Research On The Influence Of Top Management Team Heterogeneity On Corporate Capital Structure

The capital structure is an objective reflection of its financing sources and will be of great significance to the healthy development of enterprises,industries and the entire financial system.In the context of China's transitional economy,competition among enterprises has intensified,and blindly advocating high-leverage and high-yield methods has been questioned,and "de-leverage" has gradually popular.More and more enterprises realize that in order to achieve sustainable development,we must choose the appropriate capital structure to ensure the forward-looking of the strategy and coping flexibility.The existing capital structure study is mostly from the perspective of industry and macro factors.However;most studies ignore the role of the TMT.The heterogeneity of TMT reflects the different values,cognition and preference,has an important impact on the choice of capital structure.In addition,the current TMT heterogeneity research focuses on the impact on corporate performance.The research on the relationship between TMT and capital structure is very limited and needs to be further explored.The ability of the TMT to influence the decision-making of the enterprise is often different because of power constraints.The shareholding structure is an important part to motivate and supervise the daily management of the executives,affecting the management autonomy.It has an important impact on the strategic decision of them.Therefore,from the perspective of the heterogeneity of TMT,this paper uses the panel data of 251 Shen hu-A-share listed companies in 2013-2017 to conduct an empirical test to explore the impact of TMT heterogeneity on the capital structure and verify the regulating effect of equity structure.The results show that the age,education level and professional background heterogeneity of the TMT have a negative impact on the capital structure,and the TMT's shareholding ratio and equity concentration are playing positive role in the relationship of last two dimensions.This study provides management inspiration for the adjustment of capital structure and the construction of TMT in China,and has a good theoretical and practical significance for making financial decisions on the timing of enterprises.