Research On The Influence Of Debt Structure On Enterprise Investment Efficiency From The Perspective Of Property Right

Since the beginning of the new century,investment has become the most important driving force for China's economic growth.At present,the investment efficiency of Chinese enterprises is generally low.How to improve the investment efficiency of enterprises is a key issue that has long been concerned by academics and practitioners.Financing provides financial support for corporate investment,so how to use the governance of debt to improve the investment efficiency of enterprises is worthy of further study.Based on China's institutional background,this paper deeply studies the impact of debt structure on investment efficiency,and further introduces the sub-variable of nature of property right to explore the impact of debt structure on investment efficiency from the perspective of property rights.This paper takes the CSI A-share non-financial listed companies from 2014 to2018 as the research object,and uses the literature research method,comparative analysis method and empirical research method to calculate the explanatory variable through the Richardson expected investment model-non-efficiency investment,and then the debt structure is subdivided into the debt maturity structure and the debt source structure.The debt maturity structure is represented by the ratio of long-term liabilities to total liabilities.The debt source structure is represented by the ratio of bank loans,commercial credits and bonds to total liabilities.Then introduce the perspective of property rights and analyze the impact of the nature of property rights on the relationship between the two.The empirical results show that:(1)The debt maturity structure of listed companies has a negative impact on investment efficiency.The more long-term liabilities,the less pressure the company will pay in the short-term,the management may use more funds to invest in their own interests,reducing investment efficiency.(2)In the debt source structure of listed companies,the proportion of bank loans has a negative impact on investment efficiency.The proportion of commercial credit and bond ratio have a positive impact on investment efficiency.Compared with bank loans,enterprises will be better supervised when theychoose commercial credits and bonds,enabling decision makers to make more rational investment decisions and improve investment efficiency.(3)Compared with non-state-owned enterprises,the negative effect of debt maturity structure on investment efficiency in state-owned enterprises is strengthened.The positive impact of commercial credit ratio and bond ratio on investment efficiency in debt source structure is weakened,and the proportion of bank loans to investment efficiency,negative influence is enhanced.The social responsibility of the state-owned enterprises and the preferential policies they enjoy have affected the governance role of the debt structure in investment efficiency.Finally,this paper puts forward suggestions on optimizing the debt structure to promote investment efficiency from the perspective of enterprises,and proposes more scientific management of state-owned enterprises and assistance to fund-raising activities of non-state-owned enterprises from the perspective of policy makers.