The Study On The Relationship Between The Management Defense And Corporate Financing Behavior

The role of Management defense in corporate finance decision-making behavior hasbeen a topic of concern in recent years, The financing decision, as the core of enterprisefinancial management, not only affect the enterprise cost of capital, and can also affectmanager behavior and corporate governance structure, etc., will affect the total value ofenterprises, so the research on the problem of financing decision is an important issue in thefield of financial management research, has been the focus of many scholars studies in recentyears.This article studys from the perspective of managers defense, attempting to establish aresearch perspective on that enterprise financing decision problems under the system oftheoretical analysis, so as to provide a new Angle for the research of enterprise financingdecisions. In this paper, starting from the optimal capital structure of listed companies inChina, will manage the defense into the study of enterprise financing decisions.Through theliterature summary, the theoretical analysis and model building, using large sample dataempirically management defense and the relation between financing decisions.Structure of this paper is as follows: first, the article expatiates the research backgroundand significance to do the related introduction,and then indicate the logical framework and theresearch content and the methods, for hopping that through the lists then greatly contributedto the success of this article.Through studying the present situations of the research onmanagement of defense, the principal-agent theory, asymmetric information theory,the theoryof "pecking" theory and the theory of rational managers hypothesis defence, then analyzedthe management of the relationship between the enterprise financing behaviors and itseconomic consequences, then put forward in this paper.Then is the research designs,including the research hypothesis is put forward, variable selection, model building, at thesame time defines how to describe the management level of defense, points out that theconstruction management defense index method; The fifth part is the article conclusion andresearch after put forward related Suggestions.Article selected sample data of2011-2013,China’s Shanghai and Shenzhen two city a-share manufacturing main board listed companies,1160groups of data are selected, enrich the related empirical studies. Through descriptivestatistics, variable difference analysis, regression analysis, the article pay more attention toexploring the effect of the management of defense to the listed financing decision, then drawsthe conclusions and the research articles after putting forward to relevant Suggestions.Finally, after analyzing I get the following conclusions:(1) the ratio of the relationshipbetween management defense coefficient and debt financing of listed companies leverage was positively;(2) management defense coefficient and equity financing of listed companiesleverage ratio was inverse proportion;(3) the debt financing leverage ratio for twoconsecutive years difference coefficient of present law and management of defense theinverse proportion;(4) the equity financing leverage ratio for two consecutive yearsdifference of defense coefficient range direct proportion relationship between law andmanagement, and management of defense coefficient is increasing year by year, at the sametime, the more the greater the equity financing leverage ratio variation;(5) from2011to2013,management defense coefficient is increasing year by year;(6) the ratio of the relationshipbetween return on equity and proportional coefficient of defense management is inversely.