Impacts of the Debt Financing on Firms Investment Behavior Evidence from the Chinese Listed Manufacturers
Debt financing will bring different effects to enterprises investment decisions.This article studies the impacts of different debt financing level and debt maturity structure on corporations investment behavior,based on the data from 784 listed Chinese manufacturing companies.Research shows that these companies prefer short-term liabilities.Debt level is in significant negative correlation with corporations investment,which tends to be much more obvious in those corporations with high-growth expectation.Effect of over debt financing leading to insufficient investment is hereby verified.In our study,no evidence is discovered to support the positive relationship between debt maturity structure and corporation investments,neither in full-sample testing nor group testing.It suggests that Chinese listed manufacturing companies did not use debt maturity instruments consciously.
Financial leverage Debt maturity structure Investment behavior
Wei DU Hong ZHOU
School of Business Zhejiang University City College Hangzhou,China
国际会议
重庆
英文
873-877
2010-09-17（万方平台首次上网日期，不代表论文的发表时间）