The Influence Of Debt Heterogeneity On Inefficient Investment

In 2019,with the continuous evolution of changes at home and abroad,China's new economic development has entered a historical turning point.China's economic growth is gradually driven by the new troika--deep urbanization,consumption upgrading and "One Belt And One Road".As one of the emerging industries in the "14th five-year Plan" strategy to leverage the transformation and upgrading of China's industrial policies,markets and other total factors,the biomedical industry,after years of savings,is also facing a critical period of transformation and development characterized by "high-quality catch-up,structural upgrading and innovation-driven".By 2020,China's biomedical industry will have the second largest global market share.In recent years,the r&d investment of biomedical science and technology enterprises in China has increased significantly,but the allocation of science and technology resources and the unreasonable investment decision of projects have led to the low efficiency of scientific research investment and the inability to face the market.Against the backdrop of deleveraging and credit tightening,global stock market depression and novel Coronavirus ravaging the world,we should improve the debt financing market mechanism and adopt precise measures to enhance the efficient and intelligent investment of biomedical science and technology enterprises,so as to promote the high-quality innovative development of China's new economy.In this paper,three theoretical knowledge of principal-agent,information asymmetry and enterprise life cycle are firstly understood.Then,the debt scale,debt source and debt maturity status of listed biomedical enterprises are analyzed,and preliminary assumptions are made based on the dynamic perspective of enterprise life cycle.Then,according to the characteristics of debt financing in biomedical technology enterprises,indexes such as debt source,maturity heterogeneity and degree of heterogeneity are designed and three types of models to be tested are constructed.Finally,descriptive,correlation,multiple linear regression analysis and robustness test were carried out on the data of China's biomedical science and technology listed companies from 2008 to 2018 as research samples.The results show that: first,the biomedical science and technology enterprises do have inefficient investment behavior,which is dominated by excessive investment behavior.Second,from the perspective of heterogeneity of debt sources,the business credit of biomedical science and technology enterprises with different life cycles can effectively alleviate underinvestment and restrain overinvestment.The loans,bonds and operating lease liabilities of financial institutions in biomedical science and technology enterprises with different life cycles can promote and alleviate underinvestment and overinvestment,but the governance degree varies.Thirdly,from the perspective of debt maturity heterogeneity: short-term liabilities account for a relatively high proportion,which can restrain the over-investment of enterprises in each period,but it cannot alleviate the under-investment of enterprises in the recession period;Long-term liabilities account for a relatively low percentage and can lead to overinvestment in companies with different life cycles.Finally,based on the empirical analysis results,this paper proposes relevant Suggestions from three aspects: how to scientifically and effectively establish an inefficient investment evaluation mechanism,how to motivate and supervise managers' behaviors,and how to optimize the heterogeneous debt of enterprises with different life cycles,so as to provide help for future scholars.