| With the accelerated process of globalization, exchanges at home and abroad are becoming frequent increasingly. In the financial area, the economic consequences of managers’ overseas experience is gradually causing theorists’ concern, and the relationship of overseas experience of senior executives and capital structure optimizing adjustment is short of empirical evidences. Based on the background that capital structure deviates from the optimal level and capital structure optimizing adjustment speed is slow, the paper researches the relationship between overseas experience of senior executives in China’s GEM companies and capital structure deviation degree, capital structure optimizing adjustment speed, the asymmetry of capital structure optimizing adjustment speed.Based on the literature review of overseas experience of senior executives and capital structure optimizing adjustment, from the perspectives of existence and richness of overseas experience, the paper investigates how overseas experience of senior executives influences capital structure optimizing adjustment by the Multivariable Linear Return. Empirical results show that overseas experience of senior executives reduces capital structure deviation degree and improves the capital structure optimizing adjustment speed, which indicates that overseas experience of senior executives has a positive effect on capital structure optimizing adjustment. Further research show that capital structure optimizing adjustment speed exists asymmetry, capital structure optimizing adjustment speed downward is faster than that upward; Asymmetry degree of capital structure optimizing adjustment speed in companies of senior executives with overseas experience is lower than that in companies of senior executives without overseas experience.Theoretically, the paper enriches the study relates to the economic consequences of managers’ experience, and supplements the empirical evidences of the relationship of overseas experience of senior executives and capital structure optimizing adjustment; Practically, the paper has a guide role to select different types of managers and their team, and is helpful to implement the policy of transforming overseas experience into productive force. |
