Research On The Impact Of Debt Financing On Financial Asset Investment

China is in an important period of economic transformation,and the demographic and resource dividends are slowly disappearing.Problems such as overcapacity and insufficient external demand are increasing,and solid enterprises are currently in a dilemma of low returns.At the same time,due to the advantages of interest rate control,the financial industry is lucrative.With the progress of urbanization,the financial industry is booming,and the return on capital is much higher than other industries.Against the background of increasing profit margins between industries,arbitrage incentives for entity companies to invest in financial assets have increased,and companies have pursued short-term business goals.Specifically,the rapid growth of corporate financial asset investments has led to an imbalance in industry and financial capital structure,breaks of capital chain,frequent financial crises,and excessive fluctuations in the real economy.To this end,this article studies the impact of debt financing on corporate financial asset investment from the perspective of the enterprise 's microcosm,and whether debt financing can inhibit corporate financial asset investment.Whether debt financing has become one of the factors inhibiting corporate financial asset investment,and further exploring whether the term structure of debt financing has different effects on financial asset investment,these will improve the debt financing governance system and alleviate the current "off the real".The phenomenon provides relevant theoretical and practical support.This article introduces the institutional background of financial assets and the results of research on related topics at home and abroad.Based on the important theoretical basis of debt financing and financial asset investment,the mechanism of the impact of debt financing on corporate financial asset investment is derived from a micro perspective.China 's 2012-2018 Shenzhen and Shanghai A-share listed companies were used as research samples to conduct rigorous variable screening and scientific model construction,and put forward the research hypothesis of this article,and use statistical software STATA 15 to perform TOBIT regression analysis to test whether it passedthe assumptions presented in this article.This study found that: Debt financing can have a certain inhibitory effect on corporate financial asset investment;From the perspective of debt maturity structure,it is found that the inhibitory effect of debt financing on financial asset investment mainly depends on short-term debt.Analysis at the micro level of the company,measure and analyze how to influence the relationship between debt financing and financial asset investment from the three dimensions of corporate governance,corporate growth and financing constraints.The results of the study show that: The better the corporate governance,the more effective debt financing is on financial asset investment.The higher growth of the enterprise,the better debt financing effect on financial asset investment.The lower corporate financing constraints,the more effective debt financing is on financial asset investment.Macro-level analysis,from the perspective of market development and macro monetary policy,measure and analyze how to affect the relationship between debt financing and financial asset investment.The results of the study show that: The higher degree of market-oriented development,the more debt financing can play a role in the governance of financial asset investment.Tight monetary policy will help debt financing to restrain financial asset investment.Explain the reasons why long-term debt intensifies financial asset investment from the source of debt.The study found that new long-term debt intensifies new financial asset investment.Long-term debt is subdivided into two financing methods,including bank loan increment and corporate bond increment.There is a significant positive correlation between them.In response to these research results.This article puts forward relevant suggestions and makes prospects for future research.