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A Study on the Relationship of Financing Constraints and Investment Decision-making of China’s Listed Companies

Author: LiuYan
Tutor: GeYongBo
School: Shandong Institute of Economics
Course: Finance
Keywords: Financing constraints Insufficient investment Excessive investment
CLC: F275
Type: Master's thesis
Year: 2010
Downloads: 297
Quote: 0
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Abstract


MM theory, in a perfect capital market, corporate income tax, do not set up the premise of bankruptcy costs and agency costs, and a series of assumptions, independent of the company's capital structure and corporate market value, the company is not affected by external financing constraints. Capital market is only an ideal state, does not exist in reality, due to asymmetric information between market participants, the problem of the existence of the principal-agent relationships and market transaction costs, the company's investment decisions will be subject to financing constraints or principal-agent problem, thus demonstrating the sensitivity of investment to internal cash flow. The purpose of the corporate finance investment and financing decisions and investment decisions affect each other. Therefore, the financing constraints with the study of the relationship between the investment decision-making on a better understanding of the company's financial decision-making and business development law of great theoretical significance. At the same time, the domestic research system and method is not yet perfect, different conclusions, and in-depth study of the relationship between financing constraints and investment decisions can be further enriched and developed the theory of corporate investment and financing. With foreign empirical findings, the conclusions of many domestic scholars financing behavior of listed companies as \First financing structure and financing preference theory in-depth analysis, and thus all the listed companies in Shanghai and Shenzhen in China study empirically examines the financing structure of listed companies in China with financing through the use of new research ideas and methods preferences, and came to the conclusion of the endogenous financing preference. On this basis, we continue to select all Shanghai and Shenzhen listed company panel data sample, empirical research conducted on the full sample enterprise investment and cash flow sensitivity relationship and dynamic investment opportunities and cash flow test factor ( The joint item Q * CF / K) into the regression model, the sample overall motivation test, preliminary visits inadequate or excessive investment characteristics of business investment. Subsequently, through the setting the G values ??- the ratio of cash flow and investment opportunities - the sample area was divided into insufficient investment tendency group (G-value lower group) and excessive investment tend to group (G-value higher group) were investigated two groups sample investment - cash flow sensitivity of relations and causes, and make the appropriate analysis and judgment based on empirical results. Finally, the total assets of the enterprise as a classification standards, and further examines the company investment decisions are affected by financing constraints, and to make a comparative analysis with foreign-related research conclusions. The paper's conclusions and policy recommendations \

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