The Research On The Impact Of Debt Maturity Structure On Investment Behavior

Enterprise investment and financing is an important research field in the theory of modern finance. At present, the listed company investment behavior is severe, the efficiency of the listed companies without efficiency, so investment behaviour aroused the attention of scholars and become the hot fields, in practical terms, also very necessary research. For financing, theoretical research mainly focuses on capital and equity capital in debt ratio of both, and then to the composition of the two kinds of capital is the internal structure of research. In recent years, the theorists scholars gradually realized that the heterogeneity of different debt debt financing, the internal structure of attention more and more, and become China's enterprises financing theory study and a special perfect field.According to the theory of western scholars, from two aspects of debt maturity structure affect enterprise investment behavior, first, long-term debt will cause conflict-creditors of shareholders, insufficient enterprise investment behavior can reduce short-term debt under investment behavior; Second, long-term and short-term debt to excessive investment has inhibition and short-term liabilities and long-term liabilities, compared to the more can inhibit the shareholders--managers excessive investment behavior caused conflict; These two aspects make debt time limit length and investment may have negative correlation between, which may also is related, so, this article through research to determine what exactly is more significant some influences performance.Based on the analysis of overseas capital market comb debt maturity on investment impact mechanism and empirical research based on the results of the listed company, by the China manufacturing 2006-2009 as samples, the relevant data to study the debt maturity structure and investment correlation. This paper first on the total sample descriptive statistics but no regression analysis of total samples, because the regression analysis and cannot explain the substantive issues. Then, to determine the specific debt maturity on investment effect is what, this paper use for reference foreign methods of total samples, divided into the grouping of high cash flow group and low cash flow group, based on the group, specific analysis and observation on China's capital market to the long, short-term liabilities different influence the efficiency investments. In low cash flow sample group, from the Angle of shareholders-creditors, the main research high growth companies and low growth companies to the efficiency debt maturity structure, the influence of investment results show:for high growth company, long-term debt ratios and investment a significant negative correlation between short-term liabilities proportion and scale of investment is not significant negative correlation but; For low growth company, long-term debt ratio is inversely related to investment, short-term debt ratios and investment not significant negative correlation but. In high cash flow from shareholders in sample group-the Angle, the main research manager state-owned listed companies and non-state-owned listed company in debt maturity structure on excessive investment behavior, and the influence of the study shows:for the state-owned listed companies, with investment spending on long-term debt is inversely related to investment, short-term debt ratio positively related, but is not significant; For non-state-owned listed company, long-term liabilities scale and investment negative correlation with investment proportion, short-term debt in 10% of level has an obvious negative correlation. In short, our country in the management company investment problems in utilization efficiency of the debt deadline this a management tool, but is not sufficient. Empirical studies of this empirical study last sane inspection model. On this article,in the research results are summarized, based on the basis of the analysis of the research results obtained the corresponding research revelation and inadequate in writing, and the future research direction was discussed.