高层管理团队异质性、资本结构决策效果和企业绩效-会计学专业论文.docxVIP

重庆大学 重庆大学硕士学位论文 英文摘要 PAGE PAGE VI ABSTRACT Early, the capital structure research is given priority to with static theory of capital structure. Until the 1980s, Jalivand and Harris opened a new chapter of the capital structure dynamic adjustment. Then, the capital structure optimization based on the dynamic adjustment of capital structure has become a research hotspot of scholars both at home and abroad. Most studies have shown that each enterprise has its own optimal capital structure and inevitably deviates from its optimal capital structure when facing the changing internal and external environment. In reality, in order to realize the enterprise value maximization and meet the needs of enterprise development strategy, enterprise will constantly adjust the capital structure to make it as much as possible close to the optimal level. However, the capital structure dynamic adjustment is by no means a simple adjustment of the capital ratio between debt and equity. Most existing research has only focused on whether enterprise features, industry and the macro environment factors have impact on the dynamic adjustment of capital structure, but ignored the effect of TMT who are the direct makers of enterprise’s capital structure decision. In the process of enterprise development, facing the complicated and changeable financing environment, TMT how to more effectively adjust enterprise’s capital structure close to the optimal level, will affect the enterprise operating performance and long-term development. Based on upper echelons theory and dynamic capital structure theory, this paper selects 417 listed companies in China as the research object, and has a research on the relationship between TMT heterogeneities and the capital structure decision effect in 2009-2012. Meanwhile, this paper chooses the heterogeneities of the listed company’s TMT age, educational background, profession and tenure as the breakthrough point of TMT heterogeneity research, and chooses the dynami