中文摘要：

本文以2010～2015年我国A股上市公司为研究样本，基于高阶梯队理论和前景理论对管理者财务经历、风险偏好与资本结构动态调整之间的关系进行实证研究。研究表明，相比无财务经历的管理者，有财务经历的管理者风险偏好程度更低；风险偏好会对资本结构调整的速度和偏离程度产生显著影响，风险偏好程度越高，公司资本结构调整速度越慢，而且偏离目标资本结构程度更高；进一步拓展研究发现，管理者财务经历能够显著抑制风险偏好与资本结构动态调整之间的关系，即通过降低二者之间的敏感性来提高资本结构的调整速度以及降低偏离目标资本结构的程度。本文的研究成果不仅为管理者的个人特质对企业融资行为决策的影响提供了新的经验证据，而且丰富了资本结构动态调整理论。

英文摘要：

Based on upper echelons theory and prospect theory, using Chinese listed companies from 2010 to 2015, this paper tests the impact of managerial characteristics on the dynamic adjustment of capital structure. The empirical result shows that compared to managers without financial experience, managers with financial experience have lower risk preferences. The risk preferences will have a significant impact on the speed and the bias of capital structure adjustment. That is to say, the higher the risk preferences are, the faster the speed of capital structure adjustment will be and the higher the bias from the target capital structure will be. Further research shows that the manager＇s financial experience can significantly suppress the relationship between risk preferences and dynamic adjustment of capital structure. That is to reduce the sensitivity of the relationship between risk preferences and dynamic adjustment of capital structure, thereby increasing the speed of capital structure adjustment and reducing the bias from the target capital structure. The conclusion of this paper not only provides new evidence for the influence of managerial characteristics on corporate financial decision-making, but also enriches the theory of dynamic adjustment of capital structure.