The Research On The Impact Of Debt Financing On Investment Behavior Of Listed Companies

Investment is an important way for enterprises to increase the value, the economicconsequences brought about by the investment behavior is an important index of thesustainable operation of enterprises. Effective investment can increase the overall value of theenterprise, promote the growth of enterprises, but enterprises investment effectiveness cannotbe guaranteed. Business investment by the use of the fund is generally through financing, debtfinancing as one of the sources of financing, has the inseparable relationship between andcorporate investment behavior. Study on the relationship of debt financing and investmentbehavior is not bad, with the relatively robust debt management market environment, provideeconomic stability for the research background of debt financing on investment behavior. Debtfinancing can not only for the enterprise investment behavior bring some cash flow, and thenaffect the value of the firm, but also through the debt governance promote or restrict theinvestment behavior of enterprises.This thesis studies the effect of the debt financing on the company’s investment behaviorin two aspects: the debt ratio, debt maturity structure. Firstly, review and classification ofdomestic and international research, then expounds the impact of debt financing on investmentbehavior of the related theory, on the basis of theoretical analysis put forward the hypothesisof this study; the samples take the data of non-financial companies listed in Shenzhen andShanghai A-share stock market from2010to2012, first for the whole sample as the basis tostudy the impact of debt on investment behavior starts from two aspects of the level of debtfinancing and debt maturity structure, then based on the nature of property rights on the wholesamples group studying the effect of debt financing on investment behavior; finally, throughthe empirical analysis of the results of regression draw a conclusion and put forward relevantproposals.Through empirical research of comparing the different group, the results show that therelationship of debt ratio and inefficient investment is negative from the whole samples group,increase the debt to a certain extent, can inhibit the excessive investment and insufficientinvestment. The relationship of debt maturity and inefficient investment is positive, shorteningthe debt maturity can inhibit certain corporate overinvestment and underinvestment; looking from the grouping samples of state-owned property rights of listed companies and privateproperty rights of listed companies in the relationship between debt financing and inefficientinvestment behavior of firms is consistent with the overall direction of the sample, and inprivate property right was most marked in the listed company.