Study On The Impact Of Financial Structure On Firms' Investment Behavior Based On The Control Of Large Shareholder And Its Economic Consequences

Investment and financing are two indivisible aspects in the fund movement of modern enterprise,so,Investment and financing decision making consist enterprise's two basic fiancial activities,the former solves the funds source in the development process of enterprise,and the later emphasizes the effective configuration of enterprise resources,both are independent mutually and nearly correlative. On the one hand,enterprise needs to consider fully financing capacity of itself and selects investment projects according to such capacity when it makes investment decision; On the other hand,enterprise financing must base on the effective demand of investing due to the paid use of pooling funds. However, in a long period of time, not only in practice ,but also in theory,people had focued more on the independent aspect of both and ignored mutual dependence between them. This paper uses holding listed companies of our country as study object,tries to answer several questions through the theoretical analysis and empirical study,for example, Why can financing structure impacts investing behaviors of enterprise and what is the mechanism?, Is there significant difference between financing structures in companies of different holding types and enterprises'investment ? If the difference exists,then where is the roots from? How does the change of relationship between financing structure and enterprises'investing behaviors impact the value of enterprises? How to realize the object of maximizing the value of enterprise through coordinating their relationship?,etc.This paper includes eight chapters,the concrete contents are as follows:Chapter one is the introduce,it outlines mainly background,study object as well as significance of this paper,illustrates and delimits some important concepts related with this paper,these work provide analytical precondition and researching framework for latter study.Chapter two is the summary and evaluation of literatures in both domestic and foreign.This chapter reviews fruits of theoretical and empirical study achieved in these studies on investment and financing behaviors of relevant domestic and abroad enterprises.Firstly,it summarizes traditional as well as modern investment and financing theories,gives brief comment to these theories.Secondly,author of the paper reviews and evaluates empirical study fruits with regard to relationship between enterprise investment and financing achieved in 1970s',especially after 1990s'.