A Study Of CFO Gender On Financing Behavior Of List Companies

Financing decision, as one of the most important financial decisions in an enterprise, has an impact on the effectiveness of financial management and other activities. Therefore, financing decision has been a hot topic in the area of financial research. Many researchers are trying to explain financing behavior from the perspectives of managers feature with the Upper echelons. In these researchs, gender feature, especially for CFO, is always be ignored.As the highest conductor in the field of financial management, CFO is always involved in strategic decisions and financing decisions.Under such circumstances, it is meaningful to analysis the effects on financing behavior of listed companies from CFO gender.Firstly, in order to lay theoretical framework for subsequent empirical research, the thesis define CFO and responsibilities for CFO, reviews the theories related to financing behavior, summarizes domestic and foreign literature, clarifies the position of CFO in an enterprise, and analyzes the relationship between the CFO and financing dicisions.Secondly, financing environment and financing behavior of listed companies are analyzed.The development of capital market in China is in a statement of unbalance, the stock market is growing rapidly and the corporate bond market slowly. In addition, the average debt ratio is under 50% and current liabilities are the most important part of total liabilities, that shows listed companies in China prefer to chose equity financing and short-term debt financing.Thirdly, selecting the listed companies from 2010 to 2013 in China as research sample, the thesis analyzes the effects on financing behavior from CFO gender, including financing options, capital structure and debt maturity structure. Conclusions related are as follow: If the CFO in an enterprise is a women, the company will hates debt financing and has lower debt ratio; in terms of debt financing, the company prefers to issue long-term debt.Except CFO gender, both capital structure and debt maturity structure are influenced by other factors, such as corporate scale, profitability, growth and tangible assets. In addition, the interaction between capital structure and debe maturity can not be ignored.Last but not least, the thesis also provides constructive and instructive policy recommendations to peifect CFO system and enhance capital market efficiency based on research conclusions.