Debt maturity and corporate investment

摘要：

This paper uses all A share data of Chinas listed companies from 1999 to 2003 to analyze the relationship between the debt maturity and investment,and the governance effectiveness of short and long term debts.We found that the investment and debt finance is the inversely correlated.Under the different project risk,the influence between the debt maturity and investment is different.For the low group,the longer the maturity is,the easier underinvestment occurs,and for the high group the longer the maturity is,the easier overinvestment appears.Shortening the debt maturity is one effective way of mitigating inefficient investment.

关键词： Debt maturity Long term debt Short term debt Investment

作者: Shou CHEN Yan WANG Shuangfei LI

作者单位: School of Business Administration,Hunan University,Changsha

会议类型: 国际会议

会议名称: The 2008 International Conference on Business Intelligence and Financial Engineering(BIFE 2008)(商业智能和金融工程国际会议)

会议地点: 长沙

会议语种:英文

页码: 358-364

在线出版日期: 2008-10-28（万方平台首次上网日期，不代表论文的发表时间）