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An Empirical Research on the Relationship Betweenfinancial Structure and Investment Behaviors of China’s Listed Companies

Author: LiFengMei
Tutor: YouXiaoFeng
School: Shanxi University of Finance
Course: Finance
Keywords: Financing structure Physical investment Equity investment Financing constraints
CLC: F275
Type: Master's thesis
Year: 2010
Downloads: 311
Quote: 1
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Abstract


Raising funds and use two core content of modern enterprise financial activities . How to raise enough funds for investment activities is a corporate finance decision-making issues to consider , and how to raise funds for the efficient allocation is the problem to be solved by the Enterprise Investment Decision . Therefore, a study on the relationship between financing structure and investment behavior in the context of China 's listed companies investment efficiency needs to be improved , both theoretical significance and practical significance . In this paper , based on a review of relevant research literature at home and abroad , the choice of the automotive industry listed companies listed in the Shanghai Stock Exchange December 31, 2004 as a sample, using multiple linear regression analysis method to analyze divided into current liabilities and long-term liabilities ratio both the investment behavior of the financing structure of the automotive industry listed companies in-kind investment and equity investment . Under the combined action of the various control variables , how to verify the relationship of these two different maturities gearing ratio and investment behavior . The regression results show that the relationship between financing structure and investment behavior is different in different types of investments . Among them, the ratio of current liabilities and long-term liabilities ratio of physical investment was a significant negative correlation ; current liabilities ratio had no significant effect on the equity investment ratio of long - term liabilities and equity investment there was a significant negative correlation . Judging by the statistics , in 2008 China's auto industry as a whole lack of investment , the financing structure of listed companies in the automotive industry investment constraints . Based on the results of the study , the departure from the investment financing constraints of the status quo of China's automobile listed companies , according to the conclusion of the study to improve the quality of earnings , improve the environment of the protection of creditors , sound the creditors governance mechanism , increase shareholders ' responsibility to construct a reasonable financing structure , and improve management incentives policy recommendations to promote the development of China 's automotive industry better .

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