Research On The Impact Of Debt Heterogeneity Of Real Estate Listed Companies On Inefficient Investment

The real estate industry plays an important role in the national economy and is an important industry to strengthen the national economy and improve people’s lives.Improving the investment efficiency of enterprises has far-reaching significance for the development of enterprises.Ho,wever,in recent years,the industry’s investment enthusiasm has increased,and blind expansion can not achieve the healthy and sustainable development of enterprises,and it is easy to produce non-efficient investment problems.Improving the investment efficiency of enterprises has become a hotspot for scholars at home and abroad.my country’s real estate companies are capital-intensive and rely heavily on external debt financing.Debt financing has become the most impaortant financing channel for real estate companies in my country.Different types of debt financing will have a certain degree of impact on the investment efficiency of enterprises.This paper empirically analyzes the impact of financing heterogeneity on non-efficient investment,with a view to providing a reference for improving the investment efficiency of listed real estate companies in my country.Firstly,through combing the relevant literature at home and abroad,the relevant concepts and theoretical foundations are introduced.On this basis,the development status of China’s listed real estate companies is analyzed.At the same time,the conceptual model of this paper is constructed and combined with the induction and summary of relevant research.Corresponding research hypothesis.Subsequently,the data of A-share real estate listed companies from 2009 to 2018 were collated,and the relationship between the two was analyzed,descriptive statistics,correlation analysis,regression analysis with the help of spss24.0 and stata15.0 analysis software.The hypothesis is verified,and finally the reliability of the research conclusion is proved by the robustness test.The results of the study show that:in China’s listed real estate companies,from the perspective of debt ratio,long-term debt and operating debt both exacerbate the company’s over-investment and have a negative correlation with under-investment;on the contrary,both short-term debt and financial debt Restrained over-investment of enterprises,and positively correlated with under-investment;and the nature of property rights played a regulatory role in the impact of debt heterogeneity on non-efficient investment.In non-state-owned enterprises,debt heterogeneity has contributed to excessive investment and investment.The effect between the shortcomings is greater than that of state-owned enterprises.Finally,by analyzing the conclusions of empirical research,some suggestions for improving the financing status of listed companies and improving the investment efficiency of enterprises are put forward,and the deficiencies of the article research and future research prospects are pointed out.