Empirical Research:the Influence Of Financial Leverage And Debt Maturity Structure On Corporate Investment

Compared with the western bond market, the development of corporate bond market of our country is in early stage; because of the strict regulations enacted by government for corporate bond issue, thus the main routes for domestic listed companies to finance are bank credit and new issue of shares. While in case of risk aversion, Chinese banks unceasingly tighten the borrowing policy with the trend of issuing short-term debt, which makes the short-term debt as the principal for debt structure of the domestic corporate debt financing, causing the great difference with the western corporate debt structure. Meanwhile, due to the legacy from the era of planned economy, there exists number of companies with state-owned holding or with the background of state-owned assets, those companies are intricately linked with government who will intervene the operation of those companies greatly. Combined with peculiar domestic conditions, this paper studies and analyses separately the state-owned companies and non state-owned companies, discussing whether the effect by financial leverage and maturity structure is the same to both companies.According to the research contents, this paper is divided into three chapters:theoretical research, empirical research and the feasible suggestions based on research results. The first part is the theoretical research, in which introduces the background of topic selection and research significance, reviews the relevant research literatures domestic and abroad, explains the definition of concepts this paper involved and analyses the domestic financing environment. The second part is about empirical research, which puts forward the research hypothesis and models by selecting suitable samples and combing with our special conditions, based on the grooming and generalization of prior correlational researches, then verifies empirically and analyses the probable causes of research results. The third part comes with the feasible suggestions from the angle of government and enterprise by generalizing the above results.With the systematic research, empirical testing results find:1, financial leverage exerts negative effect to the investment spending of state holding and non state holding enterprises, and inhibiting effect to the investment spending of non state holding enterprises is greater than that of state holding enterprises; 2, short-term debt generates negative effect to the investment spending of enterprises with the consideration of risk, but with the government intervention, the state-owned companies enjoy certain preferential policies; restricting effect of corporate short-term bank debt to investment spending of non state holding companies is more obvious than that of state holding companies. This explains, in a certain degree, that the non state holding companies can decrease the debt ration of short-term borrowing or prolong the borrowing term to promote the corporate investment; while the state-owned companies is trend to lower the financial leverage for promotion of investment...