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Study on the Debt Financing to Enterprise’s Investment Behavior Influence

Author: HeYuan
Tutor: HuangDengShi
School: Southwest Jiaotong University
Course: Management Science and Engineering
Keywords: Liabilities financing Investment behavior Over-investment Internal control Control of major shareholders Financial subsidy
CLC: F275
Type: PhD thesis
Year: 2011
Downloads: 562
Quote: 0
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Abstract


Investment to play a very important role in the process of economic growth, business is undoubtedly specific investment decisions makers, implementers, and therefore, it is essential to understand the investment decision-making and behavior. Western literature on the theory and practice of corporate investment is very rich, and our research in this area is still relatively small, especially research-based the liabilities financing of corporate investment behavior. Moreover, most Western scholars is built on the basis of a relatively sound institutional framework, such as clear property rights, and a high degree of economic freedom, the full flow of information as well as mature, perfect, and regulated market system and so on. China's economy is in a transition period, compared with Western countries is relatively complete system of background, there is a big gap. Therefore, it is necessary to explore the investment behavior of enterprises in China based on the status quo of China's Transitional Economy. The authors hope that the conclusions of this study science investment decisions and government departments to develop company policy to provide useful ideas for China's listed companies. Liabilities financing of corporate investment behavior mainline, learning, summarize and absorbing domestic and foreign research results on the basis of the actual situation, combined with the governance of listed companies in China, from the the liabilities financing point of view and explore the company's investment behavior. The full text is composed of eight parts. (1) Debt Financing and Corporate Investment Behavior Research Summary, a brief analysis of the characteristics of the governance mechanism of the transition of China's listed companies, investment and financing, and further describes the theoretical basis of this study: liabilities financing agency costs and company governance effect. (2) analysis of the conflict of interest between shareholders and creditors, build financing led to overinvestment behavior model of the liability of the shareholders - creditors causes of the conflict of interest caused by excessive investment behavior and mechanism of specific analysis of the different liabilities sources impact of excessive corporate investment. (3) analysis of managers control over listed companies in China's internal control problems build camera governance model of the liabilities of the financing of the conflict of interests of the shareholders - managers, explores the liabilities under the ownership concentration and dispersion of corporate financing of insider control the excessive investment behavior camera governance role, and the liabilities financing cameras governance efficiency comparative analysis. (4) analysis of living in a controlling position between the agency and the largest shareholder and minority shareholders control over private gain, build the model of the liabilities financing over-investment behavior of large shareholders camera governance, explore the corporate debt financing major shareholders control over-investment the behavior camera governance role, and pointed out that in the case of clear property rights, sound system liabilities of banks and other financial institutions camera governance better. (5) as the research object, this paper examines the shareholders of listed companies in China's manufacturing industry - a conflict of interest between the creditor lead to overinvestment and liabilities financing Camera governance role and specific inspection and analysis of investment in fixed assets and liabilities of the Listed Manufacturing Companies proportion of current liabilities, the relationship between commercial liabilities and bank borrowings, liabilities financing both theoretical role in China's enterprises to explore. (6) a brief analysis of the control of the Government, liabilities and soft budget constraint problem of state-owned enterprises, and the thought of the Arno. Kornai soft budget constraint (Kornai, 1986) were introduced into the analysis of the conflict of shareholders and creditors and liabilities camera governance role government financial subsidies to the behavior of the agent into the wood between shareholders and creditors, the largest shareholder of minority shareholders. (7) of listed companies in China's manufacturing industry as the research object, this paper examines the impact on corporate investment behavior based financial subsidies liabilities financing and subsidy income to debt ratio, current liabilities of these two effects are discussed in detail.

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CLC: > Economic > Economic planning and management > Enterprise economy > Corporate Financial Management
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