The Relationship Between The Characteristics Of Independent Directors And The Optimization Of Capital Structure Empirical Research

After the 19th National Congress of the Communist Party of China,the major risks of preventing and defusing were not only placed in the first place in the three major battles,but also included in the seminars of major leading cadres at the provincial and ministerial levels for two consecutive years.Since the financial crisis,the overall leverage ratio of China's economy has continued to rise.The problem of high leverage ratio of non-financial enterprises is highly valued and regarded as a key and difficult problem in economic restructuring.In the 2015 Central Economic Work Conference,stde-leverage" was listed as one of the five tasks of supply-side reform.Since then,the General Office of the State Council has issued the "Opinions of the State Council on Actively and Firmly Reducing the Leverage Ratio of Enterprises" and the"Guiding Opinions on Strengthening the Asset and Liability Constraints of State-Owned Enterprises" to guide enterprises to "de-leverage." "De-leverage" requires the joint efforts of the government and enterprises.Optimizing the capital structure and reducing the leverage ratio are important paths for non-financial enterprises to "de-leverage".The "de-leverage" of non-financial enterprises adjusts the capital structure of enterprises and reduces the financial leverage of enterprises.Excessive use,thereby reducing corporate financial risks and promoting healthy and stable development of enterprises.In the context of "de-leverage",this paper selects the relevant data of A-share non-financial listed companies in Shenzhen-Shanghai Stock Exchange from 2014 to 2016.Through theoretical analysis and empirical research,the principal-agent theory,high-order theory,and trade-off Theory and resource dependence theory are the theoretical basis,and explore the gender characteristics(gen),age characteristics(gena),professional characteristics(fina),academic characteristics(edu),occupational characteristics(sch)and independent director size(out)of independent directors.The relationship with the three aspects of the capital structure optimization of listed companies(debt level,adjustment speed,degree of deviation).The study found:(1)Characteristics of independent directors and corporate debt levels.The average academic qualification(edu)of independent directors is significantly negatively correlated with the level of corporate debt at the 1%level.Independent directors with higher education tend to have lower debt levels and employ highly educated independent boards to reduce the asset-liability ratio of enterprises.The proportion of scholar-type independent directors(sch)is significantly positively correlated with the level of corporate debt at 5%.Scholar-type independent directors prefer debt-based financing methods.Increasing the proportion of scholar-type independent directors will significantly increase the company's asset-liability ratio.The proportion of independent directors in the board of directors(out)is significantly negatively correlated with the level of corporate debt at 10%.Increasing the proportion of independent directors in the board of directors will significantly reduce the company's asset-liability ratio.However,the gender,age,and occupational characteristics of independent directors have not had a significant impact on the level of corporate debt.(2)The degree of deviation between the characteristics of independent directors and the capital structure of enterprises.The size of independent directors(out)is positively related to the speed at which the actual capital structure of the enterprise adjusts to the target capital structure.Expanding the size of independent directors in the enterprise can significantly improve the adjustment speed of the capital structure of the enterprise.(3)The characteristics of independent directors and the deviation of corporate capital structure.The size of independent directors(out)is significantly negatively correlated with the degree of deviation of corporate capital structure.Increasing the size of independent directors will reduce the degree of deviation of corporate capital structure.There are many research literatures on the characteristics of independent directors at home and abroad,and there are many research literatures on capital structure optimization.However,few literatures link the two together for research.Taking the relationship between independent directors and capital structure as the starting point to study and help enterprises to choose independent directors who are beneficial to optimize the capital structure of enterprises,this is not only the innovation point of this paper,but also the significance of this paper.