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The Research on the Impact of Debt Financing Structure on Investment Behavior of Chinese Listed Companies

Author: LuoXin
Tutor: YiChuanHe
School: Hunan University
Course: Finance
Keywords: Listed Companies Debt Financing Investment Behavior DepressionRole Governance Mechanism
CLC: F275
Type: Master's thesis
Year: 2012
Downloads: 33
Quote: 0
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Abstract


Financing and Investment are two indivisible aspects in the fund movement ofmodern companies. Corporate Investment must fully consider the ability of Financing,and Corporate Financing must be based on Investment needs. The relationship ofInvestment and Financing has always been an important part of the Corporate FinanceTheory. However, in a long period of time, people focused on the independent aspectof them and ignored the dependence between them. Since the1970s, with thedevelopment of Information Economics, Contract Theory, people paid attention to thedependence of them gradually. Debt Financing is an important part of CorporateFinancing, Debt Financing may bring about the shareholders-creditors conflict, but atthe other hand, it can ease the conflict between shareholders and managers. In recentyears, studies show that listed companies in China not only have Equity FinancingPreference, but also have Debt Financing Preference, The phenomenon of the frequentalteration of the financing capital, capital takes up by major shareholders, capital usesto securities investment show the non-efficiency investment in Chinese ListedCompanies. In this paper, by using Chinese Listed Companies as the research sample,analyzing the mechanism between Debt Financing and Investment Behavior, so as toguide the Listed Companies to make better use of Debt Financing and lead to investefficiently.Based on combing the review and theory of influence of Debt Financing onInvestment Behavior at home and abroad, this paper, firstly, analysis the presentsituation of Debt Financing and Investment Behavior of Chinese Listed Companies,then, empirical research the influence of debt level, debt maturity structure and debtsource structure on Investment Behavior by using1998-2010capital market data, atlast, based on mechanism analysis and empirical research, this paper proposes someoptimization advices about Debt Financing and Investment Behavior of Chinese ListedCompanies.Based on the empirical study, this paper gives the main conclusions as follows:The Overall, Eastern, Western, and Northeast samples are underinvestment and theincrease in total debts exacerbates the insufficient investment; Central sample isoverinvestment, and the increase in total debt constraint the inefficient investment. Inthe underinvestment samples, the increase in both short and long term debts depress the Corporate Investment and the short term debts’ depression role is stronger. In theoverinvestment sample, the increase in short and long term debts constraint theCorporate Investment and the short term debts’ constraint role is more apparent. In theunderinvestment samples, the increase in commercial credit and bank lending willreduce investment scale, and bank lending’s depression role is stronger. In theoverinvestment sample, the increase in commercial credit and bank lending constraintthe overinvestment and bank lending’s role is more important. Finally, this paperproposes to develop the corporate bond market, strength the governance mechanismsof Debt Financing, make rational use of debt financing, form sound investmentdecision-making governance mechanisms to optimize the Debt Financial andInvestment Behavior of Chinese Listed Companies.

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