中文摘要：

以2011~2013年我国沪深集中股权结构上市公司A股面板数据为研究对象,从集中股权结构视角,分析了高层管理团队（TMT）异质性对企业财务战略选择的影响。研究结果表明,TMT的平均年龄、任期异质性与债务融资比例显著负相关;学历、专业背景、政治关系与债务融资比例正相关;TMT的平均年龄、任期、学历、政治关系均与债务期限结构正相关;专业背景与债务期限结构负相关。研究结果为企业财务战略的选择提供了管理启示,对集中股权结构上市公司TMT的建设以及提高公司决策效率与质量具有较好的理论与现实意义。

英文摘要：

This study is based on the panel data of Chinese listed companies with centralized ownership structure in A-share of Shanghai and Shenzhen exchange during 2011~2013.From the centralized ownership structure perspective,the relations between TMT heterogeneity and the selection for financial strategy are studied.The results are as follows：the average age and tenure of the ultimate controller TMT are significantly negatively related to debt financing ratio;there are positive relationships among qualifications,professional background,political relations and debt financing ratio;the average age,tenure,qualifications,political relations of TMT are positively related to the debt maturity structure.Professional background is negatively related to the debt maturity structure.This study provides management implications for the choice of enterprise financial strategy,and it has important significance for the construction of centralized ownership structure of listed companies＇ TMT and the efficiency and quality of the companies＇ decision-making.