The Impact of Debt Structure on the Investment Behavior
The agency theory indicates that the different debt struc tures have different influence on enterprise investment behaviors and then impact the decreased degree of agency cost, which are showed mainly in inhibiting the overinvestment and underinvestment. Through analyzing the investment behaviors of the listed companies in China, we identify the overinvestment, underinvestment and normal investment and further research the impact of debt structures on the concrete investment. The research finds out that bank loan, as debt type structure, cant inhibit the overinvestment and the underinvestment. For the debt maturity struc ture, the long-term loan prompts the overinvestment and short-term loan inhibits the overinvestment and the underinvestment weakly, which shows that debt structure cant support the agency theory in China.
Debt structure Investment behavior Overinvestment Agency cost
Dong Liming
School of Accounting, Zhongnan University of Economics and Law
国际会议
2008 Sino-Australia International Conference on Accounting and Finance(2008中澳会计与财务国际学术研讨会)
武汉
英文
226-243
2008-10-31（万方平台首次上网日期，不代表论文的发表时间）