Research On The Impact Of Debt Heterogeneity On Listed Enterprise Investment Efficiency Under Money Supply Constraint

In recent years,China has gradually stepped into the deep-water area of capital market reform,and the impact of changes in China’s money supply on market sentiment and enterprise investment has gradually expanded.At the same time,the situation of enterprise debt financing has also attracted much attention.Study the impact of money supply and enterprise debt on enterprise investment behavior,and build a bridge between macro monetary environment and enterprise micro investment and financing behavior,The research on monetary policy and enterprise financing structure is of great significance.This dissertation constructs the tightness index of money supply and four heterogeneity indexes of debt structure,maturity,source and old and new after excluding the constant price of GDP and CPI,and uses the generalized linear regression Richardson model to calculate the investment efficiency.Taking 13236 sample data of China’s A-share listed companies from 2015 to 2020 as the research object,this paper uses the cross term intermediary effect model for empirical analysis.The results of empirical analysis show that: 1.Debt structure,maturity,source and old-fashioned and new heterogeneity will alleviate the inefficient investment behavior of enterprises,but the debt heterogeneity under the constraint of money supply has no significant impact on the overall inefficient investment behavior of enterprises;2.The heterogeneity of debt structure will alleviate the over investment and underinvestment of enterprises.Under the constraint of loose money supply,the heterogeneity of debt structure will weaken the over investment and alleviate the underinvestment;3.Debt maturity heterogeneity will alleviate the over investment of enterprises,but loose money supply constraints will weaken the impact.Debt maturity heterogeneity has no significant impact on underinvestment;4.The heterogeneity of debt sources will alleviate the over investment and underinvestment of enterprises.Under the constraint of loose money supply,the heterogeneity of debt sources will enhance over investment and alleviate underinvestment;5.The heterogeneity of old and new debt will alleviate the over investment of enterprises,but the loose money supply constraints will not weaken the impact.The heterogeneity between old and new debt will alleviate the insufficient investment of enterprises,and loose money supply constraints will not strengthen the impact.In addition,according to the above empirical conclusions,this paper also puts forward policy suggestions to enterprises and relevant government departments from the perspectives of constructing financing channels of listed companies,creditor protection and monetary policy.