Research On The Influence Of Heterogeneity Of Senior Management Team On Zero Leverage Decision-Making Of Listed Companies

In recent years,zero leverage financing strategy has gradually attracted the attention of domestic researchers,and a series of studies have been carried out.Research shows that the strategy of zero leverage is often adopted in Chinese enterprises.At the same time,the research dimension of the senior management team is also deepening.As the "insider" of the enterprise,the senior management team has an important impact on the financing decision-making of the enterprise.This paper makes an empirical study on the data of 3450 A-share listed companies in Shenzhen and Shanghai from 2009 to 2019 from the perspective of the heterogeneity of senior management team(senior management team),in order to explore the impact of the heterogeneity of senior management team on the zero leverage of enterprise strategy,and verify the impact of ownership structure.We find that there is a significant positive correlation between the heterogeneity of senior management team members and zero leverage decision-making.Ownership structure factors play a significant regulatory role in the relationship between the heterogeneity of senior management team age,tenure,professional background and enterprise zero leverage financing strategy.Finally,according to the research results,this paper puts forward appropriate suggestions,which provides a useful reference for the construction of senior management team and the optimization of financing channels of Listed Companies in China,and enriches the heterogeneity research of senior management team and the research of zero leverage financing strategy.