Research Of Listing Corporation Financing Ability And Management Characteristics

Capital is a key factor of production and development, and financing difficulties have plagued enterprise development challenges. Factors that affect many aspects of corporate finance, such as firm size, profitability and economic environment, economic policy, which also affects the ability of corporate finance important factor in corporate finance capabilities. And on corporate management and corporate finance capabilities feature the existence of a certain relationship study less, so this article will feature the perspective of corporate finance management research capability.This paper combines agency theory, theory of the relationship between high-end features and management of listed companies financing capacity to analyze the use of empirical research methods. The first part of the main factors influencing the management features were reviewed and financing capacity. The second part of the proposed hypotheses, select the management representative features five indicators, namely the management of age, educational level management, management tenure, management compensation and managerial ownership, whereby the five should be made quite assumptions. The third part of the selected variables and the model designed to determine the long-term debt financing ratio and the ratio of short-term debt financing as a measure of financing capacity, identified as explanatory variables, and select the management features of the age, education, tenure, remuneration and financing capacity index holdings as explanatory variables to determine the multiple regression model. The fourth part empirical analysis, based on selected indicators collected2009-2012Shanghai A shares379listed companies in the manufacturing sector for four consecutive years of data, using statistical software SPSS16.0empirical analysis. Management features found in age, education and tenure with the company listed on financing capacity was significantly correlated to verify the existence of the relationship between the characteristics and management of listed companies financing capacity envisaged. The study also found that management compensation and ownership and management of listed companies financing capacity there was no significant correlation. The fifth part to draw conclusions and make recommendations, through theoretical analysis and empirical test results management features have a certain influence on corporate finance capabilities, and accordingly put forward suggestions to improve the relevance of corporate finance capabilities.By the conclusion of this study may indicate that management and corporate finance capabilities listed features are relevant, including age, education, tenure has had a significant impact on listed companies financing capacity. This study is important, on the one hand, standing on the management point of view, the ability to enrich the influencing factors of corporate finance content, on the other hand, the ability to provide financing for enterprises to provide the empirical reference.