Research On The Impact Of The Heterogeneity Of Executives Of My Country's Listed Companies On The Dynamic Adjustment Of Capital Structure

Whether the capital structure of an enterprise is reasonable is the important performance of the financial situation of the enterprise,and how to adjust the capital structure and how to optimize is one of the hot topics of the capital structure theory in recent years,and which has made fruitful research results.The results of the research show that the macro factors,institutional factors,micro factors have a significant impact on the adjustment of capital structure,but they have ignored the factors of the executive level,if the release of the premise of the assumption of homogeneity of the executive,will the results of the study be different?This article attempts to make a research in this area.Based on the data of A-share listed firms from 2011 to 2015,this paper adopts dynamic panel analysis method,taking the age,education,financial background,tenure and salary of the manager as the starting point,using the Partial adjustment model,Empirical study on the impact of the financial vision of listed firms on the dynamic adjustment of capital structure.The study found that,in addition to financial background,the manager's age,education,tenure,salary in varying degrees affected the rate of capital structure adjustment and reduces the degree of deviation of the optimal capital structure;The professional background is not significant in influencing the speed of capital structure adjustment,but can significantly reduce the degree of capital structure deviates from the optimal capital structure.And further found that this effect is subject to corporate governance environment constraints,This impact is much significant under the premise of the firm's equity is more dispersed.Based on the above research,the paper puts forward the corresponding countermeasures and suggestions from the aspects of the heterogeneity of top manager and the firm's governance.This paper not only enriches the domestic research on the dynamic adjustment of capital structure,but also provides a new inspiration for the selection of listed companies,the formation of outstanding team of executives and the improvement of corporate financial forecasting level and the optimization of capital structure decision.