Management Characteristics,Business Environment And Corporate Debt

The debt financing decision is a key part of the enterprise's operation decision.The choice of the debt term and the debt scale will affect the company's business operation status and future development ability.Corporate governance is an important research content to enhance corporate value and optimize business strategy.Based on this,this paper mainly studies how the ownership behavior of the management and the legal background of the management will affect the debt scale and maturity of the company from the inside and outside.This paper draws on previous research and builds a multiple regression model by collating and collecting relevant data of A-share listed companies from 2012 to 2018.Based on the control of the industry effect and the year effect,the proportion of management shares The company's debt maturity and debt scale;the management's legal background analyzes the correlation between the company's debt maturity and debt.It also selects the business environment index as the adjustment variable,and discusses the adjustment effect of management shareholding and management legal background on the company's debt maturity.In order to ensure the robustness of the results,this paper uses the D.K standard errors related to the heteroscedasticity between groups and the sequences within the group to regress the involved models again;replace the explained variables for regression;in order to solve the legal background of management and the endogenous nature of corporate debt After lagging the explanatory variable by one period,regression and other testing methods were used again,and all obtained consistent results.The results show that the ratio of management ownership has a negative relationship with the debt maturity and debt scale of the company,but the improvement of business environment has weakened the negative relationship.The management's legal background has a positive relationship with the company's debt maturity and debt scale,which will be weakened by the improvement of business environment.Finally,based on the research conclusion,it provides some enlightenment on corporate governance,utilization of management professional ability,improvement of capital market,optimization of business environment and reduction of government intervention.