Research on the Influence of "Similar Finance" Mode on the Investment Efficiency of Enterprises——Take Shanghai and Shenzhen Hone Appliance Listed Companies as an Example

Purpose/SignificanceWith the diversification of financing mode, the"similar finance"mode which occupies the funds in the supply chain at a low cost through account period has become a main resource of business funds.This new type of financing affects the efficiency of investment by affecting the flow of capital into enterprises.The research helps to measure the influence of debt source on investment efficiency of the"similar finance"mode and improve investment efficiency.

Method/ProsessThe essay studies the influence of non-interest bearing liabilities and interest bearing liabilities on investment efficiency based on Chinese appliance industry listed companies from 2011 to 2015 by using residual model and efficiency model.

Result/ConclusionThe results show that:the non-interest bearing liability is higher than the interest bearing liability significantly in the"similar finance"enterprises.The non-interest bearing debt is positively related to investment efficiency, which can restrain over investment effectively and restrain insufficient investment to a certain extent.But the interest bearing liabilities will aggravate over investment without playing the role of debt governance.