Research On The Coordination Relationship Between Corporate Investment And Financing Decision Based On Principal-agent Perspective

The scientific nature of investment and financing decisions is the core of the survival and development of enterprises.Financing and investment are two important sectors of the enterprise,and they are closely related to each other.Neglecting this internal connection will cause the decision-making to be not comprehensively.Real options can give enterprises a choice,so that they can avoid disadvantages in an uncertain investment and financing environment and deal with them calmly,it is of great significance to use real options to analyze investment and financing decisions.Firstly,this thesis uses the real option method to establish the enterprises' value maximization and shareholders' value maximization models of financing and investment by weighing the tax baffle income generated by the interest expense of borrowing,the increased bankruptcy cost from borrowing,and the agency cost caused by borrowing in the background of principal-agent.Considering the source of tax benefits,in addition to the debt interest tax deduction,the tax depreciation effect can be generated through capital depreciation.Under the influence of depreciation,the investment and financing decisions may be changed.This paper further adjusts the model through depreciation factors.The numerical simulation is used to elaborate the mechanism of coordination between investment and financing decisions.Subsequently,based on the data of 2013-2017 of Shanghai and Shenzhen A-share listed companies,the three-stage least squares method is used for empirical test from different perspectives such as overall level,different debt levels,different depreciation levels and principal agent severity.The internal mechanism of the coordination relationship between investment and financing decisions is analyzed.The research shows that under the background of principal-agent,due to the impact of bankruptcy cost and depreciation tax shield on the interest-subsidy substitution effect,the higher level of debt will weaken the promotion effect between enterprises' investment and financing;further through the equity concentration index,approximately examine the alienation of investment and financing coordination relationship in the context of agency conflict caused by debt financing,and find that enterprises have obvious over-investment problems,and the increase in depreciation level can effectively alleviate this investment distortion.