Study The Influence Of Debt Financing For Investment Spending

Financing activities and investing activities play a crucial role in the process ofenterprise financial fund management，belonging to the two basic financial activities ofenterprises. Debt financing has two aspects on the investment influence. On the one hand,debt financing can reduce the agency conflict shareholders and managers, curb excessiveinvestment behavior, bring into play the function of debt governance camera; Debtfinancing, on the other hand, will increase the agent conflict of shareholders and creditors,lead to underinvestment or overinvestment inefficient investment behavior, agent costeffect. For the effects of debt financing on investment spending, this article from theperspective of agency theory, the enterprise growth as regulating variable, specific forempirical research.On the basis of summarizing the related literature at home and abroad, based onagency theory, this paper selected the2008-2011Shanghai listed companies as researchsamples, empirical research methods, focus on different growth enterprise overall debtlevels, the financing structure and financing structure for the influence of investmentspending, and further explore the mechanism of action of liabilities. Study conclusionshows that in high and low growth in the enterprise is negatively related to the investmentspending is in debt, and debt inhibits investment behavior. From the perspective of termstructure, high growth enterprises, short-term debt is negatively related to the investmentspending significantly, have inhibitory effects on investment spending, relative to thelong-term debt. From the perspective of the source structure, high and low growth in theenterprise, business credit and investment spending significant negative correlation, andthe influence of bank borrowing for investment is not significant. On the basis of theresearch conclusion, in view of the special market environment in our country, putsforward relevant Suggestions and countermeasures.