An Empirical Analysis On The Impact Of Financial Structure On Firms' Investment Behavior

The perfection of the capital market has the important promoter action to the economical development. As one of the important elements to improve capital market, the investment and financing behavior of the listed company is always a key point. According to different capital market factors, economy cycle, the industry and the authors' own view point, there are different conclusions that researchers make about the activities in the international academe. Taking into account the development of China's capital market in specific situations, the conclusion of the abroad study is not necessarily effective to explain the investment and financing behavior of our listed companies. Therefore, there are the theoretical significance and the practical significance to combine Chinese specific condition to do the research about the relationship between the financial structure and the investment behavior of the listed company.The paper, which is based on the analysis and description of domestic and abroad research documents and is on the basis of the investment& financing condition of the listed manufacturing company in our country, is an empirical study. It's mainly about the manufacturing industry and uses the asset equity ratio for financial structure and the investment expenditures for investment. First of all, it introduces the background and effects of the investment& financing, the researching condition of domestic and abroad and the structure framework. Secondly, it defines some concepts and some theory explanations of the financing structure and investment behavior. The third part of the paper analyzes the manufacturing industry's activity and selects data, defines variables and sets up the model. The fourth part studies the empirical research about the relationship the financing structure and investment behavior, by choosing influential Tobin' s Q, cash flow and sales revenues of control variables. And it analyzes from the size of enterprises, Enterprise opportunities for growth and equity structure of three business perspective structure of the financing& investment behavior. Finally, the paper makes some conclusions and some relevant proposals for the company management, the development of the capital market and macroeconomic policies.