Financial Ecological Environment,Management Background Characteristics And Debt Financing

As the blood of the enterprise,capital is the guarantee for the smooth operation of the enterprise's production and management.Therefore,the importance of the financing management is self-evident.Debt financing is one of the most important sources of funds for an enterprise,and its size,duration and type are closely related to the value of the enterprise.Researching the debt financing of enterprises is of great significance.One of the characteristics of modern shareholding system is the separation of ownership and management,and managers can actually control corporate resources and make debt financing decisions.However,because managers in reality are not completely rational,they may have psychological or behavioral deviations in their decision-making on debt financing due to their different background characteristics,which may affect their decision-making.In addition,the development of enterprises is strongly related to their external financial ecological environment.An area with good financial ecological environment has a good economic foundation,a high level of financial development,a perfect legal and credit system,and a more direct external impact on corporate debt financing decisions,which can represent the governance mechanism of debt external environment.Therefore,it is necessary to combine different regional financial ecological environment differences to examine the different background characteristics of managers on the choice of corporate debt financing whether there are differences.So based on the capital structure theory,debt maturity structure theory,the upper echelons theory and contingency theory,this paper selects the Shanghai and Shenzhen A-share listed companies from 2006 to 2016 as the sample,using multiple regression analysis method,empirically investigates managers' gender and age which are two of the most basic background characteristics of the impact of corporate debt financing,and financial ecological environment to regulate this relationship.The results show that female managers and older managers are negatively correlated with the debt scale and short-term debt,and the good financial economic environment has a significant inhibitory effect on the negative correlation.This paper combines macro economic environment and micro enterprise behavior,which not only enriches the relevant theories and researches on financial economic environment,managers' background characteristics and debt financing,but also helps companies to optimize the debt scale and debt maturity at the manager level,can give our country's listed companies in the strategic analysis and human resources management practice some guidance.Only when managers pay attention to the changes of the external financial economic environment and timely adjust the corporate debt structure can the enterprise value be maximized.