are excessively congenial between the inverse correlation, but is not remarkable; The high tube team assignment deadline non-uniformity and the enterprise invest excessively are remarkable are being related; A high tube team school record non-uniformity coefficient is negative, two coefficients are positive, but is not remarkable. The excessive investment is being related with the business finance difficult position's occurrence, this indicated that the tube team background characteristic, may through invest excessively with the enterprise the relations, then affects to the enterprise falls into the financial crisis's possibility. In addition, in the controlled variable part, the result also demonstrated: Enterprise's profit ability with invests excessively assumes the remarkable correlational dependence; The management owns stocks the proportion and the enterprise invests the inverse correlation excessively; Independent sensible occupies the ratio and the enterprise invest the inverse correlation excessively, but the return result is not remarkable; The financial leverage ratio and the enterprise invest the remarkable inverse correlation excessively; The enterprise size with invests the inverse correlation excessively, but is not remarkable; The stockholder's rights concentration degree with invests excessively is being related, is also not remarkable.This article primary coverage altogether includes six parts, they respectively are:The first chapter is introductory remarks. This chapter main introduction paper selected topic background and research significance, basic concept limits, research technique and mentality, content structure arrangement and the innovation place and so on.The second chapter is literature review. This chapter describes the background characteristics of top management team, financial difficulties, capital structure and over-investment involved with the latest research relevant to the study progress, and its briefly summarized and reviewed, many of them will be This important basis for the next study.The third chapter is the theoretical basis. This chapter describes the main background characteristics of top management team, financial difficulties, capital structure and over-investment, are involved with the basic theory relevant to the study, and as full of the important support.The fourth chapter is the background characteristics of top management team and financial difficulties. This chapter from the senior management team, the perspective of background characteristics, the use of empirical methods, respectively, on the background characteristics of top management team homogeneity and corporate financial distress, and the background characteristics of top management team heterogeneity and firm relationship between financial distress in-depth research.The fifth chapter is the background characteristics of top management team, over-investment and financial difficulties. This chapter, the empirical analysis, background characteristics, respectively, from the top management team homogeneity and heterogeneity of two angles, its acts and corporate over-investment relationship between the in-depth study. On this basis, then this chapter of the over-investment and the relationship between corporate financial difficulties.The sixth chapter is the background characteristics of top management team, capital structure and financial difficulties within the. This chapter from the perspective of top management team to start background characteristics, the empirical analysis to study the background characteristics of top management team homogeneity and heterogeneity, respectively, to the business impact of capital structure, and by differences in capital structure occurrence of financial distress caused by the possibility of the difference.Chapter VII is the lack of this paper and the vision of the future. This chapter based on earlier research, analysis of the entire article inadequacies exist, and future research directions are suggested.The innovation of this paper is as follows:(1)This article embarks for the first time from the high tube team's background characteristic, uses the real diagnosis examination the method, separately related on the high tube team background characteristic's homogeneity and the high non-uniformity and the business finance difficult position has conducted the deep research. In the existing research, the major part either from external economy environment's angle embarking, or from enterprise interior government's angle embarking, comes to the financial difficult position origin to carry on the explanation. So far, did not have the special research is from superintendent own angle embarking, comes to make the explanation to the financial difficult position origin. The author attempts through this article research, fills the above blank.(2)This article when to business finance difficult position research, has introduced the behavior choice concept for the first time. And thought that the high tube personnel in the values, the cognition, the disposition, the mood, and so on aspect differences, will cause them by chance in the policy-making behavior difference. But the high tube personnel's different decision-making and the behavior, will create the enterprise the different result, some enterprises will grow strong unceasingly, but other enterprises actually gradually will fall into the decline, and has caused the business finance difficult position occurrence finally.(3)In view of (2) the inference, this article chose for the first time speaking of an enterprise's success or failure, the most very important two kind of policy-making behavior, namely the capital structure with invested two kinds excessively, took the high tube's financing decision-making and the investment decision substitution variable separately, and through the empirical study, inspected the high tube team background characteristic with the above two kind of policy-making behavior relations, as well as how did the different choice behavior is also cause the enterprise to fall into the financial difficult position.(4)This article to the high tube team background characteristic variable's research description, with formerly studied compares, is also more systematic and is comprehensive. In not only the article has included the high tube team's homogeneous variable, and has also covered the high tube team's non-uniformity variable. In addition, in two type variable's selection scope, based on the current subjective and objective condition, the author also made every effort to achieve comprehensively...
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