Source Of Government Intervention, Liabilities And Enterprise Over-investment Behavior

In the transition period of China economy, the bank loan is not the only source ofcompany liabilities, another important source of commercial credit is the company’sliabilities. In our country, liabilities mainly from three aspects, namely, bank loan,commercial credit and bond issues. Among them, the bank loan, commercial credit isthe main way to debt financing, through the bond financing is very few, so manydocuments from the front two sources to study the effect of excessive investmentbehavior of company, and carries on the comparison to their effect on over-investmentbehavior. But the source of debt, excessive bank loans to companies commercialcredit excessive investment behavior on the company stronger control function, thereare also some scholars study found that relative to the commercial credit, bank loansto the company stronger excessive investment behavior of the control function. So thepurpose of this study was to further check and clarify why excessive commercialcredit and bank loans to the company investment behavior control function weakconclusion is inconsistent, and analyzes the deep reasons. In addition, the source ofliability for company excessive investment behavior of the control function of relatedstudy, did not consider the government intervention in the sources of influence factorson the liabilities. And this article obtains from then on, carries on the empiricalresearch.This paper mainly discusses the government intervention, liabilities source andcompany excessive investment behavior relationship between, the establishment ofthe relations between the empirical analysis model, hoping to empirically analysis ingovernment intervention, bank debt, commercial credit of the company over theinvestment behavior of the control effect, and the research on debt financing theinfluence of investment behavior to provide experience for support, in addition, alsofor the government behavior can optimize the allocation of resources to provideevidence.In order to make system analysis of the source of government intervention,liabilities and enterprise excessive investment behavior, the relations between andamong the paper copy of six chapters. First chapter is introduction, introduces theresearch background, significance, contents, methods and innovation and theinsufficiency; The second chapter is literature review, mainly for domestic and foreignexisting system in this paper, the research conclusion; The third chapter is theoretical analysis and hypothesis is put forward, on the basis of theoretical analysis is putforward in this paper, the hypothesis; Chapter iv as the research design anddescriptive statistics, this paper expounds the model design of this paper has thecharacteristics of the related data; Fifth chapter is the empirical analysis to verifyhypothesis of this paper; The sixth chapter is conclusion and policy Suggestions, onthe basis of above research in this paper, the conclusion of the paper, and puts forwardrelevant policy Suggestions.