Research On The Company's Managerial Ability And Debt Financing Efficiency

The principal-agent relationship between the company's internal managers and external creditors is one of the important contents of modern corporate governance research.Whether managerial features,especially managerial ability can enhance the efficiency of corporate debt financing,thus remitting agency problem of the liability effectively,it has important practical significance and theoretical value not only for ensuring the safety of creditors' capital but also for promoting company's capital utilization ability which in order to enhance the value of the company.First of all,the article defines the meanings of company's managerial ability and the debt financing efficiency based on principal-agent theory,incomplete debt contract theory,group dynamic capability theory and asymmetric information theory,the company's managerial ability is a kind of organizational dynamic comprehensive capabilities that managerial team composed of every level managers make the best use of existing resources to create value for company,which can be divided into four dimensions as perceptual ability,strategic ability,executive ability and learning ability,company's debt financing efficiency refers to a type of ability of not only raising debt capital with the lowest cost and risk for achieving goals of company's production and operation,but also making effective use of capital to achieve the maximum value.And then,the article builds the mechanism of company's managerial ability on the efficiency of the debt financing;Secondly,the article measures the company's managerial ability and debt financing efficiency respectively,on its basis,the article does an empirical study on the specific influence of company's managerial ability on debt financing efficiency,the result shows that the company's managerial ability and debt financing efficiency have significant positive correlation;after dividing nature of property right of the samples,the positive correlation is more significant among the state-owned enterprises;Finally,the article puts forward targeted measures which is based on managerial ability to improve debt financing efficiency of managerial acute awareness of market dynamics,ensuring strategic flexibility timely,accurate implementation of financial strategy,renovating organizational knowledge timely and perfecting external managers' market.