Research On The Influence Of Debt Source Structure On Corporate Investment

In the modern enterprise, the agent theory is the conflict between shareholders and creditors,shareholders and managers. Debt financing as the main source of funding, its influence on corporateinvestment behavior has two aspects, the performance is underinvestment and asset substitutionphenomenon, and this phenomenon is caused by the conflict between shareholders and creditors,and debt financing can slow this kinds of phenomena. On the other hand it cause the phenomenonof over-investment, this phenomenon is caused due to the conflict between shareholders andmanagers, the debt can play the camera on the governance role to mitigate the conflict betweenshareholders and managers.Based on the study of related literature, the2007-2009data of A-share listed companies ofChina's Shenzhen board is the sample of this study, using the empirical analysis to analyze theimpact of the sources of debt for the corporate investment behavior. Based on the sample empiricalanalysis, from bank loans, commercial credit, corporate bonds, government and trade unions debt tostart the study, and because the different sources of debt have their own characteristics and differentdebtor-creditor relationship, so the different sources of debt have different effects on corporateinvestment. It will provide reasonable recommendations to enterprises for structural arrangementsof debt by this study and play a guiding role on improving financing of listed companies...