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The Research on the Impact of Debt Maturity Structure on Investment Behavior

Author: GuXueLing
Tutor: YuXueHua
School: Suzhou University
Course: Accounting
Keywords: Debt maturity structure Over-investment Insufficient investment Growth Opportunities
CLC: F275
Type: Master's thesis
Year: 2010
Downloads: 174
Quote: 0
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Abstract


The company's debt level and debt maturity structure affect investment decisions, this is a fundamental problem in the financial sector. Western a lot of literature suggests that debt maturity structure of corporate investment behavior, the impact of the following three aspects: first, to shorten the duration of the liability can be reduced shareholders - creditors conflict due to insufficient investment; Secondly, the short-term liabilities and long-term liabilities, and more can be suppressed. caused by over-investment by shareholders - managers conflict motives; Again, liabilities and increase shareholders - the role of alternative assets from creditors conflict, short-term liabilities with respect to the long-term liabilities to increase the role of alternative assets motivation smaller. These three aspects make that may negative correlation between debt maturity and investment is also likely to be positively correlated. Western scholars have been numerous studies on the relationship between corporate debt financing and investment, and achieved fruitful results, but their research in a mature market economy as the background. In China, both the stock market or governance structure of listed companies, as well as historical background in which the current economic environment, and so different from those of Western companies. Therefore, the conclusions can be used to explain the investment behavior of China's listed companies, of corporate debt financing structure and investment behavior relationship is what remains to be Empirical Analysis and Test. In this paper, based on analysis of debt maturity and investment of foreign capital markets empirical relevance of the results and their impact mechanism to the data of listed companies in China from 2004 to 2008 as a sample to construct a study debt maturity structure and investment relationship data model . First, the overall sample regression correlation between the observed term structure of China's capital market debt and investment behavior. Then the level of growth for the group standards, the observed growth opportunities correlation to determine which mechanism is more significant debt maturity structure affect investment behavior in China's capital market. Followed by the state-owned shares holding was standard grouping, the unique ownership structure of listed companies in China to verify the impact of debt maturity and investment relations. The results showed that short-term liabilities on the one hand, China's capital market does not like Western literature described as non-efficiency investment behavior can be suppressed. Other liabilities of enterprises investment is a \In view of the above empirical analysis and the conclusion, the paper also gives the feasibility of the policy recommendations and make the outlook for future research.

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