Empirical Research Of Debt Structure On Investment Behaviors Of Listed Companies

As two basic financial activities of enterprises, investment decisions and financing decisions play a vital role for the development of enterprises. Enterprises' financing activities have close relation with investment activities because the financing plan makes reference to investment plan while investment methods depend on enterprises' financing methods. Only the cooperative operation can promote the development of enterprise effectively. Relative to the developed capital markets abroad, China's capital market starts later and need to be perfected further. For the moment, most of enterprises' financing ways are mainly composed of debt financing, so enterprises' debt structure inevitably affects its investment behaviors. In recent years, with the increasing number of small and medium-sized enterprises, they have developed rapidly. However, due to the small scale of small and medium-sized enterprise and the imperfect system of bank credit making them face with financing difficulties, unreasonable financing structure, information asymmetry and all kinds of agency conflicting problems. Therefore, small and medium-sized enterprises show a series of problems in the investment field and unreasonable distribution of resources lead to low efficiency of investment. Based on the above background, this paper studies the effects of debt structure on its investment behaviors, taking an example of listed companies on small and medium-sized board. Most scholars at home and abroad study from the overall level of debt. In addition to studying its influence on enterprises investment behaviors from the overall level of debt, this paper introduces debt maturity structure and debt source structure to analyze its impact on the investment behaviors of listed companies on small and medium-sized board. Firstly, this paper puts forward the hypothesis and they are verified through empirical study. At last it comes to research conclusions and puts forward rational suggestions, regulating the financing of listed companies on small and medium-sized board, optimizing debt structure and allocation of resources, improving the efficiency of corporate investment to maximize shareholders' wealth and enterprises' value.This paper is divided into six parts to study the impacts of debt structure on investment behaviors of listed companies: the first part is introduction, mainly elaborating research background and research significance. The second part is the domestic and foreign research literature review, summarizing the influence of overall level of debt, debt maturity structure and debt sources structure on enterprises' investment behaviors. The third part is theoretical analysis and research hypothesis. On the basis of principal-agent theory, asymmetric information theory and signaling theory, it puts forward research hypothesis. The fourth part is the selection and design of relevant variables. The fifth part is empirical analysis, with the descriptive statistics, correlation analysis and regression analysis to study the relation between overall level of debt, debt maturity structure, debt sources structure and enterprises' investment expenditure. The sixth part is the conclusion and relevant suggestions.