Nature Of The Property、Debt Restructuring And The Efficiency Of Investment

A revised MM theory thinks that debt possess of the tax effect,so the value of the company increases with the increase of debt in the capital structure ratio.The debt can increase the value of the company,so the enterprise should maximize the use of debt financing.Some scholars believe that debt can play the role of governan-ce in perfect market environment by reducing the non-efficiency investment behave-or and the mechanism of bankruptcy mechanism.This kind of governance effect can balance the various interests between economic agents and restrain the non efficiency investment behavior of enterprise operators,thus providing a foundation for enterpri-se value creation.But in reality,the use of debt leads to financial difficulties.At this time,enterprises have two choices:bankruptcy liquidation or debt restructuring.Most company will choose debt restructuring.the structure of the debts,the debt maturety and the debt levels of the enterprise will change after debt restructuring,All those eventually impact on enterprise’s investment behavior.That is because the debt restructuring can affect the investment efficiency of the enterprise by changing the debt level of the enterprise and the term structure of the debt,thus affecting the invest-ment direction and investment scale of the enterprise.What about the efficiency of the investment after the debt restructuring?What effect does debt restructuring have on the investment efficiency of enterprises?This is one of the research points of this article.In March 2017,no.2 at,the China Banking Regulatory Commission(CBRC)mentioned "a feature of the debts into shares is that there is no size,no index,no pro-gress requirements and a fully autonomous ways for related parties " by the press conference of the state council.The CBRC’s regulation on debt-for-equity will pro-mote the development of enterprise restructuring,the marketization process of debt restructuring and legalization,so the study the effect of debt restructuring investment efficiency of the enterprise has a realistic significance.Property right economics holds that the property right system plays an important role in economic development and economic efficiency.Property rights system direct impact on the activities of the enterprise by defining the structure of the enterprise ownership,principal-agent chain,the system environment background and economic activities in the interests of people within the organization.It is a good starting point to interpret the investment behavior of Chinese enterprises from the perspective of property rights system based on the environment of state-owned enterprises and non-state control property enterprises.In this paper,I study the effect of the property rights on the the relationship between debt restructuring and investment efficiency on the basis research of effect of debt restructuring on investment efficiency.The thesis is divided into six parts.The main contents are as follows:The first part is the introduction,which mainly introduces the background of to-pic selection,research significance,research method,possible contribution points and innovation points of this paper.The second part is the literature review,the related literature review is mainly introduce from the debt restructuring and investment efficiency of reviewing.The debt restructuring include the motive of debt restructuring,debt restructuring,affects corporate performance.The investment efficiency include the reasons of the non effi-ciency,debt financing and investment efficiency,debt maturity and investment effici-ency.And 1 finally review the related literature at home and abroad to summarize the existing literature research.This provides a forward research perspective,to lay a cer-tain theoretical basis for study of follow-up;The third part of this article is the theoretical analysis and the research hypothesi-s.First introducing the theory from two aspects of in this paper,which including the concept of property rights,debt restructuring,investment efficiency on the basic defi-netion.Then mainly introduces the basic theory of this article,including investment theory,information asymmetry theory,principal-agent theory and debt governance theory;The last of this paper is the research hypothesis.First analysis the effect of debt financing,the duration of the debt and debt structure on the enterprise investme-nt efficiency.Then analysis of the effect of debt restructuring on the debt level and debt maturity.Next draw out the argument of this article that the debt restructuring impact on investment efficiency;At the same time,the property rights is added to further study if the property of property rights can influence the relationship between debt restructuring and investment efficiency.The fourth part is empirical research design which mainly includes sample selec-tion,data source,selection and definition of variables,and model setting;The fifth part is the empirical study results which mainly includes descriptive statistics,correlation analysis and regression results.First of all in this paper is to descriptive statistics of the main variables and Pearson correlation coefficient test.The second is mainly regression results and analyzes the corresponding empirical research results;Finally,the empirical results are tested robustness by using the trend value matching method to make the empirical results more reliable.The section six of this article is divided into two parts:the main conclusions and policy suggestions.This part summarizes the main conclusions,and prose policy rec-ommendations respectively according to the results of the empirical research from the perspective of micro and macro put forward the corresponding countermeasure,finally points out the deficiency of this article.The empirical results of this paper mainly include:First,the method of regression analysis is used to conduct empirical research.The result shows that investment efficiency of debt restructuring of listed company’s increases compared to the no debt restructuring of listed companies.The regression results from the whole samples shows that the debt restructuring can inhibit the effici-ency of investment,improve the investment efficiency of the enterprise.Next the eff-iciency of investment sample is divided into insufficient investment and excessive samples for further analysis.The results shows that excessive debt restructuring of enterprise investment and inadequate investment can produce inhibition.Finally studies have shown that debt restructuring can inhibit the efficiency of investment of listed companies and improve the level of corporate investment efficiency;Second,the article joins the nature of property rights in the study on the basis of impact of debt restructuring on investment efficiency to further research if,the nature of property rights can influence the relationship between debt restructuring and inves tment efficiency.The research results show that the existence of the state owned prop-erty right nature will weaken the debt restructuring to improve efficiency of invest-ment.The main contributions of this paper are as follows:First,this article analysis of the influence debt restructuring on investment effi-ciency on the debt governance theory,agency theory and information asymmetry th-eory.Then build the model for empirical study on the related theory assumes to study the relationship between debt restructuring and investment efficiency.This enrich the debt restructuring,debt management,and investment efficiency theory system.Next,according to the property right system of our country special environment,this article considers the nature of property right to study the property right’s influen-ce of the relationship between investment efficiency.And then judge the difference of the impact of debt restructuring on investment efficiency of listed companies with dif-ferent property rights to make the research more perfect.