Research on the Relation of Investors' Legal Protection and Financial Constraints: Based on the Mediating Effect of Directors' Background Characteristics

摘要

Based on resource dependence theory, we adopted the research design, that is External environment changes - Board Composition-the capacity of resource acquisition, and used the pane-1 data of A share listed companies from 2007-2013 to analyze the impact of investors' legal protection on financial constraints. The results show that investors' legal protectioncan reduce financial constraints significantly, has a significant impact on directors' background characteristics. The effects of investors' legal protection onfinancial constraints partly through directors' background characteristics, which acts as partial mediating variable between investors' legal protection and financial constraints.