Research On The Impact Of Debt Financing On Investment Behavior Base On The Perspective Of Female Executives

Finance and investment activities,as the core financial links during production and business operation activities, play an important role in the process of modern enterprise operation.The financing activities has an important affect on investment behavior.And with the improvement of women’s status,more and more women entered in Senior management in our country. The roles women play in the process of the financing activities influence investment behavior attract aboard attention.Based on the available empirical data from the listed corporations in Shanghai and Shenzhen Stock Exchange from 2011 to 2013. By using EXCEL2010 and STATA11.2 as research tools,this paper analyzes the impact of debt financing on the investment behavior and the regulatory effect of female executives on the relationship between debt financing and investment behavior. The following aspects are analyzed in this paper:Firstly,the impact of debt financing on investment behavior is analyzed from three aspects:overall debt,different debt period(short-term debt and long-term debt),different sources of debt(commercial credit and bank loan). The following results are obtained: it is significant negative between the lag short-term debt and enterprise investment expenditure and remarkable at the level of α=0.01;the correlation between the lag long-term debt and the scale of enterprise investment expenditure is significant positive;the correlation between the lag commercial credit and the scale of enterprise investment expenditure is significant negative;the correlation between the lag bank lending and the scale of enterprise investment expenditure is positive but not significant.Secondly,the impact of debt financing on the investment behavior is analyzed considering the gender of management as the adjusting variable. The following results are obtained: The adjustment coefficient of female executives to the short-term and long-term debt is positive and the adjustment effect to long-term debt is more significant than short-term debt;The adjustment coefficient of female executives to the bank loans and commercial credit is positive and the adjustment effect to bank loan is more significant than commercial credit.Furthmore,in order to study the adjustment mechanism of female executives to the debt financing and the investment behavior,the proportion of female executives is divided into two groups according to the median point. The results indicate: the difference between the two groups is not big.At last,the relevant policy recommendations in this paper are proposed according to the empirical results.