Effect Of Ownership Structure On Investment Behavior: Evidence From China

Modern financial theory that the investment decision-making, financing decision and dividend decision-making is company financial activities of three most key content. Financing decision solution is in the process of enterprise development fund sources, dividend policy is to solve the problem of company profits allocation, and between the two is company's investment should undertake behavior. Investment behavior relative to the financing decisions and dividend decision-making for the company business risks, operational performance and the profit level and capital market to the company development prospect of evaluation and confident, undoubtedly have higher, more strong correlation. Therefore, the research firms' investment decisions and investment behavior to better understand the other company financial decision-making is of great significance.As a corporate governance based equity structure from value creation processes perspective, equity structure is first influence company investment behavior, thus affecting the value of the company, therefore, the enterprise ownership structure and investment will provide us the research on the relationship between ownership structure and corporate the efficiency of investment of the corresponding relationship between internal mechanism, thus guiding the listed companies in the investment decision-making of standardized, scientific, guiding them to make effective investment decisions, and to establish effective corporate governance structure provides the reasonable basis. In theory, this article from the company growth Angle, consider different growth, the shareholding structure of investment behavior of effects, and proposes relevant hypothesis. And by using the data of Chinese manufacturing listed companies, according to investment model, makes a positive analysis, the empirical results show that: (1) the share ratio of the largest shareholder and investment spending positive correlation, in high growth companies more notable. (2) ownership restriction and investment spending negatively correlated. (3) state-owned shareholding listed company with investment spending positive correlation, in high growth companies will be even more significant; The listed company of legal person share equity percentage and social public shareholding negative correlation with investment spending at low growth, the company will be even more significant.