Dissertation > Excellent graduate degree dissertation topics show

Debt Financing and Cash Flow of Overinvestment

Author: LuYongFeng
Tutor: ShengMingQuan
School: Anhui University of Finance
Course: Accounting
Keywords: debt financing excessive investment governance mechanism
CLC: F275
Type: Master's thesis
Year: 2014
Downloads: 16
Quote: 0
Read: Download Dissertation

Abstract


As two basic financial activities, investment and financing behavior has been the hot topic of the theory and practice. The conventional view, points out that investment and financing are two independent concepts, investment behavior does not exist the financing constraint problem. However, with the deepening of the research, Scholars agree that they are not independent of each other. Investing and financing activities are connected with each other. On one hand, Enterprise financing behavior can not blindly follow. Enterprise investment needs should be considered. On the other hand, the investment activities of the enterprise should set up on the basis of their own financing ability. This paper combed the shareholders and creditors of the efficiency of investment behavior, shareholders and managers conflict leads to excessive investment behavior, the influence of different period of debt on investment, and the influence of different sources of debt on investment. This article uses the theory of principal-agent, optimal sequence financing from the perspective of debt financing to study the influence on enterprises investment behavior. This article selects data from2003to2011Chinese manufacturing listed companies as research samples. And the sample as a whole is divided into state-owned and non-state-owned listed companies. Based on free cash flow as control variable, this paper focuses on the study of debt and the debt of different period, different sources of debt’s influence on the enterprise investment behavior, respectively.The results showed that:first of all, Manufacturing listed companies in China are widespread excessive investment behavior. Second, Debt financing can’t restrain enterprise investment behavior. Again, both short-term and long-term debt in the study of the influence of the enterprise investment behavior, found that short-term debt in the enterprise can inhibit the excessive investment behavior. The mechanism of the effect of long-term debt of non-state-owned listed companies is better than the sample as a whole and the state-owned listed companies. Finally, from the perspective of debt from different sources to research, found that commercial credit not play the role of inhibiting excessive investment. Bank loan financing in the whole sample and non-state-owned listed companies have the effect of inhibiting excessive investment, but not show it in the state-owned enterprises.

Related Dissertations

  1. Research on the Impact of Debt Financing Structure Upon Corporate Performance on Listed Pharmaceutical Company,F275
  2. A Study on the Property Right Structure and Governance Mechanism of Professional Sports League,G80-05
  3. The Research on the Impact of Debt Maturity Structure on Investment Behavior,F224
  4. A Study on the Relationship of Financing Constraints and Investment Decision-making of China’s Listed Companies,F275
  5. China's non- financial corporate debt financing instruments a market research,F224
  6. The Analysis of China’s National Climate Strategy,X321
  7. Property Nature、Separation of Control Rights and Cash Flow Rights and Corporate Investment,F271;F224
  8. Research on Managerial Overconfidence and Corporate Over-investment,F272;F224
  9. Research on the Determinants of Listed Companies’ Debt Maturity Structure,F276.6;F224
  10. Research on Debt Finance of Non-financial Enterprises in the Inter-bank Bond Market,F832.51
  11. Corporate identity factors , debt financing and operating performance Relationship,F275
  12. Research on the Financing Structure of Listed Company,F275
  13. The status and role of globalization and global governance mechanism for non - governmental organizations,D81
  14. Grassroots democratic governance mechanism,D422.6
  15. Empirical Study on Capital Structure of Small and Medium-sized Enterprises in China,F224
  16. Debt Financing and investment behavior of listed companies Empirical Study,F276.6;F224
  17. Positive Study on the Financing Structure of the Agriculture-listed Company,F324
  18. Research on the Effect of Debt Financing on Product Competitiveness,F276.6;F224
  19. A Study on the Effect of Debt Financing on Corporate Governance in Chinese Private Listed Companies,F276.5
  20. The Research on the Governance Mechanism of International Financial Derivatives Transaction Based on Incomplete Contract Theory,F224
  21. An Empirical Analysis on the Effect of Asset Specificity on Enterprise’s Capital Structure,F275

CLC: > Economic > Economic planning and management > Enterprise economy > Corporate Financial Management
© 2012 www.DissertationTopic.Net  Mobile