帮忙翻译摘要

希望能帮到你：maturity structure of liabilities on the investment beh**ior of companies ** the company's financial dec**ion-making has been a research hot spot, with the improvement of corporate governance of state-owned joint-stock reform of commercial banks are completed by a growing number of managers, investors and other companies related to the interests of people aware of the choice of the term structure of liabilities ** that the company will make the right investment dec**ion-making important factor, but also a reflection of the company's financial r**k. the company's future growth as a measure of the value of the choice of the term structure of liabilities also h**e a major impact, the level of growth the demand for capital ** different from the size of the investment needs are also different. there are also quite a number of academics to carry out the term structure of liabilities of the investment beh**ior of the related research, but they did not consider the short and long-term liabilities of a common role in general consider only the role of long-term liabilities. period surrounding the company's debt structure, foreign scholars h**e done a great deal of empirical research evidence of their basic mature conclusions. domestic and foreign scholars from the term structure of liabilities of the company's research, combined with china's actual conditions, th** article attempts to point of view from the growth study of china's l**ted companies at different maturity structure of investment beh**ior. the article ** divided into 6 major parts: for the first part of the introduction: the main description of the reality of th** **, the background and the theoretical background and detailed study of th** **, the meaning and purpose of the study. th** ** studies the significance of the departure from the company's growth and to explore the term structure of corporate liabilities that **, short and long-term debt ratio on investment beh**ior. the second part review of literature: from the comm**sion on behalf of the theory of cash flow hypothes**, the asymmetric **rmation theory theory and duration of matches to start the review of the literature. principal-agent theory suggests that the impact of liabilities on the investment there are three: excessive investment and insufficient investment in alternative assets. cash flow hypothes** that the excess cash flow easily lead to excessive investment and short-term liabilities can be a good solution to th** question. asymmetric **rmation theory ** that the choice of the term structure of liabilities of the company good or bad **rmation transm**sion. period matching the theory that the period should be the company's assets and liabilities would like to match the period. theoretical analys** of part iii: from the theory of growth under high and low maturity structure of liabilities, the impact on the investment beh**ior and the assumptions made in th** article: scenario 1: long, short-term liabilities and investment relationship between the size of incons**tency. scenario 2: long, short-term liabilities associated with the investment scale and the degree of negative correlation of the company's growth. assumption 3: long and short-term liabilities and the sensitivity of the scale of investment between the different. the fourth part of the sample design and model selected: selected 2001-2005 data of l**ted companies of china's manufacturing industry as the research object, obtained by screening 383 samples of the company. company dummy variable for growth, investment beh**ior has been interpreted as a variable, short and long-term debt ratio for the explanatory variable, tobin's q, cash flow and sales growth for the control variables. part v for the analys** of empirical results: the use of the descriptive stat**tics, correlation analys**, regression testing, as well as the stability of test results. come to the conclusion: short-term liabilities and investment spending was negatively correlated; long-term asset-liability ratio of investment spending and a positive correlation; long, short-term liabilities associated with the investment scale and the degree of negative correlation of the company's growth; cash flow and investment spending to help positively correlated; q value of the amount of investment spending and a negative correlation with the q theory does not match; sales of investment spending did not h**e a significant impact on sales revenue without considering the circumstances, as the stability equation. part vi ** the conclusions and recommendations: 1. a long, short-term impact on investment liabilities incons**tent. 2. long, short-term liabilities associated with the investment scale and the degree of negative correlation of the company's growth. 3. a long, short-term liabilities and the sensitivity of the scale of investment between the different. proposals are: to improve regulation of banking and financial system; improve the legal system to protect the interests of creditors; to develop the bond market, improve financial market liabilities; within a reasonable corporate governance structure; according to the character**tics of their own development, choose a reasonable term structure of liabilities; 20210311