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

In this social environment fulled of opportunities and challenges, the technology and knowledge level of hi-tech listed companies leading China’s economic growth has become a representative indicator of evaluation of China’s overall strength,but high-tech enterprises developing in China is facing a very important problem which is lack of funds. Therefore strengthening the support of high-tech industries is importance to China at present stage. Although a lot of strength of high-tech companies have developed more mature in 30 years before the reform and opening up, the development scope gradually spreading global coverage, some technology having also walked in the front of the world, development will encounter a lot of bottlenecks. In addition, the inefficient investment behavior of high-tech listed companies is more serious at present, and in the modern enterprise management, most scholars pay close attention to how to make investment and financing decisions, but they mainly concentrated on overall debt levels impact on investment, not through grouping or classification to do a detailed study. Therefore, to further explore the influence of debt financing on investment behavior of high-tech enterprises is of great significance to the sustainable development effectively.First, draw lessons from domestic and foreign scholars research achievements, summarize the main theory of the relationship between debt financing and investment behavior, providing theoretical support to empirical research. The growth and the choice of cash flow and investment behavior have inseparable relationship in high-tech enterprises, growth height decide the direction of the enterprise investment behavior, the cash flow also restricts the impact on the investment behavior of the enterprise debt financing. The third chapter detailed analyze the growth and cash flow influence on high-tech enterprises investment behavior choice, and based on the financial strategy matrix created high-tech enterprises investment behavior selection matrix. Secondly, after summarizing the theory of relationship between debt financing and investment spending I put forward relevant assumptions, and made descriptive statistics of the main variances. These five years, from 2009 to 2013,the financial data of high-tech listed companies as samples, from two-dimensional growth and cash flow perspective to deal with financial data and grouping, divided the sample into four groups, which are high-growth cash shortage, high-growth cash remaining, low growing cash shortage and low growing cash remaining, by descriptive statistics analysis and multiple linear regression method for total sample and each group data of the empirical analysis, analysis:high-tech enterprises debt financing in China and investment behavior negative correlation relationship, and in the low growth enterprise negative relationship between debt financing and investment behavior is more significant than in high-growth enterprises negative relationship between debt financing and investment behavior.Finally, put forward the countermeasures and suggestions on this conclusion, which can provide referential basis to high-tech listed companies to improve the investment efficiency.The content of this article is divided into six chapters.The first chapter is the introduction part, mainly introduced the background and significance of research ideas and methods and research framework of this article.The second chapter mainly says literature review at home and abroad.Combing the domestic and foreign research literature on this issue, project reviews the theory about the relationship between debt financing and investment behavior.The third chapter says defining of high-tech company investment behavior selection criteria, namely growth and cash flow, and the introduction of the concept of sustainable development under the construct high-tech enterprise investment behavior matrix.The fourth chapter and the fifth chapter separately says theoretical analysis and empirical analysis of high-tech company debt financing in China impact on investment behavior based on the growth and cash flow.This part put forward relevant assumptions based on summary of domestic and foreign literature.Then the grouping of the selected variables described in chronological order, and show the corresponding to various variables and descriptive statistical analysis, the empirical analysis of proportion of debt maturity structure of debt financing and investment behavior.Sixth chapter summarizes the empirical study conclusion, then puts forward optimizing high-tech company debt financing and investment behavior of the policy recommendations in China.In this paper, the study found that based on investment choice matrix of two-dimensional perspective to analyze our country high-tech enterprise debt financing for investment behavior can reflect high-tech enterprise investment behavior in China change condition, low growth cash shortage of high-tech enterprises in the impact of debt financing on investment behavior is the most sensitive.Finding provides the relevant follow-up studies in the field of the foundation of has certain positive meaning...