Female Executives And Financing Priorities Of Listed Companies

In recent years,The influence of the diversification and irrational behavior of the management on the enterprise financial decision has gradually attracted the attention of scholars at home and abroad.Women as the heterogeneity of management,the influence of women's overconfidence and risk aversion on financial behavior has also become a topic of wide concern.As one of the key links in the financial decision-making,the financing behavior has a direct impact on the survival and development of the enterprise,and also has an important influence on the production management and the creation of the enterprise value.Paper based on the Upper Echelons Perspective and Behavioral Finance,Researching on the particularity of the female executives of Listed Companies in the process of selecting the financing methods,It has certain theoretical and practical significance in the modern society in which women's social status is rising and commercial power is highlighting.In addition,in view of China's special economic,social and cultural environment,the study point out women's social network relationship and the regional institutional environment faced by enterprises will have an important impact on the financing choices of female managers from two perspectives of micro and macro,To some extent,enrich the existing research of female executives,At the same time,it also provides a new explanation for the present situation of financing order in china.Firstly,this paper describes the research background,purpose and significance.And then,summarizes and reviews the relevant literature about gender characteristics at home and abroad,financial performance difference on gender characteristics and financing order research.And concepts the definition of the research involved in female executives,social capital and regional institutional environment,moreover,collects and combs out the theoretical supports,to build a theoretical framework for the empirical research.Based on the literature research and theoretical analysis,we put forward the relevant research hypotheses that according to the relationship of the female executives and listed companies pecking order choice and the regulatory role between social capital and institutional environment show.Then take the GEM listed companies as the sample,through the descriptive analysis,correlation analysis and multiple regression analysis to verify the research hypothesis.The results show that: There are gender differences in the choice of financing methods for business managers��Compared with male managers,women are less likely to use internal financing and debt financing;The social capital of female managers,as the internal regulatory factors in the relationship,has a negative moderating effect on the internal financing and has a positive moderating effect on the debt financing willingness of female executives;The external institutional environment as the external regulatory factors in the relationship only has a positive moderating effect on the internal financing willingness of female executives;In addition,the harsh external institutional environment has amplification effect on the regulation of female social capital.