关键词: 高管背景特征 , 资本结构 , 动态调整

Abstract: According to the international data, the company leverage varied between countries. At the same time, domestic company capital structure also had industry differences and time difference, which was the capital structure dynamic choice. In this study, this paper empirically analyzed the relationship between background characteristics of senior managers and the capital structure adjustment by estimating a dynamic partial adjustment model and using the GMM method. Empirical results showed that the speed of adjustment in China was lower than other countries. Furthermore, background characteristics of senior managers, such as gender, age, tenure, education, political identity, and concurrent post, had an effect on the speed of adjustment.

Key words:  background characteristics , capital structure , dynamic adjustment