| Investment activity is one of the development activities of normal production operations and expanding production scale for seeking development, it is also one of the three elements of the modern corporate finance activities. Under our current market environment, the investment heat is high, the market assesses China has already had the over-investment problem. State Council once issued a document to prevent the over-investment problem in particular industries before. Although the overall investment heats up, but the data shows that some companies still have insufficient investment problem. Over-investment causes the detriment of the company’s values due to the worthless investment, it is more likely to make the company in financial trouble; insufficient investment also produces damage to the company because it doesn’t fully use the appropriate investment opportunities. From above we can fully know that studying the investment behavior of the company has profound significance to promote efficient investment.Based on the close link between the fund-raising activities and investment activities, exploring the company’s investment activities has a more intuitive meaning from the financing point of view to start. Our current study makes the main assumptions that the different components of the liabilities have homogeneity, they have the total liabilities to study its impact on corporate investment behavior, but because the duration of different sources, each part of the liabilities have the significantly different characteristics. So this paper explores the affection of the maturity and debt sources structure of debt to the investment behavior of listed companies, specifically, on the one hand this paper is going to verify the affection of the liabilities of different maturities and sources to investment spending of listed companies; on the other hand the paper will explore the impact of different duration and different sources of debt to the non-efficiency investment of listed companies. From the study we attempt to prove the different roles of the liabilities of different maturities and sources to the investment spending and non-efficient investments of listed companies, we also can provide a reference to solve the problem of inefficient investment of listed companies in China.In this paper there are a total of six chapters, each chapter reads as follows:Chapter1, IntroductionsIn this chapter, three aspects of the research background and significance research ideas and research framework, research methods are described. First of all, against this background of the overheated investment environment, we explore the impact of the maturity and source structure of debt on the investment behavior of listed companies based on our current debt structure as a starting point; in terms of research ideas, we form the maturity structure of debt and debt-source structure as two lines of research starting point for the study, first we use the overall sample for analyzing, then we divide the samples into over-investment group and insufficient investment group to discuss the impact of the debt maturity and debt sources structure to investment behavior, while we use icon to present the process; finally we state the methods used in the study.Chapter2, Literature ReviewIn this chapter, the relationship between debt maturity structure, debt sources structure and company investment behavior is summarized based on domestic and foreign literature. The theory believe that a negative correlation exists between short-term liabilities and investment behavior, however, both domestic and foreign empirical studies get different conclusions on the relationship between the investment behavior of a different conclusion, some studies have proved that the short-term liabilities and investment behavior was negatively correlated, verifying the agency costs hypothesis, while some studies have reached a non-negative relationship between the two. In the study of the debt sources structure of China, there are just a few of the theoretical literature, most of the empirical literature suggests that bank loans have strong debt binding, and thus, stronger constraints are made on investment behavior, but at the same time some foreign scholars get conclusions that commercial credit has more significant inhibition to non-efficiency investments.Chapter3, Theoretical AnalysisIn his chapter we first review the various concepts involved from multiple perspectives, we also improve them. Second, this paper analyze the mechanism of correction between the debt maturity structure, debt sources structure and the company’s investment behavior starting from the agency costs of principal-agent theory. This paper also determines three aspects about the impact of debt maturity structure on investment behavior:over-investment, asset substitution and underinvestment. Finally, there is a preliminary analysis of the impact of debt source structure on investment behavior.Chapter4, Models DesigningFirst, this chapter identifies the sources of sample s and screening principles to build the empirical sample; then explanatory variables and the explanatory variables are defined and selected according to the theory, also multiple indicators are selected as control variables in order to reject their empirical results; after that in this chapter a number of assumptions are set up based on the research and combined with China’s unique economic background; we not only set assumptions of the relationship between debt structure and investment behavior of listed companies the overall test,but also set the overall expectation of the relationship between the debt structure and non-efficiency investments in the packet inspection at the same time; finally, we set models for the overall inspection and the packet inspection, and we also define the model grouping the samples.Chapter5, Empirical ResearchUsing the models in chapter4, we analyze the empirical results in Chapter5. The empirical results show that, in the overall empirical test of debt structure and the investment behavior, the short-term liabilities with investment spending listed companies are significant negative correlated; commercial credit, bank loans and investment spending of listed companies show significant positive correlation. After grouping there are947samples in the over-investment group, while379samples in the insufficient investment group. This proves that over-investment excessively exists in China’s listed companies. Subsequently in the packet inspection, we find that short-term liabilities on the one hand to curb excessive investment, on the other hand can significantly alleviate the insufficient investment; commercial credit and bank loans can lead to excessive investment, the role of bank loans for mitigating over-investment is more significant than commercial credit while it is more obvious compared to the problem of insufficient investment. Chapter6, Conclusions and RecommendationsIn this chapter, first we summary the empirical results of chapter5, then get the overall conclusions of this paper. According to the conclusions from empirical analysis, this paper presents a few suggestions. Finally, the author thinks over the limitations of this article, and strives to perfect in the further research, thinking in certain conditions.The main contribution of this article:(1) The research object has a certain novelty. About the impact of debt financing to the company’s investment behavior, most scholars in domestic see liabilities as the same overall, while ignoring the differences of the different deadlines and different sources of debt. This article discusses the liabilities by grouping them into over-investment and underinvestment according to the different characteristics of liabilities. Thus we can know the impact of the liabilities with different characteristics on the investment spending and non-efficient investments of the listed companies, providing a reference for the non-efficiency investment in China.(2) The research method has certain characteristics. In the empirical study, after the overall inspection of the sample, the sample is divided into over-investment group and insufficient investment group by Richardson residual measurement model. Then we separately using the regression model to examine the impact of the debt structure on the company’s investment behavior, thus we verify the correlation between the maturity structure of debt and debt source structure and inefficient investment.Further research directions of this article:(1) This article does not involve the indicator of ownership structure in China. Due to China’s specific circumstances, the state-owned enterprises and non state-owned enterprises have significantly different characteristics in terms of debt financing, To fully study the relationship between China’s debt structure and investment behavior of listed companies, we should combine with China’s specific institutional background, and introduce indicator of equity background, then divide the samples in accordance with this standard, In this way we can respectively research the correlation between debt structure and investment behavior of different stake in the context of state-owned enterprises and non state-owned enterprises.(2) The study relates only to manufacturing industries. Different industries have significantly different industry characteristics, and therefore the conclusions in this article are only meaningful in the manufacturing industry. To explore common research results of China’s listed companies, maybe we can start from the other industries for further analysis, by this way we can also study the differences between different industries.(3) In this paper, the study only relates to the methods of descriptive statistics and regression. To conduct in-depth research, this paper considers the introduction of other more advanced and effective research methods, such as experiments, field research method. Considering that investment behavior and psychological factors are closely related, the method of psychology can also be introduced to the article for in-depth analysis. |
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