Empirical Research On Debt Maturity Structure Of Listed Companies Of The Impact On Efficient Investment Behavior

Investment activity is the core of enterprise financial activities, is the mostinitiative at the same time the long-term influence of the allocation of resources of.Enterprise value increase fundamentally depends on the improvement of investmentefficiency. But China’s Listed Companies in the capital during the prevalence of theproblem of low efficiency of investment, medicine and biological products industrylisted companies are no exception. China’s pharmaceutical industry listed company’soverall debt levels are low, the financing structure of the large space of investment.The choice of debt maturity structure of debt financing is one of the most importantfinancial decision, foreign research results generally show corporate debt maturitymismatch can cause inefficient investment problem, which will affect the corporatevalue.The article with our country the Shanghai and Shenzhen two2008-2010years ofbiological medical products industry of listed companies as samples, using dataenvelopment analysis method, Richardson investment expectation model andmultivariate regression method for investment efficiency and investment efficiency ofbasic concept, theoretical framework and the debt maturity structure of Chinesemedicine biological products industry listed company investment efficiency theimpact of the problem undertook comb and studied systematically, in order to enrichand develop the theory of investment, reasonable adjust our country medicinebiological products industry listed companies debt maturity structure, in order topromote our country medicine biological products industry listed companies and evenour country enterprise investment efficiency. The results show that, our country medicine biological products industry listedcompanies generally exists over-investment and insufficient investment phenomenon,but the excessive investment phenomenon is more obvious. China’s pharmaceuticaland biological products industry listed companies long-term debt in debt maturitystructure in proportion to a short-term debt ratio is small, so the research on debtmaturity structure on investment efficiency influence mainly choose short-term debtto measure corporate debt maturity structure. Debt maturity structure of China’s ListedCompanies in pharmaceutical and biological products industry has significantinfluence on investment efficiency. Short term debt on the whole can inhibit theinefficient investment behavior, debt governance role play. In view of the aboveempirical analysis and conclusion, this paper also gives the corresponding policysuggestion and prospect for future research, in order to guide Chinese medicinebiological products industry listed companies debt maturity structure reasonableadjust, improve investment efficiency.