An Empirical Study On The Relationship Between Entrepreneurs' Personal Characteristics And Financing

In the company’s management process, financing activity has always been present throughout the company’s business activities, It is the source of the financing obtained by the company’s business activities, as far as we all know, the pursuit of business financial goal is to maximize enterprise value for the completion of this a target, financing decisions and choice of financing is a top priority. The family business as a major component of China’s economy, social status and influence continue to increase, so compared to other kinds of enterprises, family business enterprise financing activities is more important. Currently there are a lot of research literature about family business financing activities, but research from the perspective of managers is little. In practice, the family entrepreneur is the most direct impact on financing activities financing decision, especially small and medium family enterprises.Therefore, in the study of small and medium entrepreneurs about family business financing decisions I will incorporate personal characteristics, research links and the degree of influence between them.Through theoretical analysis summarize the results of previous research, the study hypothesis is put forward in this paper, combine with 124 small family business sample data, use multiple regression analysis and case study of small and medium entrepreneurs, to prove family business background characteristics and psychological characteristics will affect it’s financing decisions, We conclude that the proposed hypothesis:entrepreneurs in the company’s employment time, professional background, political status in its possession, control appetite and risk preference show a positive correlation with family businesses gearing ratio. Male entrepreneurs are more inclined to choose debt financing, the education level and the size of the age of the entrepreneur are zero correlation coefficient, does not have any relationship with gearing ratio. Entrepreneurs control over preferences, professional background, political identity managers, managers serving time, risk preference and other characteristics than age, gender, education and other background characteristics have a greater impact on corporate financing decisions. Therefore, the personal characteristics of the entrepreneur as the factors included in the study and financing decision-making system in the family business to be proved practical and effective, which as the financing decision can provide a new perspective.