The analysis of the impacts on the scale of investment by debt maturity structure—evidence from Chinese publicly listed firms

The analysis of the impacts on the exfoliation of investment by debt matureness structure-evidence from Chinese in public listed firms

The analysis of the impacts on the scale of investment by debt maturity date structure-evidence from Chinese publicly listed firms

Abstract: Debt maturity structures atomic number 18 regarded as one of important aspects indoors the theory of unified financing, and different debt maturity structures have rum influence on the investment decisions. As the largest emerging and vicissitude economy all over the world, debt maturity structure in Chinese listed become more and more attractive to investigate. In this paper, a total of 513 Chinese manufactory firms publicly listed on the A sh ares of main boards which includes the Shenzhen and Shanghai stock exchanges in 2010 are selected as the study sample. This paper focuses on investigating the impacts of debt maturity structure on the behaviours of investment of Chinese publicly listed companies with these samples and polish off correlation analysis and regression analysis based on the model. Empirical findings represent that there are obvious impacts of debt maturity structure on investment behaviours in publicly listed firms in China; short-term debt is significantly negatively correlated with the behaviours of investment, succession long-term debt have substantial correlation with investment behaviours of publicly listed firms.

Keywords: debt financing, debt maturity structure, investment behaviours

1. Introduction

Debt financing and corporate investments are regarded as two basic financial melodic phrase activities, which are closely associated with each other. Most discussion pore on debt financing are likely to refer to decisions-making of investments within corporations, and the study of firms investment behaviours are likely to pay forethought to debt financing perspectives (Dang, 2011).

Although the topic of influence of debt on investment behaviours of corporations becomes more and more popular for researchers to study, most researchers are inclined to investigate...

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