| SME borad listed companies developed at a fast speed the last decades.That an increasing amount of the qualified enterprises sprang up like mushrooms plays a significant role in the acceleration of the economy.They are beneficial to the promotion of the emploment,the enhancement of the innovation and the expansion of the export.However,there is a problem behind the prosperity of the development,such as the inefficient investment which are often divided into over-investment and under-investment,which should’t be neglected.Whatever it is the delegation problems stemed from interior(the delegation relations between the board and the investors)or the finance problems derived from the exterior loan,inefficient investments in the SME borad corporations hamper the benigh,diminish the market value,which would do harm to the construction and operation of the multi-layered capital market.Given the background of the characteristic and the situation of the SME borad, this paper introduces the widespread phenomenon of the investment efficiency problems and retrospects the main research in this field.Based on the explainations below,this paper attaches improtance to the relationship between debt(which should be devided into total debts,long-term and short-term debts,bank loans and business credit)and inefficient investment which should be quantificated by over-investment and under-investment.Last but not least,from the perspective of corporate lifecycle,the problems below has been reanalyzed.The qualified SME borad corporations which were listed in the Senzhen Stock Exchange were chosen as the sample of this paper.liner regression models,based on the analysis of the datum of2009-2012,were established and varified with STATAll.O.First and foremost,from static perspective,the relations between total debts,the sourse of debts, debt maturity structure and investments were analysed.On the other hand,the samples were seperated into two parts,the over-investment parts and the under-investment parts.And there were three period (the growth period,mature period,degenerate period)for each dispersed part.Given all the assumptions above,the relationship between debt and investment were reanalysied for a dynamic angle. This paper draw the conclusions below:As a vital external restriction,debt,though to some extent posing the problem of under-investment, do decreases inefficient investment.The inhibiting effect of bank loans is more evident than that of business credit which would aggravate under-investment. When it comes to the maturity of debt of the firm,short-term debts plays a more positive role in controlling inefficient investments. Whereas,long-term debts remit under-investment. Meanwhile,the role of long-term debts was converted from exacerbating over-investment into suppressing over-investment. |
