上市公司成长性 债务融资与非效率投资的实证分析——基于我国中小板上市公司2010—2012年的数据-empirical analysis on growth debt financing and inefficient investment of listed companies - based on the data of chinas small and medium-sized board listed companies from.docxVIP

ABSTRACTInrecentyears,smallandmedium-sizedenterprisesinourcountryisdevelopingrapidly,playsadecisiveroleinthecountryseconomicdevelopment.Ourcountrypaymoreandmoreattentiontothegrowthofsmallandmedium-sizedenterprises,throughthepositivefiscalpolicyandmonetarypolicytopromotethedevelopmentofthem.However,duetotherelativelysmallsize,imperfectgovernancesystemofthesmallandmedium-sizedenterprises,variousagencyconflictsandinformationasymmetryproblemisparticularlyevident,reflectinthefieldofbusinessinvestmentisallkindsofinefficiencyinvestmentbehavior.Investmentisanimportantwaytorealizethevalueofenterprise,isthemainreasonforcompaniestogrowandthebasisofthefuturecashflowgrowth.Inefficientinvestmentbehaviorofsmallandmediumenterpriseshinderthehealthyandsustainabledevelopmentofthem.Companieshaveclosetiesbetweenfinancingactivitiesandinvestingactivities,financingplantaketheinvestmentplanasareference,andinvestmentactivitiesarrangetheuseoffundsinaccordancetothefinancingway,bothofthemoperatecoordinatedcanpromotethedevelopmentofenterprises.Debtfinancingasamajorfinancingwayofcompanies,haveanimportantimpactontheinvestmentbehaviorofenterprises.Scholarsconductedextensiveresearchabouttheinfluenceofoveralllevelofdebt,debtmaturitystructureanddebtsourcesstructureonenterprisesinvestmentbehavior,studieshaveshownthatthedebtbothcanleadtoinefficientinvestment,alsocanmanagementtheinefficientinvestment,differentdebtmaturitystructureanddebtsourcesstructurealsohaveacomplexinfluenceoninvestmentbehavior.Sincetheopeningofsmallandmedium-sizedboardmarketin2004,thenumberofthelistedcompanyisincreasing.Theestablishmentofsmallandmedium-sizedplateinourcountrywastoprovidedirectfinancingplatformforthesmallandmedium-sizedenterpriseswhichareoutstanding,growing,havescientificandtechnologicalcontent.Growthoflistedcompaniesisthecoreinthedevelopmentofsmallandmedium-sizedenterpriseboardmarket.Previousresearchshowedthatthedifferentgrowthenterprisehavedifferentinvestmentbehavior.Therefore,thispapertakelistedcompaniesofsmallandme