Study On The Debt Financing To Enterprise's Investment Behavior Influence

The investment plays an extremely important role in the process of economic growth. Undoubtedly enterprises are the final formulation person of the investment decision, it is very essential to understand investment decision and behavior of enterprises. The document about theory and practice of the enterprise investment in the West is very abundant, but little research on the problem has been done in our country so far, especially the corporate investment on the basis of financing in debt. And, it is western scholars that are set up, strong economic free, abundant information flow, on reliable contract. Contrary to it, because our country lacks these basic system quality characteristics of all or the part, its market system demonstrates not standard, not perfect characteristic. So, based on the current situation of economic transition of our country, the paper probes into the investment behavior of the company of our country. The author hopes the paper can provide some insights on the making of the listed companies' investment policy and making of relevant departments' the relevant company policy.On the basis of studying, summarizing and absorbing the foreign relevant achievement in the research field, Combining with the actual conditions of the listed company of our country, this paper focuses on the relation between financing in debt and company investment behavior. The full paper is made up of eight parts together.The first part has summarized the foreign relevant achievement in the research field of corporate financing and investment. I has briefly analyzed the listed company of our country government mechanism and characteristic of investment and financing in economic transition time, and the theoretical foundation that has been further introduced in this chapter:proxy cost of debt financing and the effect of the company governs.The second part has analyzed the interest conflict between shareholder and creditor. The chapter has constructed the model of debt financing causing firm's over-investment, and analyzed that the shareholder-creditor's interest conflict causes firm's over-investment. At the same time, the chapter has made a concrete analysis of firm's over-investment from the sight of the sources of debt.The third part has studied the manager's control and insider's control of the listed company in our country. This chapter has established a model of camera government function of debt financing to manager's over-investment. This chapter discussed the camera government function of debt financing to manager's over-investment between the ownership concentrate content and the monitoring efficiency. Our research shows that the moderate debt can reduce the agency cost of share ownership, suppress manager's over-investment behavior under property rights centralism and property rights decentralism.The fourth part has analyzed proxy cost 1 and the private income of major stockholder control. This chapter established a model of debt financing to major stockholder's camera government, and attempts through this model to discuss debt financing to control the corporate investment behavior and the policy-making influence mechanism to the major stockholder.The fifth part examined the economic effects of the stockholder-bondholder conflicts and debt as element of corporate governance for the listed companies of manufacturing industry in China, and disclosed the impact of financing's impact of debt ratio, current liability and the source of debt.The sixth part has simply analyzed government control, debt financing of state-owned enterprise and enterprise's soft budget binding. This part has set up a simple investment behavior model to research financial subsidies impacting company's investment behavior, and has probed into the behavioral impact on problem of agency between shareholder and creditor.The seventh part researched the impact of debt financing on the firms'investment behavior under the subsidy income policy to disclose the economic effects of the stockholder-bondholder conflicts and element of corporate governance for the listed companies of manufacturing industry in China, and disclosed the impact of financing's impact of debt ratio and current liability.