Research On Managerial Traits,Debt Financing And Firm's Over-investment Behavior

In modern enterprises,the separation of ownership and management,the company's resource allocation and decision-making mostly by the manager control.When an enterprise makes an investment decision,the manager may not be in accordance with the interests of the shareholders to maximize,but from their own interests,choose to benefit their own and not beneficial to shareholders of investment projects,or take possible value of the merger of corporate activities,Which led to the enterprise's inefficient investment,this phenomenon is widespread in the national enterprises.With the continuous development of demography and the use of management,managerial characteristics and investment and financing relations have aroused great interest among scholars,and gradually become one of the key issues in the field of corporate governance research.Based on the Upper Echelons Theory,this paper draws lessons from the existing literatures,takes the listed companies of Shanghai and Shenzhen as the research samples from 2009 to 2014,and collects 5574 sample managers' information through database and manual collection.In the empirical test,The effect of excessive investment behavior on the basis of the management of the gender,age,education level,service period,whether there are financial work experience and other five external characteristics to measure the manager's overconfidence,distinguish the nature of property rights,empirical test The Impact of Different Managers' Characteristics on Debt Financing and Corporate Over-investment Behavior.The study found that debt financing can improve the corporate governance environment,inhibit the excessive investment behavior of managers,and non-state-owned listed companies in the more obvious.In China's listed companies,the manager's gender,educational level,work experience and debt financing there is a significant positive correlation,that is,men,the higher the level of education,financial-related work experience managers are more inclined to debt financing,and managers Traits can enhance the debt financing on the excessive investment behavior of the inhibitory effect.The age and length of the manager's relationship with the debt financing is not obvious.Compared with state-owned companies,in non-state-owned companies,the level of managerial education,work experience and debt financing are more relevant,but also significantly improve the debt financing to enhance the value of the enterprise,and the management of gender,age,Did not show significant differences.Based on the special national conditions of our country,this paper studies the influence of debt financing on the over-investment behavior of the enterprise and helps the enterprises to optimize the capital structure of the enterprise from the manager level and suppress the inefficient investment behavior caused by the overconfidence of the managers,Improve the efficiency of enterprise investment,improvecorporate governance structure.At the same time,the conclusion of this paper can make the enterprise select the managers who are beneficial to the decision-making and development of the enterprise according to the manager's characteristics,and provide some inspiration for the enterprises to select the senior management personnel and other human resources problems.But also for the business decision-makers to analyze and predict the strategic decision-making and behavior measures to provide information,has some practical significance.