The Effects Of Debt Financing On Investment Efficiency Of Growth Enterprise Market Listed Companies

GEM listing since 2009, how to excavate its potential, to realize the gem listed companies sustained and rapid development of the whole, has long been a focus on practice and academia. Investing activities has always been to be able to realize the enterprise value and growing decisive activities.How to improve investment efficiency becomes the key to the gem listed company survival and development. To better find out the problems of the gem listed company investment efficiency and proposes solutions and theoretical research of public company. Choose a two-phase DEA-Tobit model, this paper firstly based on the investment value realization path will invest activities divided into two stages, and builds the index system to complete two stage of investment efficiency value is calculated; Secondly to define and measure the relevant variables, complete hierarchical regression model building; Finally, respectively, the main effect model, regulating regression model and interaction model and make a comparative analysis of thesis conclusions and policy Suggestions are given.This thesis consists of five modules, each module are arranged as following:The first chapter:Introduction. First elaborated the paper research background, research purpose and research significance; Second to the domestic and foreign research status were summarized and analyzed; Once again to introduce the research content, model selection and thesis structure; Finally Puts forward the creative point of this article.The second chapter:The concept and theory related to investment and financing. First of all, from the perspective of financing, to distinguish the differences and relationship between financing structure and financial structure, and analyze the optimal sequence financing theory; Second, to define the efficiency and investment efficiency; Finally, systematically the theory of foreign scholars about the debt financing and investment activities, lay a theoretical foundation to the research.The third chapter:The author used DEA method to measure the gem listed company investment efficiency. First of all, based on the path of the investment activities to realize the investment value of listed companies are divided into investment decision and investment income two stages; Second, build input index and output index system, selection of DEA-CCR model to calculate the efficiency of two stage investment activities; Finally, complete descriptive statistics of the input variables of the decision-making phase, output variables of yield stage and the efficiency of the two stages, to find the problems of the investment efficiency in the gem listed companies.The fourth chapter:Empirical analysis on the relationship between debt financing and investment efficiency. This part is the main part of this paper. First of all, the influence of debt financing on investment efficiency as theoretical analysis, consider joining growth as adjust variable and put forward four research hypotheses of this paper; Second, design all study variables and establish a hierarchical regression empirical model; Finally, respectively analyzes the relations between debt financing and investment decision-making, the relationship between debt financing and investment efficiency and the regulation of growth effect.The fifth chapter:Research conclusions and policy Suggestions. In this paper, the main research conclusions are:(1) the overall level of the gem listed company investment decision efficiency is low and is in a state of fluctuation; (2) the overall level of the gem listed company investment efficiency is higher, but showed a trend of decline; (3) improve the efficiency of investment decision is the key to improve or enhance the investment efficiency of gem listed companies;(4) the debt financing and the efficiency of the gem listed company investment decision-making has significant negative correlation relationship; (5) the debt financing and the efficiency of the gem listed company investment return has significant negative correlation relationship; (6) growth weaken the significant negative correlation relationship between the debt financing and the efficiency of the gem listed company investment decision-making. Finally, the author according to the empirical conclusions of this paper, respectively, based on the gem listed companies and the government itself, policies and Suggestions are given.