The Research On The Impact Of Debt Maturity Structure On Non-efficient Investment Behavior From The Perspective Of Property Right

This paper study the effect of debt maturity structure on the non-effective investment behavior under the frame of debt agency cost theory and information asymmetry theory from the perspective of property right. The samples take the data of non-financial companies listed in Shenzhen and Shanghai A-share stock market from 2006 to 2009. The different property right companies contain the state-owned property rights, private property rights, foreign property rights, collective property rights, social organizations property rights and employees'shareholding society property rights companies.Through comparing the six kinds of different property right companies'debt maturity structure and the empirical research on the influence of the non-effective investment behavior, the results show that: in the first two property types of listed companies the debt maturity and the non-effective investment behavior exist positive correlation, more long-term debts more easy to produce the non-effective investment behavior, shorten the debt maturity can inhibit the non-effective investment behavior; the state-owned property companies'debt maturity structure are more likely to trigger the non-effective investment behavior, the private property of the listed companies'debt maturity structure are less likely to trigger the non-effective investment behavior, more likely to inhibit the non-effective investment behavior; employees'shareholding society property rights companies'under-investment degree is greatest. In addition it also proves high growth enterprises are more prone to produce under-investment behavior. In the end, the paper put some policy suggestions based all the empirical conclusions.