本研究著重在探討CEO如何將個人管理風格由舊公司延續至新上任公司，其服務前後企業負債比率之關聯，並且探討CEO不同屬性對於CEO影響負債比率的能力。首先討論在選擇新公司時會不會挑選具有相同抑或相近的負債比率公司作為CEO下一站，在進入新公司之後，新上任的CEO延續過往管理舊公司之風格調整新公司的負債比率。進一步以CEO屬性作為調節變數進行分析，分為三個調節變數探討，第一個從CEO之產業經驗出發，具有相同產業經驗的CEO對於CEO調整公司負債比率的能力降低；第二個調節效果檢測CEO與董事會關係是否對於調整負債比率有顯著效果，並在實證結果中發現，CEO具有董事會身分仍未具顯著解釋力說明對於負債比率具調節效果；最後以CEO性別做為調節變數，實證資料顯示女性CEO對於調整負債比率具有顯著負向的調節效果。

The focus of this study is mainly on how CEOs can apply their expertise in debt ratio to the capabilities of the companies they transition to, and to discuss the impact of different factors on the CEO's ability to adjust the debt ratio. First, we will discuss whether CEOs choose companies with similar or comparable debt ratios when selecting a new company for their next career development, and bring their past debt ratio experiences from their previous company to the new one. In terms of CEO characteristics, we will gradually analyze three major aspects. Companies with similar industry experience may reduce the CEO's ability to adjust the company's debt ratio, and we will also examine the impact of corporate governance on debt ratios. Unlike previous studies that mainly focused on the impact of CEO personal traits on debt ratios, this study aims to extend the discussion beyond that. Since a company is also responsible to the board of directors for the use of funds, this study will also verify the relationship between the CEO and the board of directors, and show in the data that if the relationship between the CEO and the board of directors is good, there is sufficient evidence to explain the CEO's ability to change the company's debt ratio. Finally, we will examine the ability of gender to explain decision-making ability, and demonstrate that gender can adequately explain decision-making ability.

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