Dissertation > Excellent graduate degree dissertation topics show

Debt and Corporate Investment in Diversified Company

Author: ZhangZuoLing
Tutor: YangXingQuan
School: Shihezi University
Course: Accounting
Keywords: Diversification Debt financing Investment behavior
CLC: F224
Type: Master's thesis
Year: 2011
Downloads: 77
Quote: 0
Read: Download Dissertation

Abstract


The impact of diversification on the relationship between corporate debt financing and investment behavior is one of the most central issues in the study of corporate diversification. In this paper, a systematic review of the literature at home and abroad on the basis of 2005-2009 data for research during the window, as the research object, the listed companies in Shanghai and Shenzhen A-share market, debt financing on the analysis from the point of view of the diversified investment behavior. First of all, from the total liabilities, regardless of the specialized companies diversified company, liabilities and investment behavior showed a significant negative correlation, but compared to specialized companies, diversified company showed more investment and more more liabilities; and compared to specialized companies, diversified company liabilities and investment spending, the negative correlation is weak, which may be related to the diversification of the company's internal capital market. Degree of diversification, and the relationship between the liabilities and investment behavior of the highly diversified company, inter-the low diversified company debt investment behavior has a more significant negative correlation. The cross terms cited 入赫芬达尔 index and leverage cross terms, as well as income entropy and leverage regression results show that the impact of the liabilities of the company's investment behavior gradually weakened With the improvement of diversification. This shows that during diversification, we should be moderately diversified enterprise in which the external environment and conditions, and should not be blindly diversification. Then from the point of view of the nature of property rights, have a significant negative correlation between the state holding listed non-state-owned holding company debt investment behavior, but, compared with the state-owned holding companies, non-state-owned holding companies such negative correlation stronger, diversified and specialized companies of this law. To further study the relationship between debt investment behavior under the double impact of control and diversification, we grouped the basis of the nature of property rights, and the adjusted Herfindahl Index is divided into low diversified and highly diversified regression results show that: in the state holding listed companies or non-state-owned holding listed companies, the low degree of diversification of the company liabilities and investment negative correlation is stronger than the negative correlation of the highly diversified company debt investment This also shows that in the course of business should choose appropriate diversification. Secondly, diversified company diversified type grouping study liabilities on corporate investment behavior. The results show that companies engaged in non-related products were more than a company engaged in the relevant product type, and compared with related diversified company, has a stronger negative correlation between non-related diversification corporate liabilities and investment behavior, with The inconsistencies of the current mainstream research, in order to verify the soundness of the conclusions in this article, we proposed strategic management school Rumelt distinction diversified reclassified to verify the standard and non-related diversification, and come to a conclusion consistent with the earlier phase. Therefore, we have reason to believe that this study has a certain representation. Finally, according to the results of empirical research, combined with our system background and diversified development of listed companies in the status quo, to improve the structure of corporate finance, investment and financing behavior norms diversified company, improve the investment efficiency of diversified listed company, to promote the optimal allocation of social and economic resources policy recommendations.

Related Dissertations

  1. Research on the Impact of Debt Financing Structure Upon Corporate Performance on Listed Pharmaceutical Company,F275
  2. Family Education in Poor Rural Areas of Investment Behavior,G78
  3. Diversification : Student evaluation Contemporary Turn,G423
  4. On diversified civil disputes settlement mechanism,D926
  5. A Study of the Legislative Improvement of Multiplex Dispute Settlement Mechanism,D926
  6. Study on the Relationship between Debt Financing and Accounting Conservatism of Chinese Private Listed Companies,F275
  7. Based on a user interested in discovering collaborative filtering,TP391.3
  8. Diversification of civil dispute mediation mechanism,D926
  9. Pluralistic civil dispute settlement mechanism of the improvement,D925.1
  10. Industrial agglomeration impact study on urban productivity,F224;F299.2
  11. Optimize the structure of China's agricultural investment entities,F323.9
  12. Investor sentiment on corporate investment behavior research,F276.6
  13. Diversified development trend of contemporary printmaking,J217
  14. Bel Canto in the Minority Music of Practice and Experience,J616
  15. Research of Recognition and Assessment of Small-and-Medium Size Enterprises Debt Financing Risk,F275.1
  16. Diversification of Listed Companies Wine,F426.82;F224
  17. The "Marriage" of Jewelry and Costume,F426.86
  18. The Analysis of the Influence of Baroque Menswear’s Styly on the Mordern Menswear,TS941.1
  19. Chinese Contemporary Art Design Education,J50-4
  20. Multiple shunt harmony,J616
  21. A Research to the Relationship Among Equity Structure、Financing Structure and Product Market Compitition Power,F275

CLC: > Economic > Economic planning and management > Economic calculation, economic and mathematical methods > Economic and mathematical methods
© 2012 www.DissertationTopic.Net  Mobile