Research on the Impact of Bond Financing on Inefficient Investment Behavior of Information Technology Enterprises

Taking information technology enterprises in the A-share market from 2009 to 2017 as the research object, this paper empirically analyzes the impact of bond financing on the inefficient investment behavior of information technology enterprises. The results show that: information technology enterprises generally have non-efficiency investment behaviors; in the aspect of excessive investment behavior, the existence of creditors caused by bond issuance has a ＂hard constraint＂ on the company, which will inhibit the excessive investment tendency of enterprises, but the cash flow generated by bond financing will intensify the tendency of enterprises to over-invest, and under the combined effect of the two, restrain the tendency of enterprises to over-investment; in terms of under-investment behavior, bond issuance can optimize the capital structure of enterprises, improve the external financing environment, and alleviate the under-investment of enterprises.