The Research About The Influence Mechanism Of Managerial Style On Investment And Financing Decision Of Enterprises

With the development of behavioral finance theory, investment and financingtheory of enterprises gradually put some manager level elements into the researchcategory, such as managerial overconfidence, managerial style and so on. Existingresearches are mainly based on developed countries and regions which capitalmarkets are more mature and are focused on researches about the influences ofmanagers such as CEO (Chief Executive Officer) on the investment and financingdecisions of enterprises. Domestic theoretical researches need to study further,especially research about managerial style is so few. In view of this, this paper isbased on the managerial style, from the perspective of exogenous managersdepartures to study the influence mechanism of managerial style to the investment andfinancing decisions of enterprises.This paper adopts the norm analysis method and example analysis method toresearch the influence mechanism of managerial style to the investment and financingdecisions of enterprises. The first part is the introduction, which is included thebackground, significance, review of relevant literatures, contents and innovations ofthe issue. The second part is theoretical basis. This part firstly summaries themainstream investment and financing theories of enterprises, then defines the conceptof managerial style and so on, finally analyzes the influence mechanism of themanagerial style to investment and financing decision of enterprises. The third part isthe research method and design. The fourth part is empirical analysis. This partconstructs multiple regression modes on the basis of theoretical analysis and takeslisted companies which managers were exogenous departures in2002-2009asresearch samples, and then gets the empirical conclusions by using the statistical andeconometric method to analyze investment indicators, financing indicators and relatedvariables. The fifth part is the research conclusions and recommendations. This partdiscusses the empirical results, then provides suggestions for enterprises to choose managers and improve enterprise’s investment and financing decisions in combinationwith the present situation of the investment and financing of listed companies inChina. The last part is summary and outlook. This part is a summary of the full textand points out the shortcomings of this paper and the prospects of the further research.