Research On The Influence Of The Debt Structure Of Manufacturing Enterprises On The Investment Behavior Of Enterprises

As the two basic financial activities of modern enterprises, financing and investment activities have been the research keys of finance and business theory, many scholars researched the relation of companies’ debt financing with investment behavior. Besides enterprises can also raise funds by debt. However, some relevant study about how debt structure will affect enterprise’s investment behavior are still under developing. Most of them take western theories as lessons. As we known, our country is different from western countries in economic and political institution. The western theories are mainly based on mature capital market. As a developing country, our country’s economic system and law system are far from fully built. On the basis of studying, summarizing and adsorbing the foreign relevant achievement in the research field, combining with the actual conditions of the capital market of our country, this paper focuses on the influence of the debt maturity structure and the debt source structure to company’s investment behavior.After summing up domestic and foreign related literatures of debt, debt maturity structure, debt sources structure and investment behavior, combining the knowledge of financial economics, institutional economics, corporate finance, the paper choose the investment in the fixed assets、construction in progress and the project material of our country’s A shares listed companies in Shanghai and Shenzhen from 2011-2014 years as the research samples, to analysis the effect of corporate debt structure to the enterprise investment behavior and possible economic consequences.The conclusions shows:First, different debt maturity structure have different impact on enterprise investment behaviors. Long-term debt ratio can promote enterprise investment behavior while short-term debt ratio will hinder the enterprise investment behavior. Second as the main source of corporate debt, the bank loan and commercial credit also have different impact on enterprise investment behaviors. Commercial credit will hinder enterprise investment behavior, but bank loan will promote corporate investment behavior.