中文摘要：

本文基于我国沪深A股上市公司2011-2015年的数据,采用动态面板分析方法 ,以高管的年龄、学历、专业背景、任期、薪酬五个特征的差异性为切入点,利用局部调整模型,实证检验了我国上市公司高管异质性对资本结构动态调整的影响。研究发现：除了专业背景外,高管的年龄、学历、任期、薪酬均在不同程度上会影响资本结构调整速度;而且进一步发现,这种影响受公司治理环境的约束,只有在企业股权较为分散的前提下才显著。基于以上结论,本文从高管异质性和公司治理两个方面提出相应建议,这对上市企业优秀高管队伍构建以及提高高管财务决策效率和资本结构优化具有重要的启示意义。

英文摘要：

Based on the data of A-share listed firms from 2011 to 2015, this paper adopts dynamic panel analysis method, takes the heterogeneity of top manager＇s age, education, financial background, tenure and salary as the entry point, and uses the partial adjustment model to make an empirical study on the impact of the top manager heterogeneity of listed firms on the dynamic adjustment of capital structure. The results show that, in addition to financial background, the top manager＇s age, education, tenure and salary in varying degrees affect the rate of capital structure adjustment; furthermore, we find out that this effect is constrained by the firm＇s governance environment and is much significant when the firm＇s equity is more dispersed. Based on the above research, the paper puts forward the corresponding countermeasures and suggestions from the aspects of the heterogeneity of top manager and the firm＇s governance environment, which will have an important revelation on building an excellent team of listed firms and improving financial decision-making efficiency and capital structure optimization.