| In the past 40 years of China's reform and opening up,the economy has continued to grow at a high speed.With the development of the market economy,in this highly competitive market environment,enterprises must have their own core competence and consciousness in order to be invincible in many enterprises..The report of the 19th National Congress pointed out that China's economy has experienced a period of rapid growth and has turned into a high-quality development stage.The future goal is to improve economic efficiency.Improving efficiency is not only the guidance of government policies,but also depends on the development of the company itself.Only efficient investment decisions and appropriate financing policies can make the company stand out in the market competition.Investment decision-making is one of the important conditions for the survival,development and acquisition of enterprise benefits,and it is also an important measure for enterprises to control risks.It exists in different stages of the enterprise life cycle.From the macroeconomic and micro economic perspectives,high-efficiency investment plays an important role in enterprise development.If enterprises want to make full use of enterprise resources to improve investment efficiency,they need to formulate correct investment and financing policies and achieve various investment activities.The optimal allocation of enter:prise resources lays the foundation for the rapid development of the enterprise economy.So how to improve the efficiency of corporate investment to alleviate non-efficiency investment?China's economy is currently in a period of rapid development,and it is also a crucial period for transformation and reform.Only by fully improving the efficiency of corporate governance and improving the investment efficiency of enterprises can economic benefits be brought to the future of enterprises.Efficient debt financing activities are the key to improving the efficiency of enterprise investment.Therefore,this paper studies the impact of debt heterogeneity on non-efficiency investment of enterprises from the perspecti've of enterprise life cycle dynamics,which has certain theoretical and practical significance for enterprise development.This paper describes five chapters.The first chapter is the introduction,expounds the research background,significance,ideas and methods at home and abroad,and collates and summarizes the related research on debt heterogeneity and non-efficiency investment.The second chapter is the definition and theoretical basis of the related concepts in this paper.It defines the related concepts of debt heterogeneity,non-efficiency investment,life cycle,etc.,and analyzes related theories.The third chapter is theoretical analysis and hypothesis research.Firstly,it analyzes the current situation of China's debt heterogeneity and non-efficiency investment,and then proposes research hypotheses based on relevant theoretical analysis.The fourth chapter empirical test,using the data of Chinese listed companies in 2012-2017 as a research sample,using empirical research methods to test the impact of debt heterogeneity on non-efficiency investment.The fifth chapter is the research conclusions and policy recommendations.It puts forward corresponding policy recommendations from different angles in the empirical analysis conclusions,and proposes possible prospects for future research.This paper divides the heterogeneity according to the two dimensions of debt maturity structure and debt source structure,and divides debt into four kinds of heterogeneous debts:long-term debt,short-term debt,commercial credit and financial institution borrowing,and inefficient investment according to non-efficiency investment model.Divided into two cases of over-investment and under-in'vestment.In addition,based on the perspective of the enterprise life cycle,the dynamic evolution of the impact of heterogeneous debt on corporate inefficient investment is studied.The empirical test shows that long-term debt and financial institution borrowing can exacerbate inefficient investment,while short-term debt and commercial credit can inhibit non-efficiency investment.And these four kinds of heterogeneous debts have different effects on the inefficient investment of enterprises,and their impact will change dynamically with the advancement of the enterprise life cycle. |
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