A Study On The Impact Of Debt Maturity Structure On Listed Companies' Investment Behavior

Debt financing is one of the important financing channels of enterprises. It provides a steady stream of funds to enterprises. The enterprise with abundant funds is inclined to through the investment to expand its own development. So it is reflected a phenomenon of excessive investment in the market. Studying the relationship between debt financing and investment has become the focus of the financial sector. Many scholars study the influence of debt to investment from the total amount of debt, but different types of debt and influence mechanism are also different. Due to the agency cost, long-term debt and short-term debt have different risk, so the impacts on the investment behavior are different.For the special economic environment in our country, on the basis of existing research conclusion, and combined with the present capital market in China, the paper chooses 829 manufacturing listed companies in Shanghai and Shenzhen A shares between 2009 and 2013 as the research sample data. And the multivariate regression model is constructed to investment scale for genetic variables, debt maturity structure for independent variables, internal financing, capital structure, growth, sales revenue and assets for control variables. Then it is analyzed combined with descriptive statistics and multivariate regression method. According to the related influence factors of the board of directors’governance and ownership structure, it selects the state and the first big shareholder’s stake to classify the overall sample. And it analyzes the affection to investment behavior.Research results show that,In general, there exists a negative correlation between the short-term debt and investment scale, and significantly positive correlation between the long-term debt and investment scale.When joining the two position, there exists positive correlation through short-term debt ratio and long-term debt ratio and the enterprise investment scale. But short-term debt ratio’s influence on investment behavior is significant. In two separate,long-term liabilities and investment scale showed positive correlation, while short-term debt is negatively related to the investment scale, and short-term debt’s functions are faint and the effect of long-term liabilities is more significant.According to the results of empirical research on equity concentration, there exists a negative correlation between the short-term debt and investment scale, and significantly positive correlation between the long-term debt and investment scale. When equity tends to cluster, the empirical conclusion is that there exists positive correlation between the debt maturity structure and investment.