Study On The Influence Of Debt Structure On Investment Behavior Of Listed Companies

Investment activities as a basic financial activities in the enterprise financial management activities, is the focus of the enterprise normal production. In the context of the current market economy situation in our country, the consensus forecast have excessive investment problems in our country. Although the overall investment in a rising state. But the data shows, there are still exist the problem of insufficient investment in many enterprises.Excessive investment against the development of enterprises. Enterprises have no value of the investment will hurt the value of enterprises. Insufficient investment will also damage the value of the company. Obviously, fully studies the investment behavior of enterprises to help enterprises to invest efficiency has profound significance.Financing activities is one of the content of the modern enterprise financial activities, have a close relationship with investment activities, based on this, from the view point of financing investment behavior has intuitive sense. The present research mainly assume liabilities have homogeneity, make it as a total to study its influence on enterprises investment behavior. But different structure of debt have different influence. Due to different time, different sources, structure of debt agency cost are different, so consider their effect on investment should also be discussed respectively, this paper from the perspective of the two, to explore debt maturity structure and debt origin structure on the influence of the investment behavior of listed. Through companies empirical research period and trying to prove that different maturity of debt and origin of debt for listed companies play different role of investment spending, to solve the problem of inefficient investment of listed companies to provide some reference.This paper based on economics, rlying on information asymmetry theory, the agency cost theory and free cash flow hypothesis, provide the theoretical support for study the debt structure on the influence of the investment behavior of listed companies. Learning the successful experience of domestic and foreign scholars, selection of A-share manufacturing listed companies in our country as the research object, the integrated use of correlation analysis and regression analysis to explore the debt structure’s influence on the investment behavior of listed companies.This paper is divided into six parts, each part of the main content is as follows:The first part is the introduction. This part firstly introduces the background and significance of research debt structure affect on the investment behavior of listed company;Then expounds the research ideas and methods of this paper; And last,to a more intuitive way to express the structure of this paper, the graphic method is used to describe the framework of this article.The second part is literature review. This paper reviews respectively at home and abroad about the impact of debt structure on the investment behavior of listed company literature, provide a theoretical basis to the study of this paper.The third part is the theoretical analysis of debt structure and corporate investment behavior. First of all, expounds the concept and types of debt structure and investment behavior; Secondly from the agency cost theory, information asymmetry theory, and free cash flow hypothesis of the analysis theories.The fourth part is the theoretical analysis of debt structure on corporate investment behavior, and put the hypothesis. This part theoretically analyzed the sources of debt maturity structure and debt structure on the relationship between the corporate investment behavior,and put forward the relevant assumptions in this paper: Namely short-term debt rate of the debt maturity structure appear significantly negative correlation with the company investment spending. Long-term debt rate of the debt maturity structure appear significantly positive correlation with the company investment spending; Bank loan appear significantly positive correlation with the company investment spending; The commercial credit appear significantly negative correlation with the company investment spending.The fifth part is the empirical analysis of the debt structure impact on investment behavior of listed company of our country, this is this core part of the paper empirical research, introduced in detail in this paper, sample selection and data source, the reason of the selection of variables, model design, and the the analysis of empirical results.The last part is the research conclusion and policy recommendations. First of all, the empirical results of the fifth part is summarized, and the overall conclusions,namely short-term debt rate of the debt maturity structure appear significantly negative correlation with the company investment spending. Long-term debt rate of the debt maturity structure appear significantly positive correlation with the company investment spending; Bank loan appear significantly positive correlation with the company investment spending; The commercial credit appear no significant correlation with the company investment spending. Through the empirical study conclusion, this paper puts forward some relevant policy suggestions to promote the efficiency of investment:(1)Appropriate use of debt maturity structure to raise money;(2)Establish and improve the commercial credit collection policy, accelerate the collection, ease commercial credit used within the time limit;(3)Promote the reform of bank property right structure, and improve the bank creditor status;(4)Set up the professional investment project evaluation institution of listed companies, improve the investment efficiency. And the last, put forward some deficiency and future research prospects.