CAJ | 학술논문

自MM理论以来，以管理者同质性为基础的资本结构理论研究一直是公司财务研究的重要内容。本文基于管理者异质性，依据高层梯队理论研究了管理者团队特征和管理者团队“垂直对”特征对资本结构动态调整的影响。研究发现：管理者团队女性比例越高，公司资本结构调整速度越快；管理者团队年龄越大和学历越高，公司资本结构调整速度也越快；国有企业和非国有企业的差异主要体现在管理者团队性别和年龄方面；在管理者团队“垂直对”特征方面，管理者团队与董事长性别差异和任职时间差异越大，资本结构调整速度越快；国有企业和非国有企业管理者团队特征对资本结构动态调整的差异主要体现在性别方面。本文不仅为资本结构动态调整研究提供了新视角，也丰富了现有高层梯队理论的研究内容。
자MM이론이래，이관리자동질성위기출적자본결구이론연구일직시공사재무연구적중요내용。본문기우관리자이질성，의거고층제대이론연구료관리자단대특정화관리자단대“수직대”특정대자본결구동태조정적영향。연구발현：관리자단대녀성비례월고，공사자본결구조정속도월쾌；관리자단대년령월대화학력월고，공사자본결구조정속도야월쾌；국유기업화비국유기업적차이주요체현재관리자단대성별화년령방면；재관리자단대“수직대”특정방면，관리자단대여동사장성별차이화임직시간차이월대，자본결구조정속도월쾌；국유기업화비국유기업관리자단대특정대자본결구동태조정적차이주요체현재성별방면。본문불부위자본결구동태조정연구제공료신시각，야봉부료현유고층제대이론적연구내용。
Since the MM theory was proposed, the theory of capital structure on the basis of manager homogeneity has been an important part of corporate finance research. Based on the heterogeneity of managers, according to upper echelon theory, this paper focuses on the influence of characteristics of management team and vertical dyad linkage characteristics within management team on the dynamic adjustment of capital structure. This study finds that the higher proportion of women in the company management team, the faster the company capital structure adjusts. And the older age and higher education of managers, the faster the company capital structure adjusts. The differences of manager’s gender and age between SOEs and non-SOEs have significant effects on capital structure dynamic adjustment. As for the vertical dyad linkage characteristics within the management team, the greater gender difference and position time difference between management team and chairman, the faster the capital structure adjusts. The manager’s gender differences characteristics between SOEs and non-SOEs have significant effects on capital structure dynamic adjustment. This paper not only proposes a new perspective to study dynamic adjustment of capital structure, but also enriches the research content of upper echelon theory.