The Research On The Impact Of Senior Mangement Team Characteristics On The Financing Ability Of Corporation

For a long time,for the influence factors of the financing ability mainly focus on profitability,operation ability,debt paying ability,etc.,and at present from the perspective of senior management team to explore relationship between the financing ability of study is less,so this article starting from the characteristics of the senior management team to discuss the campany's financing ability.This paper combines the information asymmetry theory,principal-agent theory,and the theory of high order to analyze the senior management team characteristics and the relationship between the company's financing ability,using the empirical method to study.The first part is mainly to summarize the senior management team characteristics and the influence factor of corporate financing ability research,and also analyzed about the present situation of financing of real estate industry and the corporate's senior management team.The second part put forward the research hypothesis,selection of executive team age,level of education,the salary of the senior management team,the shareholding of senior management team and the tenure of senior management team,in total five indicators,and also put forward five hypotheses respectively.The third part of selecting variables and model,to determine the debt ratio as a measure of financing ability indicator;Selection of age,level of education,salary,etc as the explained variable to establish multiple linear regression model.The fourth part is the empirical analysis,selected the 2010-2014 a-share 123 listed real estate companies in China for five consecutive years of data,using it by SPSS17.0.The fifth part is make a conclusion and put forward suggestions,through theoretical analysis and empirical test,it is concluded that the characteristics of senior management team to the company's financing ability have a certain influence,and from the perspectives of senior management team put forward some advices to improve the company's financing ability.According to the results,the senior management team characteristics associated with corporate financing ability,including age,level of education and salary,they are prominently associated with the company's financing ability,therefore this article research has certain significance,on the one hand,can enrich empirical research in the field of academia in China,on the other hand can also provide the empirical reference to the stakeholders.