A Study on the Relevance of Debt Maturity Structure to Inefficient Investment Behavior under the Financial Crisis

This article uses manufacturing listed companies in China as the research object, using financial data from 2004 to 2011 to research the influence of the debt maturity structure on inefficient investment behavior, and the model is added the macro factors. The empirical result indicates that short-term liabilities and long-term liabilities can't constraint the behavior of excessive investment behavior. Under the financial crisis, the inhibition of short-term liabilities to overinvestment begins to appear. Short-term liabilities and long-term liabilities cannot control the effect of underinvestment, under the financial crisis and the control ability of short-term liabilities begins to appear.