| The capital structure has an important influence on the long-term development of a company.It is one of the core issues of corporate decision-making.It plays an important role in both investment and financing decisions.However,the capital structure of different industries and different companies is usually also differently,this is caused by a number of factors.These factors include macroeconomic effects,industry characteristics,and firm-level factors.Considering the influence of macroeconomic factors,this paper selected the data from 2013 to the third quarter of 2017 as the research object;in order to avoid the heterogeneity of different industries,this paper selected the real estate industry as the research object according to the classification criteria of Eastern Wealth.Eliminating the influence of corporate-level factors on the capital structure,this paper selects profitability,company size,growth,mortgage assets ratio,shareholding ratio of the largest shareholder,company nature,and time as control variables.Chinese "Company Law" stipulates that the board of directors has the right to make decisions on the company's business plans and investment plans.The company's general decisions need to be passed by 1/2 of the voting rights of the board of directors.The chairman of the board of directors has the most say in the board of directors.And most board members in the real estate industry hold higher shares,so the chairman of the real estate industry will have a greater influence on the development of investment plans.According to the TMT theory,the personal characteristics of the chairman may have a certain impact on the capital structure of the company..Based on the above analysis,this paper uses empirical methods to study questions and collect relevant information of listed companies in the real estate industry in the A-share market from 2013 to September 2017 as panel data.From the eight characteristics of age,gender,academic qualifications,major,length of service,graduate school,founder,and executive concurrently,studied their impact on capital structure and reached the following conclusions:The company's capital structure is influenced by the personal characteristics of the chairman.The influence of the chairman's age and tenure on the capital structure is negative;the influence of gender and whether the founder two characteristics on the capital structure is positive;The characteristics of graduating colleges and whether they are concurrently serving as senior executives are different due to the different nature of the company;the influence of academic qualifications and whether majored in management on capital structure is not significant.The research of this article is based on the theory of control and the TMT theory.It studies the influence of chairman's personal characteristics on capital structure from more angles.It is an extension of the TMT theory,and it also enriches the research of management and capital structure.In addition,the research conclusions of this paper have certain reference significance for the election of the chairman of the real estate industry. |
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