| The finance decision and the investment decision, which are the significant financial decisions for the companies, have intense relationship, and they also have been the focus of academic attention. Most of the discussion on debt financing will always corporate with the investment decision, in addition, the study of investment behavior is often from the financing perspective. Therefore, the process of the discussion based on the relationship between the investment decision and the finance decision constitutes an important part of the whole financial theory. In this paper, with the characteristics of debt financing in listed companies of China, the relationship between debt maturity structure and the scale of investment will be discussed, and this paper also analyzes how to implement the optimal enterprise maturity structure of debt financing, which has some theoretical and practical significance.In this paper, the method has been used by combining normative and empirical research. First, it reviewed the relations between debt maturity structure and investment scale from the domestic and foreign literature, through the analysis of the proposal to examine the normative assumptions, and then selected the manufacturing enterprises from Shanghai and Shenzhen A shares listed companies from 2007 to 2009 as the objects to do the empirical analysis testing hypotheses, in the last, we can get the conclusion based on the empirical results obtained: Short-term debt and the investment have a significant negative correlation , the scale of investment and long-term debt have a significant positive correlation. The sensitivity beetween long-term debt and investment scale are higher than the sensitivity between the short-term debt and investment scale. In the meanwhile, we tested the samples with the difference of state-owned holding company, then we put forward the conclusion: That debt maturity structure has the different effects on the higher state-owned holding companies and the lower state-controlled investment companies. In our country, there is no significant correlation between short-term liabilities and investment scale ,while there is a significant positive correlation between long-term liabilities and investment scale, and this indicates that high state-holding enterprises in solving the underinvestment problem is not using debt maturity instruments, short-term liabilities to long-term liabilities, there is no better starting shareholders of a creditor to the restricted underinvestment problem caused by the conflict role. In state-owned holding enterprises ,there is a significantly negative correlation between short-term liabilities and investment scale, in the meanwhile, the positive correlation between long-term debt and the scale of investment is more obvious compared to the high state-holding enterprises, short-term liabilities have positive effects on easing the under-investment and over-investment, which are caused by the conflict between the shareholders and the creditors and easing the over-investment behavior caused by the shareholder - manager conflict .This thesis is divided into 6 parts. Theâ… part is introduction: it is mainly about the realistic and theoretic background of the research as well as the purpose and significance of it. Theâ…¡part is review of materials. Theâ…¢p art is theoretic analysis. Theâ…£part to sample selection and model design. Theâ…¤part is analysis of empirical results: through descriptive statistics, concerned analysis, returning result check and stability check. Theâ…¥part is conclusion and suggestion. |
