Empirical Research Of The Influence Debt Ifnancing To Investment Behavior In Non-state-owned Holding Listed Companies

Financing and investment are two main aspects in modern enterprise capital movement,and are the basic financial activities. Financial management is discussed investment,financing and corporate governance performance of the relationship between the onesubject, the influence of debt financing and investment behavior directly related tocorporate governance performance of the pros and cons. Domestic scholars had studiedthat our country business enterprise investment most behavior overinvestment, and tonon-state-owned holding listed companies involved in the study. This paper from theperspectives of debt financing studied in non-state-owned holding listed companieswhether there is the efficiency investment behavior, excessive investment and inadequateinvestment which more significant behavior, and then we study in non-state-owned holdinglisted companies, debt financing structure and term structure and liabilities of the differentstructure would impact the efficiency investment behavior.First three chapters is theoretical analysis, introduces the research significance to therelated theory and literature reviews. The4chapter with5chapter use empirical researchmethod, based on study of China’s capital market situation and non-state-owned holdinglisted companies market environmental factors, selected a-shared non-state-owned holdinglisted companies as research samples analysis of the debt financing mechanism of theeffect of the enterprise investment behavior by establishing the multiple regression modelempirical. Chapter6put out recommendations through the research conclusion. In thetheory I used literature method, reviewed the related literature at home and abroad. InEmpirical, will be descriptive statistics, correlation analysis and regression analysis in thispaper. In this paper is the data processing by use of EXCEL and SPSS16.0data analysissoftware to complete.This paper testes the efficiency of investment behavior in non-state-owned holdinglisted companies, further testing the debt financing and debt financing structure of thesource term structure and the efficiency of investment behavior mechanism of the effect,the results show that:(1) non-state-owned holding listed companies do exist the efficiency investment behavior, and insufficient investment more notable;(2) theasset-liability ratio and insufficient investment is inversely related, namely the debtfinancing can ease insufficient investment levels;(3) long-term debt relative to theshort-term debt relief non-state-owned holding enterprises lack of investment moresignificant role some;(4) commercial credit and loans can relieve insufficient ofnon-state-owned holding enterprise investment, and bank loan relative to commercialcredit relief more significant role.This paper exists in the following several innovation points:(1) from the view point ofresearch, this paper from the debt source and debt deadline angle studies influence of theinvestment behavior of non-state-owned holding listed companies, that is different frombefore literatures;(2) from the research methods, scholars study the affection of debtfinancing to enterprise investment behavior mostly in investment spending scale and therelationship between the asset-liability ratio to judge the efficiency of the enterpriseinvestment behavior, and not to quantify the form to test the debt financing to the influenceof investment efficiency. This article through the concrete model to judge the efficiency ofthe enterprise investment behavior, and through the expected level of investment model ofefficiency of investment find proxy variable, quantities the effect.(3) from the researchobject, the existing literature are mostly state-owned listed companies or all listed companyas the sample, this paper to non-state-owned holding listed company as the research object,and through the empirical found that of the non-state-owned holding listed companiesefficiency investment behavior is mainly insufficient investment, this and the existingliterature China has listed company overinvestment most of the different conclusion.