CEO Characteristics Impact On SME Financing Capacity

In recent years, the rapid development of small and medium enterprises have become an important part of national economy, the development of SMEs is an important basis for maintaining social and economic stability. But the financing problem has restricted the development of SMEs, severely inhibited the company’s growth and sustainable development. SME financing difficulties factors besides market economy system is not perfect and SMEs beyond their own shortcomings, corporate CEO’s characteristics are also important factors affect the ability of SME financing. CEO as senior managers of listed SMEs, holds the management and decision-making enterprises, many of its own characteristics, such as age, education and so the subtle influence of corporate management and development, thereby affecting corporate financing capacity.In this paper, the data of the GEM SME entrepreneurs based on the heterogeneity of perspectives, using scientific methods normative and empirical research on the relationship between the CEO and financing capability characteristics between the study characterized by CEO Age, education level, whether outside employment and other factors influencing CEO characteristics impact on SMEs financing capacity, access to research results has a certain value, and made relevant recommendations. In this paper, a total of five parts:The first part is the research background and significance of the introduction, this article focuses on. Of existing relevant research results carried out and proposed research ideas and methods as well as innovative and weaknesses of this study in this paper.The second part is the basis of relevant theories, the theoretical basis of this study are reviewed and related concepts set primarily theoretical foundation has principal-agent theory, higher-order theory, theory and relationship between banks and asymmetric information theory.The third part is the situation analysis, the financing situation of SMEs and CEO of existing regimes, pointing out its shortcomings. Based on the selected sample of data to analyze the current situation characterized by CEO, stated CEO characteristics affect financing capacity.The fourth part is empirical research. In this section, the establishment of a mathematical model based on its own research model, and use SAS, Eviews data processing software for the data herein has been described and correlation analysis, regression analysis assumptions.The fifth part is the conclusion and policy recommendations elaborated. In this paper summarizes the conclusions of the study, based on the proposed policy recommendations.The study found CEO characteristics of age, education level and outside employment does have a significant impact on the financing ability, while CEO pay levels and stake for SMEs, whether long-term or short-term financing capacity the impact is not significant financing capacity. The study also found the scale of SMEs, corporate profitability and cash flow have a significant correlation-ship with financing ability.