Research On The Influence Of Senior Management Characteristics Of Cultural And Media Listed Companies On Debt Financing Costs

The development and growth of enterprises cannot be separated from the support of funds.Expanding corporate financing channels and enhancing corporate financing capabilities can help enterprises achieve long-term stable development.In terms of obtaining financial support,the excellent characteristics of senior executives play an irreplaceable role in enhancing creditor confidence,reducing the increased debt Financing costs and other related costs due to information asymmetry and creditor distrust,and thus minimizing the cost of debt Financing.With the continuous improvement of the capital market,listed companies in the domestic cultural and media industry are growing rapidly,and the demand for funds is also increasing day by day.At present,debt Financing has become the main way of corporate financing in China.Cultural and media listed companies should pay more attention to the professional operation and management of debt Financing costs.At the same time,they should combine the characteristics of executives to reduce the cost of corporate debt Financing and improve the efficiency of corporate capital utilization,which will help to achieve long-term stable high-quality development of enterprises.Firstly,the paper reviews the relevant literature at home and abroad,and analyzes the existing research results on the impact of executive traits on debt financing costs.Secondly,theoretical analysis is carried out to explore the impact of executive traits on debt financing costs,and research hypotheses are proposed.Thirdly,a fixed-effect model is constructed,and empirical analysis is carried out from 2016 to 2021 based on the samples of A-share listed companies in China’s cultural media,and the analysis results show that among cultural media listed companies,the age of executives,executive compensation,and senior education have a significant negative impact on debt financing costs.Female executives have a significant positive impact on debt financing costs;The average tenure of executives has no significant impact on debt financing costs;Executive overconfidence has a moderating effect on the impact of executives’ external traits on debt financing costs.Based on the above conclusions,this article proposes the following suggestions: firstly,the proportion of female executives in cultural and media listed companies should be increased as much as possible,and female executives should be encouraged to participate in corporate governance,leveraging the positive effects of female executives;Secondly,cultural media A-share listed companies should make good use of middle-aged executives with certain experience and experience;Thirdly,hiring highly educated executives can better help companies absorb investment and maximize company profits;Fourthly,providing appropriate compensation incentives to executives can enhance their work enthusiasm and enthusiasm,thereby helping to improve work performance and business performance;Fifthly,it is necessary to reasonably determine the tenure of senior executives of A-share listed companies in the cultural media category,appropriately extend the tenure of senior executives,so as to improve profitability and debt Financing level;Sixth,the company should develop a more scientific and reasonable decision-making process to avoid irrational preferences among executives and ensure the effective implementation of decisions.