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1、ANALYSISOFRELATIONSHIPBETWEENDEBTANDINEFFICIENTINVESTMENGT—value,whichwoulddoharmtotheconstructionandoperationofthemulti-layeredcapitalmarket.GiventhebackgroundofthecharacteristicandthesituationoftheSMEborad,thispaperintroducesthewidespreadphenomenono
2、ftheinvestmentefficiencyproblemsandretrospectsthemainresearchinthisfield.Basedontheexplainationsbelow,thispaperattachesimprotancetotherelationshipbetweendebt(whichshouldbedevidedintototaldebts,long-termandshort-termdebts,bankloansandbusinesscredit)and
3、ineficientinvestmentwhichshouldbequantificatedbyover-investmentandunder-investment.Lastbutnotleast,fromtheperspectiveofcorporatelifecycle,theproblemsbelowhasbeenreanalyzed.ThequalifiedSMEboradcorporationswhichwerelistedintheSenzhenStockExchangewerecho
4、senasthesampleofthispaper.linerregressionmodels,basedontheanalysisofthedatumof2009-2012,wereestablishedandvarifiedwithSTATAll.O.Firstandforemost,fromstaticperspective,therelationsbetweentotaldebts,thesourseofdebts,debtmaturitystructureandinvestmentswe
5、reanalysed.Ontheotherhand,thesampleswereseperatedintotwoparts,theover-investmentpartsandtheunder-investmentparts.Andtherewerethreeperiod(thegrowthperiod,matureperiod,degenerateperiod)foreachdispersedpart.Givenalltheassumptionsabove,therelationshipbetw
6、eendebtandinvestmentwerereanalysiedforadynamicangle.Thispaperdrawtheconclusionsbelow:Asavitalexternalrestriction,debt,thoughtosomeextentposingtheproblemofunder-investment,dodecreasesineficientinvestment.Theinhibitingeffectofbankloansismoreevidentthant
7、hatofbusinesscreditwhichwouldaggravateunder-investment.Whenitcomestothematurityofdebtofthefirm,short-termdebtsplaysamorepositiveroleincontrollinginefficientinvestments.Whereas,long-termdebtsremitunder-investment.Meanwhile,theroleoflong-termdebtswascon
8、vertedfromexacerbatingover-investmentintosuppressingover-investment.Keywordsrinefficientinvestment;lifecycle;debtmaturatystructure;debtresourece绪论第一节研宄背景及研宄意义一、研宄背景二、研究意义第二节重要概念界定一、非效率投资二、过度投资三、投资不足第三节本文的研宄思路及结构安排第四节本文的创新及不足之处一、本文的创新点二、不足之处第二章
