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1、摘要后，根据本文的实证分析结果，提出相关建议。关键词：债务期限结构；非效率投资；公司内部治理结构IIAbstractAbstractFinancingandinvestmentdecisionsarethetwomostimportantfinancialdecisionsofcorporates,financingdecisionsmainlytosolvethesourceoffundingforcorporatesdevelopment,andinvestmentdecisionsareconcernedab
2、outhowtomaketheefficientallocationofresources,thesetwoareindispensibleandplayaparttogether.Nowadaystheyareofgreatsignificanceforcorporates’futuredevelopmentandoperationstatus,thusattractingtheattentionofscholarsandexpertsathomeandabroad.Infinancingprocess,corp
3、oratesshouldnotonlyjudgeandbalancetheproportionsofbondfinancingandequityfinancing,butalsoconsiderthedebtmaturitystructure.ItwasfoundbyWesternscholarsthatcorporatesareabletocontrolthenon-efficiencyinvestmentactionsgeneratedfromtheconflictsofinterestbetweenshare
4、holdersandcreditorsorshareholdersandmanagersthroughshorteningthedebtmaturitystructure.However,becauseofthespecialpoliticalbackgroundandeconomicenvironment,thesefactorsmaketheinternalcorporategovernancestructureinChinaisdifferentfromthewesterndevelopedcountries
5、,theapplicabilityofthisfindingonChina’slistedcompaniesstillneedtobetestedintherealcircumstance.Inthisarticle,theauthorwillanalyzetherelationbetweendebtmaturitystructureandcorporateinvestment.Onthebasisofteasingdomesticandforeignscholars’findingsintheexaminatio
6、nandinfluencemechanismofthesetwofactors,bychoosingbetween2011-2013listedcompaniesinShanghaiandShenzhenA-sharelistedcompaniesinmanufacturing1117financialdataforthestudy,buildamultivariateregressionmodel,wheretheindependentvariableisdebtmaturitystructure,depende
7、ntvariableiscorporateinvestment,threecontrolledvariablesaregrowthopportunity,cashflowandcapitalstructure,tocometoascientificconclusion.Theresearchresultshowsthatatfirst,generallydebtmaturitystructureandcorporateinvestmentareofnegativecorrelation.Second,fromthe
8、perspectiveofcorporateinternalgovernance,theauthorseparatesthosecorporatesintoIIIAbstracttwo-membergroupsandconductstheregressionanalysisaccordingtotheownershipstructure,whetherman
