The Study on the Relationship between Debt Constraint and Investment Expenditure an empirical evidence from China's power listed companies

摘要

By empirical studying on the bases of the power listed companies finance data of 2005-2008 in China, this paper finds that the investment expenditure of China's power listed companies has a significantly negative relationship with the asset-liability ratio, short-term debt ratio, long-term debt ratio, bank loan ratio, commercial credit ratio, long-term ratio and short-term loan ratio. This indicates that debt can play a constraint role in investment expenditure of the power listed companies, and the constraint effects of the different maturity structures and category structures in debt does' not have significant differences.