A Research On The Influence Of Debt Maturity Structure On Investment Behavior From The Perspective Of Ownership Structure

The current non-efficiency investment behavior is widespread among Chinese enterprises and seriously damages the interests of enterprises.The enterprise's debt financing can exert its governance function on the investment behavior of the company.Therefore,studying the influence of the debt maturity structure on the corporate investment behavior will help the company to invest in a reasonable way,which is beneficial to the long-term development of the company.Based on the principles of principal-agent theory,information asymmetry theory and free cash flow hypothesis,this article draws on the successful practices of domestic and foreign scholars and selects the 2014-2016 data of A-share listed companies in the Shanghai and Shenzhen Stock Exchanges as the research object.Based on different measurement models,the effects of debt maturity structure on investment expenditure,over-investment,and underinvestment were studied.At the same time taking into account China's special ownership structure,this article is further divided into equity concentration,checks and balances,decentralized enterprises,state-owned and non-state-owned enterprises as well as managerial holdings and non-held companies,and sub-sample regression.Empirical research shows that,overall,the short-term debt ratio is significantly negatively correlated with the company's investment expenditure,and shortening the debt duration can curb inefficient investment behavior.Through empirical analysis of group comparisons,the results show that(1)In the equity concentration enterprise,the impact of the debt maturity structure on the investment behavior of the enterprise is ineffective;in the equity balance and equity dispersion of the company,the short-term debt ratio and the company's investment expenditure are significant.Negatively related,can inhibit the company's over-investment behavior.(2)The effect of debt maturity structure on corporate investment behavior in state-owned enterprises is ineffective.In non-state-owned enterprises,the debt maturity structure has more significant impact on investment expenditures and can more effectively inhibit inefficient investment behaviors.(3)Whether managers hold shares has no influence on the relationship between debt maturity structure and investment behavior.Finally,based on the conclusions of the research,this paper puts forward corresponding suggestions to improve the company's current investment behavior.Finally,on the basis of the conclusion of the research,some suggestions are put forward to improve the current investment behavior of the company.