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An Empirical Study on the Impact of Financing Structure on Investment Expenditure of the Information Technology Industry Listing Corporation

Author: ZhouXunMei
Tutor: WuZhuo
School: Nanhua University
Course: Accounting
Keywords: Listed company of IT industry Financial structure Investmentexpenditure
CLC: F275
Type: Master's thesis
Year: 2013
Downloads: 3
Quote: 0
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Abstract


Financing capital and using it are the two core financial activities of modern enterprises,and investment and financing are two complementary activities,how to raise sufficient funds for enterprises’investment is that financing decision consider the issue,and how to carry out efficient allocation for raising funds is that investment decision-making is to solve the problem,both are important aspects of enterprise financial management.Therefore,at present in such situation,investment efficiency of enterprises in our country needs to be improved,study on the effect of financing structure on investment expenditure,has not only theoretical significance,but also practical significance.Firstly,the thesis reviews and analyzes the related literatures at home and abroad. Secondly,it defines the relevant concepts,and analyzes related theories,such as agency cost theory,asymmetric information theory,the pecking order theory,theory of control right.Thirdly,the thesis elaborates and analyzes the status of financing structure and investment expenditure of the information technology industry listing corporation.Finally,the thesis selects the listed companies of IT industry that had already got listed in Shanghai、Shenzhen stock exchange before December31,2006as samples,meanwhile,it adopts the multiple linear regression analysis method,according to the different natures of the actual controller of listing corporation,and analyzes the impact of information technology industry listing corporation financing structure on investment expenditure respectively,and then it puts forward the corresponding suggestions according to the results of empirical research.The empirical results show that in the listed companies of different nature of the actual controller,the effect of financing structure on investment expenditure is different.Although exogenous financing increment、the rate of assets and liabilities and investment expenditure show significant positive correlation in all information technology industry listing corporation basically,the correlation coefficients are not the same,which shows that the effect of exogenous financing increment on investment expenditure in the listed companies of different nature of the actual controller is not the same.In addition,two kinds of variables of measuring the financing structure-exogenous financing increment and the rate of assets and liabilities,the effect of that on investment expenditure is different very obviously.The effect of exogenous financing increment on investment expenditure than that of the rate of assets and liabilities on investment expenditure is greater,which illustrates that investment of information technology industry listing corporation also has great blindness, with little consideration of the possibility of bankruptcy.According to the above research results,from investment and financing situation of China’s information technology industry listing corporation,the thesis puts forward some policy recommendations to promote development of China’s IT industry to optimize the equity structure of listed companies,to optimize the financing structure of listed companies,to improve the organizational efficiency of the capital market in China.

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CLC: > Economic > Economic planning and management > Enterprise economy > Corporate Financial Management
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