Empirical Research On Managerial Power And Managerial Stock Ownership And Corporate Debt Decision Of Real Estate Listed Company

Corporate financing is important throughout the development of corporate.Proper financing arrangements contribute to improving the speed and prospect of corporate development.In the current de-leveraging to steadying leverage economic trend,corporate debt financing decision attracts much attention.Management,as business decision maker,whether its some characters will influence corporate debt financing decision is worth discussing.Focusing on real estate industry and considering management as corporate decision maker,this thesis try to analyze how managerial power and managerial stock ownership influence corporate debt financing decisions.This thesis combines normative analysis with empirical analysis.In theoretical analysis part,principal-agent theory in the framework of corporate governance,managerial power theory from management perspective,and debt contract theory related to creditor are discussed to better understand management potential debt decision preference.In empirical part,choosing 2013-2017 of domestic A-share industrial listed companies of real estate industry,we construct multiple linear regression models to examine both the relationship between management characters(managerial power and managerial stock ownership)and corporate debt decision(debt level,debt maturity structure,level of bank loan).According to whether management hold stock,we also divide sample into sub-sample to discuss how managerial stock ownership influence managerial power on decision.The research shows that both managerial power and managerial stock ownership have significant influence on debt maturity structure,and no influence on the level of debt and the level of bank loan.It shows that the proportion of short-term debt will increase with the strengthen of managerial power,also with the increase of managerial stock ownership.And managerial stock ownership indeed influence managerial power on debtdecision.The research conclusion attributes to understand corporate debt financing decisions,management power,and equity incentive.This thesis has meaning to supervising and encouraging management and improving corporate debt management.Meanwhile it provides a reference to management decision preference research.