A Study On The Influence Of The External Corporates' Financing Ways On Their Investment Decision-making

In the finance management of listed companies, investment decision, the main cause for corporation development, the crucial basis for future cash-flaw increase and the foundation for finance decision-making, influences the management risk, profit level, capital market's evaluation of company's management achievements and development prospects. Enterprise's investment decision does not always maximize its own value owing to the complexity of decision-making process and the multiplicity of influencing factors. Accordingly, underinvestment or overinvestment is generated, badly damaging company's value and hinders company'development. Consider the traction of the investment decision and the finance ways, it is necessary to analyze the interaction of ownership finance,debt finance and investment decision respectively, and make out the related meaning between finance ways and investment decision further, it could provide theoretical basis for estimating the corporates'finance behavior and enhancing investment decision.At first this thesis systematically summarizes the interaction of finance ways and investment efficiency, concludes and illustrates literatures from three aspects: asymmetric information and inefficient investment decision,moral hazard and inefficient investment decision,corporate governance and enhancement of investment decision efficiency according to catalogue of equity finance and debt finance. On one hand, from the point of ownership structure way, the thesis studies on the influence of ownership structure on corporation investment from three aspects: the ratio of the larger shareholders,intensity of ownership and character of larger ownership. At last, it tests the cause of influence and the process of effect. On the other hand, from the point of debt finance way, the thesis tests debt level of listed company of our country,the relationship between investment expenditure and its influence processes, which uses the same sample with ownership structure finance. On the whole, by the way of the empirical analysis of firms finance ways and investment decision, it finds inefficiency way of overinvestment is popular in our capital market. Therefore, in order to enhance distribution efficiency of capital markets, it should prevent overinvestment behavior and let it return back to efficient level. Finally, the thesis summarizes the symptom of overinvestment form the point of corporate governance, and puts forward some...