Political Association Under The Background Of Excessive Debt Financing And Investment

At present,the quickening of global economic integration process,the trend of economic globalization intensifying,and for our country is in transition period,the development of both opportunities and challenges.China's socialist market economic system,determines the government in the leading position of national economy in our country,both countries of scarce resources and related to the lifeblood of the national economy industry are controlled by the government,and for a long time for resource allocation injustice,lead to the status of the private enterprise in our country is far lower than the government control of state-owned enterprises.In recent years,private enterprises in growing,in our country national economy plays an increasingly important role,but under special system in our country,the development of private enterprises in order to seek better realize their own interests,establish a good relationship with the government which is a solution,therefore,a good political association for the development of the enterprise,especially thedevelopment of private enterprises is of great significance.In political association under this background,financing problem of private enterprises than in the past other point of view,the research provides a new perspective.Over-investment problem more common in China's enterprises,the low efficiency of investment makes severe damage enterprise value,and how to improve the investment efficiency of enterprises,avoid excessive investment behavior occur frequently,become a popular trend in today's research.In terms of funding problems,scholars at home and abroad for more political funding problems associated with research,Therefore,this article will focus on the political relevance factors in this system and the excessive investment problems which restrict the development of the enterprise for a long time,the relationship between them and under the background of political association,whether there is interaction between enterprise's investment and financing,and whether the interaction under the special institutional factors have changed.Based on related literature achievements summarized on the basis of the theoretical analysis and empirical research method of combining the study.In terms of theoretical analysis,in this paper,the political association,political associated with excessive investment behavior,combined with excessive investment and debt financing political association under the background of the special relationship,puts forward the research hypothesis.In empirical research,this article selects 2013 a-share listed private enterprises in our country related data as sample,assumes that the empirical test of the theory part,first of all by hand to collect,to determine whether samples have political association,after by excessive investment model,determine the samples of excessive investment,at last,by political associated with excessive investment model with excessive investment and debt financing model to verify this hypothesis and research conclusions.The conclusion of this paper show that politically related degree of the excessive investment in private listed companies is higher than the relation between political private listed companies,private debt financing of listed companies in our country can inhibit excessive investment behavior,has a political association of private listed company,its debt financing is more likely to lead to overinvestment.At the end of this article,also puts forward the relevant policy recommendations and the shortages of the article and to be perfect.