An Empirical Study On The Impact Of The Debt Structure Of The Listed Real Estate Companies On Investment Behavior In China

The efficiency of the allocation of funds for enterprises to obtain financing of our listed companies is a topic of concern,allocation efficiency will have a direct impact on the production and operation of enterprises,but on the basis of our scholars present research results,the non efficiency investment exists in different industries of the listed company.Therefore,it is particularly important to combine the financing and investment of enterprises to explore the relationship between different financing structures and inefficient investment.The real estate industry is closely related to our life and closely related to the national economy.The scale and speed of its development will also promote or restrict the development of the national economy and the coordination of the industry.In recent years,the investment enthusiasm of the real estate industry is high,and it is easy to produce the problem.At this time,the debt level of the real estate industry is at a higher level compared with other industries,and debt financing is the inevitable choice.Therefore,whether there is an inefficiency investment in the real estate industry and what effect the debt structure will have on the inefficiency investment.Based on the related data of real estate listed companies from 2008 to 2016 as the research sample,reference to domestic and foreign scholars,from Richardson(2006)non efficiency investment model to define the non efficiency of investment,and according to the regression results will be divided into non efficiency investment over investment and insufficient investment.Based on the perspective of debt source structure and debt maturity structure,we first study the relationship between debt structure and new investment from the overall sample.Then the relationship between the debt structure and the inefficiency investment is grouped and the empirical results are combined with the previous empirical results of the overall sample.According to the empirical results,we draw the following conclusion: firstly,similar to other industries,non efficiency investment behavior also exists in China's real estate listed companies,there is a part of the company's over investment,the other part of the company there is insufficient investment.Secondly,in debt sources,real estate listed companies of bank loans will reduce new investment enterprises the motivation,also can effectively inhibit excessive investment,play a role in corporate governance.Business Credit provides a driving force for the new investment of the enterprise,which can alleviate underinvestment,but also lead to excessive investment.Thirdly,in terms of debt maturity,short-term debt has the role of restraining new investment and is more effective in restraining over investment.For the real estate listed companies with insufficient investment,long-term debt can promote the emergence of new investment,but long-term liabilities and short-term liabilities do not play a role of governance.