Study On The Relationship Among Senior Executives' Gender,Financing Decision And Firm Performance

As an important part of the decision tree of the enterprises,financing decision plays a vital role in the operation and management of the enterprises as well as affects the performance.Therefore,financing decision and enterprise performance have been hot topics in academia.With the development of society,more and more women get rid of the shackles of family life,gradually into the social life.They even participate in business management,and began to play a significant role in enterprise decision-making.The influence of executive gender on financing decision and firm performance has been paid more and more attention by scholars.However,in existing research,there are few empirical studies in China on these topics.What's more,existing research still lack discussion on the role of "black box" between gender and firm performance.Under such circumstances,it is of great theoretical and practical significance to study the effect and mechanism of executive gender on performance from the perspective of financing decision.Firstly,in order to lay theoretical framework for subsequent empirical research,this article reviews the relevant theories of the research,and summarizes the existing literatures on gender,financing decision and enterprise performance.Secondly,using the data of small and medium-sized listed companies in 2012-2014,the research conducts descriptive analysis,grouping T test and regression with SPSS 20.0 software.The results are as following: female executives are significantly negatively correlated with the debt to asset ratio;female executives are significantly negatively correlated with short-term debt ratio;debt to asset ratio is positively correlated with firm performance;short-term debt ratio has significant positive correlation with firm performance;female executives have significant negative correlation with firm performance.Therefore,it clarifies the influence mechanism of executives' gender on firm performance from the perspective of financing decision,that is to say,different gender of executives influence firm performance indirectly through different financing decision-making behaviors.