Research On High-tech Listing Corporation Debt Financing In China Impact On Investment Behavior

In this full of opportunities and challenges of the social environment, the representative indextechnology and knowledge content of high-tech listing Corporation has been driven by China’seconomic growth and the evaluation of China’s overall strength, a very important problem anddevelopment of high-tech enterprises in China are faced with lack of funds.Therefore, to increaseefforts to support high-tech industry is very important to our country.Although the thirty years ofreform and opening up, a lot of strength of high-tech companies have developed more mature, thescope of coverage of the global development gradually, the front part of technology has also beenwalking in the world development, but still face many bottlenecks.In addition, the inefficientinvestment behavior of China’s high-tech listing Corporation is more serious, and in themanagement of modern enterprises, how to make the investment and financing decisions causedclose attention by most scholars, but their researches mainly focus on the overall level of debt theimpact on investment.Therefore, to further explore the impact of debt financing on investmentbehavior has important significance to high-tech enterprise development.Based on the financial data of2010-2012in these three years in new energy high-tech listingCorporation listing Corporation as a sample, using the multiple linear regression method anddescriptive statistical analysis and processing of the data processing method, and carries on theempirical analysis of the impact of debt financing on investment behavior.The structure of thearticle is as follows: firstly, this paper classified in the literature home and abroad, the debtfinancing and investment behavior of the main theoretical foundation of the study of interaction aresummarized, and analysis of China’s high-tech listing Corporation financing, investment situation,the ready for the empirical analysis and the Countermeasures in the following.Secondly, is theempirical part of this paper, the process of analysis can be summarized as the following two points:first, the relationship between the total level of debt and investment in the total sample is analyzed,the result shows there is a big difference in different growth of the listing Corporation to makeinvestment decisions, so this paper divided into two part of the growth of high and low respectivelyempirical relationship between debt and investment.Second, found in the analysis of previousresearch results, the differences of corporate debt maturity structure, the study of the interactionbetween the sample overall debt level and the investment behavior not to reference significance tothe reality.In addition, effect of many scholars on the investment in debt, not that lead tounderinvestment and overinvestment or restrain the under-investment and over-investment, so it isnecessary to conduct in-depth and detailed analysis, so the sample according to the residuals of thepositive and negative samples were divided into two groups of underinvestment and overinvestment,specific circumstances are studied. Again, in the empirical analysis, draw conclusions, and putsforward the improvement of investment efficiency, promote the rapid development ofcountermeasures and suggestions.Finally, the part is the conclusion, summarizes the shortcomingsof this study, and puts forward the direction of further study for the future.