Research On The Impact Of Corporate Debt Structure On Investment Inefficiency

The report of the 19th National Congress of the Communist Party of China pointed out that China's economy has shifted from the previous pursuit of high-speed growth to the pursuit of high-quality development.At present,China's economy is facing enormous challenges in transforming its development mode,optimizing its economic structure,and transforming its growth momentum.At present,China proposes to develop the real economy on a down-to-earth basis,and manufacturing is an indispensable part of the real economy.Reasonable investment expenditures help enterprises to improve their own value and promote the development of the real economy.The investment of enterprises requires the raising of funds.The two most important ways to obtain funds for companies in the current market are to borrow and increase their share capital.At present,the relevant laws and regulations of China's securities market are still not perfect,and the market transaction order still needs to be maintained.Under this circumstance,obtaining funds through debt financing has become the main choice of most enterprises.This paper selects the listed companies in China's manufacturing industry as research samples,explores the effect of different debt type structures on investment behaviors,helps to improve the efficiency of resource utilization in the manufacturing industry,and at the same time maximizes the benefits of the company's operationsThis paper first divides the type of debt structure from the theoretical level,and discusses the concept definition and related theory of investment inefficiency Secondly,this paper selects the Richardson model to determine the non-efficiency nature of the company's investment.The empirical analysis of the manufacturing companies listed in China after 2013 shows that nearly 75%of the listed companies in China's manufacturing industry are over-invested.Then,through the empirical method,the article divides the debt structure into three classification methods for empirical analysis,and studies its impact on the non-efficiency behavior of enterprise investment.The results show that from the perspective of new and old debts,the impact of new debt ratio on corporate investment efficiency is not significant,but the company's existing debt ratio will significantly improve the company's inefficient investment behavior;from the perspective of debt maturity structure,short-term debt The greater the proportion of total assets,the easier it is for companies to expand investment spending.The greater the proportion of long-term debt to total assets,the more they will stimulate excessive investment;from the perspective of debt type,the proportion of bank loans and the proportion of commercial credit.The increase will make the investment of excessive investment enterprises more,but it will improve the investment status of under-invested enterprises.In short,in addition to the existing debt ratio will inhibit excessive investment by enterprises,other types of liabilities will lead to inefficient behavior of enterprises to increase excessive investment.Finally,combined with the empirical conclusions of the article,the paper puts forward the policy recommendations of controlling the proportion of new debt,rationally allocating the debt structure,optimizing the shareholding structure and perfecting the commercial credit system,which is beneficial to China's manufacturing listed companies to adopt a reasonable debt structure and ease the enterprise's Investing in inefficient behavior.