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Empirical Analysis on Debt Maturity Structure and Investment Scale

Author: LiYing
Tutor: LiYiPing
School: Jilin University
Course: Accounting
Keywords: Debt Maturity Structure The scale of investment The proportion of state-owned shares
CLC: F275
Type: Master's thesis
Year: 2011
Downloads: 93
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Abstract

Financing and investment as two important financial decisions of the company has close ties, has also been the focus of academic attention. Most of the liabilities involved in the discussion of the financing will be the problem of corporate investment decisions Similarly, research on corporate investment behavior also tend to start from a financing point of view. Discussion of investment and financing relations constitute an important part of the overall financial theory. In this paper, the characteristics of the liabilities financing of listed companies in China, to explore the relationship between debt maturity structure and scale of investment, as well as how to achieve optimal debt maturity structure has a certain theoretical and practical significance. In this paper, the specification and the combination of empirical research methods. Begin by reviewing the literature related liabilities term structure at home and abroad with the scale of investment in the relationship normative analysis assumptions and empirical analysis as the research object, and then select the 2007-2009 Shanghai and Shenzhen A-share listing on the Main Board of manufacturing enterprises in hypothesis test based on obtained empirical results: short-term liabilities with the scale of investment was a significant negative correlation was a significant positive correlation between long-term liabilities and the scale of investment; sensitive than long-term liabilities and the scale of investment between the sensitivity between the short-term liabilities with the scale of investment. The same time, the proportion of state-owned shares of the sample companies packet inspection, analysis found that the impact of debt maturity structure for the scale of investment in the high state-owned shares in state-owned businesses and low share enterprises. Short-term liabilities with the investment scale in our country, high state-owned shares of companies is not a significant correlation, while long-term liabilities and investment scale the presence of significant places are related relationships, high state-owned shares of enterprises in solving the underinvestment did not take advantage of liabilities deadline tools short-term liabilities with respect to long-term liabilities, there is no better play the role of shareholders - the creditor conflict caused the insufficient investment constraints. Low state-owned shares in enterprises of short-term liabilities and the scale of investment in the presence of significant negative correlation, at the same time long-term liabilities and the scale of investment positively correlated relationship compared in high state-owned shares in companies more obvious liabilities camera governance role to get the play to short-term liabilities play of its mitigation shareholders - creditors conflict caused by excessive investment or investment to ease shareholder - manager conflict caused by the excessive investment behavior. The paper is divided into six chapters. The first chapter is an introduction to introduce the background and significance of the topic of this paper, research and the use of research methods and thesis framework; Chapter II Literature Review, the part of the domestic and foreign scholars on liability maturity structure and scale of investment research review, summary, collation and comparison; Chapter theoretical analysis and hypotheses put forward by analyzing the theoretical hypotheses of this article; Chapter for the study design, the main explanation of the selection of the sample data and indicators, and model; Chapter empirical results analysis, descriptive statistics, correlation analysis, regression analysis model construction and testing of samples; obtained by analyzing the relevant results; sixth chapter is the conclusion, through empirical analysis of the results to draw conclusions of this study and discusses the limitations of this study and further research recommendations.

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