Business Life Cycle?Debt Financing And Investment Efficiency

This paper selects the relevant data of China's Shanghai and Shenzhen stock listed companies from 2010 to 2017 as a research sample.Based on the theory of corporate principal-agent,information asymmetry and enterprise life cycle theory,this paper explores the impact of corporate financial liabilities and operating liabilities on corporate investment efficiency,and studying the impact of financial liabilities and operating liabilities on corporate investment efficiency in different life cycle stages,the final conclusion is as follows: Corporate financial liabilities will inhibit the investment efficiency of enterprises,and operational liabilities will promote the efficiency of corporate investment;when the enterprise is in the growth stage,financial liabilities will inhibit the investment efficiency of enterprises,and operating liabilities will promote the efficiency of enterprise investment;when the enterprise is in the mature stage,the financial liability will promote the investment efficiency of the enterprise,while the operating liability will inhibit the investment efficiency of the enterprise;when the enterprise is in a recession,the financial liability will promote the efficiency of the investment of the enterprise,operating liabilities will also promote the efficiency of corporate investment.Based on the dynamic perspective of different enterprise life cycles,this paper reinterprets the impact of debt financing on corporate investment behavior from the perspective of debt heterogeneity,it has certain enlightenment for enterprises to optimize debt financing strategies in different life cycle stages,give full play to the governance effect of debt financing to improve investment efficiency.