Companies Executives Characteristics And Maturity Mismatch Between Investment And Financing

Investment activity is one of the three main activities of enterprises.Reasonable and correct investment and financing decisions are very important for the growth of business performance,the creation of enterprise value and the long-term development of enterprises.The mismatch between investment period and financing period is a very risky financial heterogeneity.If the investment term and the financing term do not match,the turnover of capital will be extremely difficult,which will lead to the deep operation and financial crisis.Therefore,how to reduce the degree of mismatch of investment period and financing period has become a new direction for the research of investment and financing in the academic circle.In this paper,all the A shares of non-financial listed companies from 2007 to 2016 as the research sample data,we use the gender characteristics,age,education level,term and scale of management team to measure five aspects of executive characteristics,establish multiple linear regression model,explore the relationship of listed companies executives characteristics and maturity mismatch between investment and financing.By the empirical analysis based on the selected sample firms data,this paper found that Chinese companies investment and financing maturity mismatch behavior does exist;and the main conclusions are as follows: Male chairman and the proportion of men in executive team can strengthen the investment and financing maturity mismatch degree;The age of chairman,the average age,heterogeneity of executive age,and maturity mismatch of investment and financing have a significant negative correlation;There is a negative correlation between the educational level of chairman and the average educational level of the top management team and the degree of mismatch of the investment period and financing period.There is a positive correlation between the heterogeneity of the educational level of executive team and the degree of mismatch of investment and financing maturity;The longer the average term of the senior executives and the heterogeneity of the term,the lower degree of mismatch of investment term and financing term;The total number of top management team is negatively related to the mismatch of the investment period and financing period.Based on the above empirical results,this paper gives some suggestions on how to improve the matching degree of investment term and financing term and build an excellent senior management team.