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Research on Impact of Debt Governance on Inefficient Investments of Listed Company

Author: WeiLei
Tutor: AiWenGuo
School: Harbin Institute of Technology
Course: Accounting
Keywords: Debt Overinvestment Underinvestment Agency conflicts
CLC: F275
Type: Master's thesis
Year: 2012
Downloads: 17
Quote: 0
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Abstract


Governance of liabilities and its relavant research in the West have alreadyrelatively perfect, but in our country it isn’t taken much seriously until recent years,especially in the empirical study of the governance effect of debt on corporateinvestment behavior. In this paper, I study governance effect of debt on corporateinefficiency investment behavior, which can not only enrich the theory of debtgovernance, but also provide the appropriate guidance to the stockholders of the listedcompanies.Firstly, the paper reviewed the related literature and research and found the foreignresearch has been relatively perfect, while there are many differences and contrary tothe conclusions in our country’s study, such as some scholars believe that the liabilitieshave effect of governance, while others not. The author attributed this problems to theimperfect capital market of China. The Analysis of relevant literature the paperdetermined the purpose of this study and wording ideas, and laid the foundation for theentire article.Secondly, Analyze the theory of debt governance to inefficiency investment andget its mechanism from four angles of overall proportion of liabilities, debt sources, thebank loan period, the internal control environment. This section provided a theoreticalsupport for the following assumptions and couclusion illustration.Thirdly, According to the four angles of the liabilities the paper put forwardassumptions, discuss the correlation between liabilities of the overall proportion, bankloans, commercial credit, short-and long-term bank borrowings, growth and the natureof ownership and investment in the non-efficiency of listed companies.208listedmanufacturing companies, which ranked top5in market comprehensive index,government intervention index,credit capital distribution index according to Chineselisted company market index compiled by Fan Gang,Wang Xiao luand, Zhu Heng Peng(2007), from2008to2009including8quarters are chosen as samples. The Empiricalresults show: In the most developed5cities in china, the proportion of state-ownedshares have softened effective on the banks of the soft constraints. In other words, theincrease of level of market weakened the effects of the state-owned shares on debtmanagement. The companies with good growth opportunity and low free cash flow tendto perform excessive investment behavior. In this situation the liabilities can effectivelyconstrained the inefficiency investments, especially the short-term bank loans and commercial credit, their governance are better; the companies with low growthopportunity and high free cash flow tend to perform inadequate investment behavior.Because inappropriate financing would make companies’ inadequate investment moreserious, it’s important to select a reasonable debt maturity structure and source structure.Within a reasonable proportion of the overall liabilities, short-term bank loans andcommercial credit are able to better inhibit this inefficiency investment.Finally, according to the findings of this article, the paper recommends:reasonablely design the contract plan of liabilities; reasonablely design the contract planof liabilities; improve the capital market.

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