The Impact Of Executive Incentive,debt Financing On The Company Growth

In recent years,the GEM listed companies has developed rapidly in our country,its contribution to the economic development of our country is becoming more and more big,the recent growth has been attracting the attention of scholars both at home and abroad.The gem listed companies of our country has a strong ability of growth,expected value is growing rapidly,but due to its shorter time to market,profit has great uncertainty.If the company growth can't reach the expected level,it may cause the company stock price volatility,it will restrict the healthy development of the company's own to a great extent,eventually leading to the company in the capital markets for secondary financing and capital facing huge resistance in the process of optimization.In addition,the company in is inseparable from the executive effect when making financing decision,in order to alleviate the high growth of the gem listed companies financing difficulties and financing structure problems,some scholars at home and abroad to choose from the perspective of executive incentive or debt financing to research for improving growth.But as a result of these studies only looked at in isolation,executive incentive,debt financing and growth relations between the two,and not the executive incentive,the influence of the debt financing for growth into a system analysis framework,thus there are partial.In this paper,considering the inherent logic of relations between and among,the executive incentive,and debt financing and growth,study of different executive incentive as an external mechanism can influence the inhibition of debt financing to growth,have certain innovation.Continuous development and growth is a company's ability to further develop and expand,therefore,it is necessary to the development of the company in China under the background of reality to in-depth study and discussion.This article selects the data of the gem listed companies between 2012 and 2015 as sample,empirical study in three steps: first step,the debt financing and growth model.The second step,the establishment of executive incentive,debt financing and growth model.In this paper,the research results show that the Level of debt financing and corporate growth has significant negative correlation relationship;Short-term debt ratio are negatively related with the company's growth,but not significantly;The strong executive compensation incentive and the strong executive shareholding incentive will reduce the impact of debt financing on the company's growth.This paper mainly includes six parts: the first chapter is the introduction,the overview of this part is the full text and blanket,mainly introduced the research background,research significance,the research goal of this article,research methods and content and the innovation of this article and so on;The second chapter is literature review,the part of existing research results at home and abroad are summarized and concluded.Reviewed the theory and related research results,and points out;The third chapter is the relevant theoretical basis,the relevant theory mainly includes the principal-agent theory,the asymmetric information theory,the MM theory and trade-off theory,the executive incentive,debt financing and corporate growth related concept,and thus for executive incentive,the relationship between debt financing and corporate growth theory analysis;In the fourth chapter through the research hypothesis,research the selection of variables and measurement,the establishment of the research model,and sample selection and data sources to complete this article research design;Of variables in the fifth chapter is the empirical research and analysis,which descriptive statistics,correlation,regression analysis and robustness testing in turn to study some relevant variables;The sixth chapter and analysis the corresponding research results,put forward the corresponding suggestion.