Research On The Influence Of Executive Management Ability To The Company's Acquisition Of Bank Loan

Debt financing is a major issue in the field of financial management.Bank loans,as one of the most important way to debt financing,have became the emphases of research.Previous research have already discussed that whether institutional background and regional difference and political connections can affect bank loans and how to affect it.But quite a few literatures consider effects of the different management ability of bank loans.Corporate management is responsible for corporate finance decision.Undoubtedly,manager's ability as one of the important characteristics will have a profound impact on the company's financing decisions.In this paper,taking the listed companies in our country as the research object,under the different property rights,through empirical test,it provides direct empirical evidence for enterprise management ability to affect bank loans.It has more urgent and practical significance to improve the ability of business management,optimize the financing plan and speed up the reform of the capital market under the market.Firstly,this paper defines the concept and measurement method of management ability and bank loans,and the influence of managers' ability to obtain bank loans on the basis of human capital theory and information asymmetry and soft budget constraint theory.It discusses the effect between management ability and bank loans based on the panel data of941 Chinese listed companies in the 2007-2013 periods.The results show that: if the ability of enterprise management is stronger,guarantee degree is lower and the proportion of short-term loans is higher,namely strong management ability can get the letter Loan guarantee loans and short-term loans;compared to private enterprises,the effects are more obvious.It is helpful to obtain credit loans or guaranteed loans and the proportion of short-term loans is higher.The results verify the hypothesis of this paper.Based on the above results,in this paper,putting forward the suggestions to improve the ability of managers and improve the transparency of financial information,and speed up the reform of the financial market.