The Impact Of Debt Financing On Investment Behavior Of Small And Medium-sized Firm Based On Life Cycle

The research purpose of this article from the perspective of enterprise life cycle,the investigation in the different life cycle stage of small and medium-sized listed debt financing influence on firms investment behavior,so as to facilitate selection based on the stage of life cycle of small and medium-sized enterprises of different financing strategies.According to the research purpose,this paper carries out the following research:This study of existing small and medium-sized enterprises and the research of enterprise investment and financing system of the survey analysis,raises the theoretical significance and practical significance of this topic research,and-then introduced the research ideas and methods and the innovation of this study.Secondly,this paper reviews the relevant literature at home and abroad and finds the entry point of this research.Then,the concept of debt financing and enterprise investment behavior is defined,and the theory of debt financing influence enterprise investment is elaborated,and the research foundation of this paper is compacted.Finally this article selects the Shenzhen small and medium-sized board listed companies financial data from2014 to 2016 as research samples,according to the cash flow group legal for their enterprise life cycle stages division,divided into the growth period,mature period and recession,research in different life cycle stages of small and medium-sized listed companies exist the types of the efficiency of investment and then examine each phase structure and term structure of debt financing scale,source has what influence on enterprises investment spending,to determine the different stages of debt financing influence on the efficiency of investment,finally draw the conclusion of this article.The results of this paper show that the first is the problem of non-efficiency investment in small and medium-size enterprise in different stages of enterprise life cycle.Enterprises in the growth and decline stage have significant under-investment,while enterprises in the mature stage have excessive investment problems.Secondly,the influence of the debt scale of small and medium-sized listed enterprises on the investment behavior of enterprises in different stages of enterprise life cycle.In the middle and small listed enterprises,the debt scale is positively correlated with the enterprise investment expenditure,which alleviates the insufficient investment.In the mature period of small and medium-sized listed companies,did not play a role of constraints due to debt financing,and provide more funds for investment,so significantlypositively related to debt and investment spending,further aggravating over-investment;The small and medium-sized listed companies in the recession,the debt scale is negatively correlated with investment expenditure,which further aggravates the under-investment.Thirdly,the impact of the maturity structure on the investment behavior of small and medium-size enterprise in different stages of the enterprise life cycle.Chips are enterprises,short-term debt and there is no significant negative correlation relationship between investment spending,and the long-term liabilities and investment spending has a positive relationship,to alleviate the lack of investment behavior of the enterprise;Are mature enterprises,long-term liabilities and short-term liabilities are positively related to the investment spending,no restriction in debt,it provides capital for investment,further aggravating the excessive investment;Recessionary enterprise short-term liabilities and long-term liabilities are negatively related with the enterprise investment spending,but no significant relationship with the enterprise investment spending long-term liabilities and short-term liabilities with significantly higher investment spending,increased investment.Fourth,about the impact of debt source structure on corporate investment behavior in different life cycle stages.In a long-term enterprise,the negative correlation between business credit and investment expenditure aggravates the lack of investment.Bank borrowing is positively correlated with investment expenditure and alleviates the shortage of investment.In the mature stage,Banks' borrowing and commercial credit are positively correlated with investment expenditure,and do not play a binding role.And it provides a source of capital for investment,which aggravates over-investment;During the recession,Banks' borrowing and commercial credit are negatively correlated with investment expenditure,which aggravates the insufficient investment of enterprises.