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Analysis on the Impact of Equity Finance on the Investment Efficiency of the Listed Companies

Author: YangYaPing
Tutor: WangPing
School: Xi'an University of Science and Technology
Course: Industrial Economics
Keywords: Equity financing Investment efficiency Over-investment Investing Cash Flow
CLC: F224
Type: Master's thesis
Year: 2011
Downloads: 292
Quote: 0
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Abstract


Financing and investment issues, is a hot research topic in economic circles in recent decades. Investment efficiency in the operation and management of listed companies, the focus of its attention. While In recent years, China's listed companies showed strong preferences for equity financing, the special shareholding system in the country, and means of supervision backward reasons, the effect of the use of funds raised equity financing of China's listed companies is relatively low, for financing corporate performance decline is a widespread problem. Preferences for equity financing and investment efficiency, it is necessary to analyze the relationship between equity financing and investment decisions, and to provide a theoretical basis for the rational evaluation of corporate equity financing behavior and improve investment efficiency. Data of listed companies in China's western samples, combined with our unique market environment and economic system, a detailed study of the equity financing of business investment efficiency. Mainly to do the work of three parts: the first, based on economic theory and ideology, statistical methods for analysis tools, combined with the specific object of study to analyze. In combing the literature of the equity financing and investment decisions on the basis of the analysis of the causes of low investment efficiency of listed company equity financing preference of listed companies in China. Second, analysis of influencing factors of the equity financing of business investment efficiency, build equity financing framework for the analysis of the impact on corporate investment efficiency, and the analysis of the impact of the equity financing of business investment efficiency model is constructed on the basis of the analysis of the variables. The above analysis model empirical analysis, system analysis of equity financing for enterprises to invest in efficiency, according to the regression results of a detailed analysis of the impact of different factors of equity financing for enterprises to invest in efficiency as well as to verify the previously proposed theoretical assumptions. This study shows that: (1) based on the free cash flow hypothesis, the impact of equity financing for enterprises to invest in efficiency through internal cash flow effect, showing a significant positive correlation between investment and cash flow of the listed companies of China's western non-efficient investment behavior of listed companies in China's western investment decisions may be based on the level of cash flow; (2) non-efficiency of the listed companies in western China based on the theory of management opportunities, investment performance, excessive investment, which most scholars The results are consistent; (3) test sample enterprises, found that the proportion of state-owned legal person shares, and the largest shareholder of listed companies in the western region investment decisions have a major impact, the state-owned legal person shares and shareholding structure variables and Ownership Concentration variable largest shareholding ratio is variable for western listed companies over-investment to promote the role of non-efficient investment behavior; Ownership Concentration, and did not find a correlation between the investment variable, specific relations to be further studied.

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CLC: > Economic > Economic planning and management > Economic calculation, economic and mathematical methods > Economic and mathematical methods
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