Study On Influential Factors Of Investment Scale Of China's Listed Companies

Investment decision,financing decision and dividend decision are the three most important financial decisions in modern financing management. Compared with the other decisions, Investment decision is the hotspot and difficult point in modern financing management. The investment scale of the enterprise is an important content in Investment decision of the enterprise. The investment scale of the enterprise reflects the future throughput of the enterprise. The scale of the investment may have a great infection on the development of national economic and the investment benefit. Recently the total investment scale of fixed assets in our country keeps rising. It reflects the non-efficiency of our enterprise which is the main body for microeconomic. This paper does some theory analysis and empirical research on the influence factors of the investment scale of our listed company.The first chapter introduces the background of the paper, the research summary in China and other countries and got the way and the innovation. The second chapter builds the dynamic model and the relationship between the model and Tobin-Q through analyzing chance step and the Ito's lemma and research the infection between the investment chance and the investment scale. The third chapter defines the interior cash flow and the information dissymmetry firstly and analyzes the infection between the investment scale and the interior cash flow under the information dissymmetry. The forth chapter analyzes the reason of debt financing. Through the relationship between debt financing and enterprise investment from three aspects, it can conclude the close relationship between debt financing and the enterprise investment. The fifth chapter analyzes the control right and the benefit right firstly and then it analyzes the way of the separation between the control right and the benefit right. Secondly, this chapter analyzes the model of the invest scale influenced the control right and the benefit right of the enterprise. Finally, the sixth chapter does the empirical research on the listed company and the influenced factors based on the theory section above. Then a model is built. The seventh chapter does the summary for the whole paper.This paper adopts prescription research and empirical research methods. The least squared method (LSM) is used in the research on the influence factors. Using the SPSS11.5 and EXCEL2003, the paper analyzes the data on 121 Listed Companies of our country. The paper finds the relationship between the investment scale and the factors and it has the great research signification in guiding the listed company and the non listed company to do the investment decision more standardized and scientifically.