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

Fund raising and use is the main content in the work of enterprise management,The fund raising helps enterprises obtain the cash needed in the process of normal business activities,And the use of fund helps allocate fund reasonably for enterprise to get profit maximization,so enterprise financing and investment process is closely linked and inseparable.And the ways of modern enterprise financing mainly include two means of equity financing and debt financing,due to the equity financing of state-owned enterprises have many limitations such as enterprise's scale,profitability,etc.In addition to this,It also has the lower cost of debt financing,so the state-owned enterprises will often choose the commercial bank loans to obtain the funds required for the operation,then debt financing of state-owned enterprises is the main way of financing,It is bound to have an important affect on investment behavior.Based on the above consideration,This paper will make a research from the perspective of debt financing of state-owned listed companies,Studying the debt financing of state-owned enterprises on the impact of investment efficiency,to help state-owned enterprises adjust the financing channels and financing scale,reduce the financing cost,and make the enterprise change the present situation of management.This paper is firstly to analysis theoretically,including the research background,research significance,involved in the related theory and the results of the study of relevant literature.The second is mainly to do the design of the model,which is firstly based on theoretical analysis hypothesis,then build the model according to the three hypotheses based on the theoretical analysis,and explain the variable definitions.The next is the core content of this article,It is mainly to test the three hypotheses and verify its correctness.then we can get the research conclusion,and according to the results of empirical analysis and the current situlation of the management of state-owned enterprises,related management recommendations are put forward.The last is the conclusion,according to the empirical research in this paper,we can get the reserch conclusion.In the center section of this article,using the method of empirical analysis,the investment spending leval is as explained variables,debt-asset rate,short-term and long-term loan rate and tobin Q value as explanatory variables,cash flow,operating income and annual macro control variables as control variables;In the selection of data,this paper uses the csmar database,selecting the variables of the related data of the state-owned listed companies of Shanghai and shenzhen A shares varing from year 2010 to year 2015,and data is processed by the excel;In the part of empirical analysis,firstly,put up three Hypothesis,Hypothesis 1: between the overall level of debt financing and investment behavior of the state-owned listed companies exist significant negative correlation relationship;Hypothesis 2: compared with the long-term debt,short-term debt and investment of the state-owned listed companies have more significant negative correlation relationship;Hypothesis 3: compared with the high growth of enterprises,between debt financing and investment in the low growth of enterprises is more significant negative relationship.based on theoretical analysis and set up the model,then use Stata software for data analysis and the regression model,To validate three hypotheses,three research results are obtained: The first one,Through the establishment of model three point eight to verify this hypothesis 1,we can find the following conclusion: in general,the state-owned enterprise debt financing and investment behavior is significantly negative correlation relationship.It is namely that the bigger debt financing of state-owned listed company,the stronger the inhibition for the inefficient investment,of which to a certain extent,it helps state-owned enterprises find a way to reduce the inefficient investment;The second one,Through the establishment of model three point nine to verify this hypothesis 2,we can find the following conclusion: with different maturity structure of debt financing,It shows the negative correlation relationship with investment behavior,and comparing with the long-term borrowing,short-term borrowing and investment behavior has significantly nagative correlation;The last one,Through the establishment of model three point ten to verify this hypothesis 3,we can find the following conclusion: comparing with the high growth of enterprises,in the low growth of enterprise,debt financing and investment scale have more obviously negative correlation,but on the whole,growth opportunity is high or low,which doesn't have very significant impact on investment behavior.