An Empirical Study On The Impact Of Debt Financing On Investment Behavior In Manufacturing Industry

Modern enterprises primarily exist that conflict between two agents shareholders-creditors and shareholders-managers. Debt financing as an important way of financing affect the investment behavior of enterprises from two parts: Debt financing have the function of contingent governance and agent cost effect of debt financing. In Chinese manufacturing listed companies debt financing how to affect the investment behavior of enterprises, what are the differents manufacturing listed companies mechanism of function between the Shanghai and Shenzhen A-share and GEM and the reasons. These will be explained in the thesis.Firstly, the thesis reviews domestic and foreign-related theories and empirical researches, and on this basis points out the study object in this thesis. Secondly, manufacturing listed companies in 2012-2014 as samples, their characteristics were descriptive statistical analyzed. The results showed that the manufacturing has strong representation in Chinese listed companies, structural trend of Chinese manufacturing debt financing was done a description of statistical analysis in detail. The fourth chapter four mainly explain the study design of this thesis. They are building hypothesis, sample selection and data sources, variable settings and modeling. In fifth chapter is the core of this thesis,and use Shanghai and Shenzhen A-share listed companies in manufacturing and GEM listed companies in manufacturing as the sample to detailedly analyze the integral debt levels, different debt maturity structure, different sources of debt structure and investment behavior, and draw the following conclusions:In Chinese Shanghai and Shenzhen A-share listed companies in manufacturing level of debt financing, short-term debt and investment behavior are negative correlated, long-term debt and investment behavior are not correlated, commercial credit rate and investment behavior are negatively correlated, bank loans and investment behavior is also negatively correlated but not significantly; The manufacturing listed companies of GEM have some differences from Shanghai and Shenzhen A-share, namely the level of debt financing, short-term debt and investment behavior are positively correlated, the reasons possibly are dominance of GEM listed companies, trinity of entrepreneurs, owners and operators, higher market share, higher operating income and high-growth are its prominent features. And GEM listed companies pay attention to institution-based financing source, favorable external financing environment offers the possibility of institution-based financing. At the same time, the development of GEM listed companies is not mature. Its business in initial stage, a strong motivation of shareholder are reasons that GEM is different from Shanghai and Shenzhen A-share market.