Dissertation > Excellent graduate degree dissertation topics show

An Empirical Study of internal cash flow and investment scale manufacturing listed companies

Author: YanZhi
Tutor: XuXiaoMing
School: Fudan University
Course: Enterprise Management
Keywords: Enterprise Group State-owned holding Financing constraints Investment - cash flow sensitivity
CLC: F224
Type: Master's thesis
Year: 2011
Downloads: 138
Quote: 0
Read: Download Dissertation

Abstract


Corporate financing and investment behavior in the development of enterprises which play an important role in the establishment of the capital markets, broaden the channels of external financing for enterprises, become an important driving force for the growth of enterprises. However, due to the shorter time of the development of China's financial system, there are many deficiencies in the system so that companies commonly encountered external financing constraints, the cost of external financing was significantly higher than the cost of internal financing. Investment decisions have to be more dependent on the enterprise internal cash flow. On the financial statements, this phenomenon is manifested as the correlation between the internal cash flow and investment scale significantly. In this paper, starting from the angle of the shareholding structure features, explore the significant correlation between internal cash flow and the scale of investment in listed companies, which reveals a different ownership structure, listed companies are facing financing constraints differences. This article will examine the focus on Group Holdings and non-Group Holdings listed companies, as well as the state-owned holding with two types of non-state-owned holding listed company equity structure characteristics. Enterprise Group has an internal capital market, listed companies tend to use for financing platform, the allocation of resources within the group. In this way the one hand can enhance our overall efficiency of resource allocation; the other hand, the increase in the Group controlling shareholder of listed companies through the transfer of assets, misappropriation of funds, for the interests of small shareholders of listed companies encroach possible. This paper confirmed by empirical analysis Group Holdings listed companies in the presence of significant financing constraints, and significant differences in the presence of non-Group Holdings enterprise reaction to external capital markets investor concerns about the behavior of the interests of the controlling shareholder of the Group encroachment. More special due to China's social and economic system, the purpose of that is the beginning of the establishment of the capital market in order to solve the financial problems of the state-owned enterprises. Therefore, the nature of the ownership of the controlling shareholder of the listed companies in China has become an important factor in decision listed companies financing constraints. In this paper, the empirical analysis did not get unanimous conclusion of the state-controlled listed companies and non-state-owned holding listed companies financing constraints differences. Part of the reason is due to the debt financing market for risk aversion preference for state-owned holding enterprises, so that the normal cash flow position of state-owned enterprises and investment behavior is distorted. This reflects the allocative efficiency of the capital market in China needs to be improved to a certain extent. Finally, using packet analysis method, respectively, further analysis of various equity types listed companies in the relations between the different investment opportunities, firm size, and the case of financial leverage internal cash flow and investment scale. Reveals the deeper factors that affect the listed company's internal cash flow and the scale of investment relations. Means of regression analysis based on dynamic panel reveals a different shareholding structure of listed companies internal cash flow and the scale of investment relations, and from the point of view of theoretical and empirical analysis of the formation mechanism of internal cash flow with the scale of investment in the relationship, and based on this corresponding managerial implications and policy recommendations.

Related Dissertations

  1. The Research of the Internal Control Issues of Enterprise Group Based on Corporate Governance,F275
  2. The Study of the Collaboration Mechanism of Enterprise Groups Based on the Manufacturing Grid,F272
  3. H Group financial control analysis,F275
  4. An Empirical Study of the listed companies of enterprise groups in China Financial Distress,F224
  5. Transfer Pricing and Performance Evaluation of Enterprise Groups,F275
  6. Enterprise Group Order Allocation Model,F224
  7. Solution to the Problem of Funds Management in CNPC,F426.22
  8. Research on Staff Motivation Mechanism of Private Construction Enterprise Group,F426.92
  9. Views of Current Situation and Future of China’s Film Marketing Through Three Movies,J905
  10. Centralized Management of the Fund for Liaohe Petroleum Exploration Bureau,F406.72
  11. Exploration Financial Control of China Mobile,F626.115
  12. Research on the Administration of the Fund of Our Country Enterprise Group Finance Company,F275
  13. Studies on the Growth of Mechanism of Small and Medium-sized Enterprise in Group,F276.3
  14. Research on Group Enterprise Performance Examine,F272
  15. Research on Financial Risk Management of Enterprise Group,F275
  16. Research of Financial Control upon the State-Owned Enterprise Group under the Entrusted Agency Theory,F275
  17. Research on Holistic Listing of China’s Steel Enterprises,F426.31
  18. Study on the Capital Centralized Management of SINOPHARM,F406.72
  19. Study on the Optimization of Internal Audit of Huantian Group,F239.45
  20. Creative Reseach on Design and Implementation of Centralized Accounting System of Cnpc Daqing Petroleum,F406.72

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