China's Manufacturing Listed Company Debt Structure And Investment Efficiency Of Empirical Research

A string of recent macroeconomic data shows that,steady growthis the general tone of the current economic development and "steady growth" is the primary task of economic development in China.High-speed economic growth promotes the investment spending,at the same time,the growth of the investment on economic growth has played a role.But not all investment scale can play a positive role in economic growth,excessive investors and under investment are efficient investment performance.Excessive investment will make the enterprise to the places with less than that caused by resources waste,moreover will directly lead to financial crisis.Inadequate investment may be there is no suitable investment opportunities and corporate opportunity loss,thus the investment activity can better service for enterprises improve the efficiency of investment behavior.Investment activities are carried out under the premise of financing activities,which closely related to investment activities,although common preferences for equity financing of listed companies in China,but equity financing can provide funding is limited,but only meet the conditions of the company equity financing.And due to the company for equity financing means to give the company information to outside,so the company in the financing activities,firstly is internal financing,secondly is debt,and is the last is equity financing.This thesis discusses from two aspects of the duration of the debt structure and source of debt structure to the company the influence of investment efficiency.Manufacturing industry is facing the changing market demand and the macro-control policy,improve the efficiency of their investment,to help decision makers to make the right decisions,ensure the healthy and stable development of manufacturing,has very important practical significance.In this thesis,based on economics theory,draw lessons from domestic and foreign literature,the analysis of the principal-agent,free cash flow theory,the liabilities of a camera,on the basis of decision theory,according to the characteristics of the source of debt maturity structure and debt structure to put forward thecorresponding assumptions,debt structure and selected parts of domestic manufacturing listed companies,using the description statistics and regression analysis research of the relationship between variables,to relevant argumentation of hypothesis,exploring the structure of debt impact on manufacturing investment efficiency of listed companies of our country.This thesis is divided into six chaptersThe first chapter is introduction,mainly provides the full text writing ideas,thesis introduces the research background,research significance and research methods and research framework.The second chapter card about the document of debt structure,first summarizes the foreign literature,can be learned by foreign literature debt structure affects the process of investment efficiency,and to invest in domestic manufacturing efficiency evaluation of carding literature review and consolidation.The third chapter is theoretical analysis section,expounds several important concepts first,then described in detail in this paper,the core of the theory,principal-agent theory,free cash flow theory,laid a theoretical basis for later discussion.The fourth part analyses the debt structure on the impact of investment behavior,and make the possibilities.The debt maturity structure,due to the length of the debt maturity,to the company's investment behavior will be different,so the hypothesis long-term debt and short-term debt on the relationship between the investment behavior is the opposite;For debt sources structure,bank loan and commercial credit impact on investment behavior is the opposite.The fifth chapter is the empirical analysis section,,make further demonstration of previous chapter hypothesis,using multiple regression from the debt maturity structure and debt sources structure two large pieces of empirical analysis.Chapter six is the conclusion and policy Suggestions,Through The empirical research of the fifth chapter verify the hypothesis of the fourth chapter and and draw a conclusion:Combining with the development of our country manufacturing industry listed companies,and puts forward relevant policy Suggestions: one is the reasonable arrangement of debt maturity structure,improve the efficiency of financing,the second is based on their actual situation,choose the appropriate capital structure,the third is to strictly control the commercial credit,shorten the accounts receivable period,four is the development of the bond market,widen the channel of the source of debt,five is to improve the internal governance structure,optimizing the capital market system.