| With the acceleration of the transformation of economic development mode,supply-side structural reform has put forward higher requirements on the development of enterprises.“Capacity reduction,stocking reduction,leverage reduction,cost reduction and strengthening areas of weakness”is a medium and long term task of supply-side structural reform,which should be attached much more importance to by enterprises in the process of development.High quality development requires enterprises to pay attention to factor input efficiency,improving total factor productivity,improving financing efficiency,and reducing costs.Under the background that debt financing occupies the main position of enterprise financing in our country,it is of great significance for enterprises to achieve high quality development by reducing the debt financing cost and helping enterprises to improve the efficiency of capital utilization from the perspective of optimizing the management team.Based on the theory of upper echelons theory,behavioral financing theory,overconfidence theory and the resource dependence theory,this paper theoretically analyzes the impact of the management team scale,gender,educational level,age and tenure as well as the stable internal characteristics of managerial overconfidence on debt financing cost of enterprises.The property rights of enterprises is also considered in this paper.Based on the theoretical analysis,Shanghai and Shenzhen A-share listed companies from 2011-2016 are selected as the research sample,which obtains a total of 4446 observations.The state-owned sample has 1500 observations and the non-state-owned sample has 2946 observations.The empirical analysis of the whole sample and the sub-sample was carried out by the fixed effect panel model using stata13.0 to test the hypothesis proposed in the theoretical analysis part of this paper.The robustness test is also carried out.Finally,in order to further explore the reasonable range of managerial traits that eanbles managers to maximize the role of reducing the debt financing cost,a panel threshold model is constructed in this paper to calculate the threshold value of each threshold variable,which are compared with the current situation of Shanghai and Shenzhen A-share listed companies.Finally,according to the conclusions of this study,policy proposals are given respectively from the government,enterprises,managers and investors.It can be concluded that the size of management team,gender and educationallevel have significant influence on debt financing costs.After distinguishing the property right of enterprises,the impact of managerial traits on debt financing cost is different.Some conclusions can be concluded from the threshold model regression.In the state-owned enterprises,the reasonable range of the management team size is13-16 people,the educational level is from 2.9565 to 3.6169,the age should not exceed 47.2383 years old,the female manager's ratio should be between 0.0435 and0.2503.In the non-state-owned enterprises,the management team size should not exceed 15 people,the educational level is from 3.2472 to 3.5108,the age should not exceed 46.3444 years old,the managerial tenure should be between 0.95 and 1.4040.By comparing the threshold value of managerial traits with the current situation of listed companies in our country,it is found that the common problem of listed companies in China is that the management team is large and the proportion of female managers is on the low side.The positive role of small management teams and women managers in reducing the debt financing cost has not been demonstrated to the greatest extent.Improving the educational level of the managers in non-state-owned enterprises is more important to reduce the debt financing cost.The managers of non-state-owned enterprises are older and have a longer term of office.It is not good for young managers and short-term managers to play a positive role in reducing the debt financing cost. |
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