Private Listed Companies In The Financing Structure Of Empirical Research On Investment Behavior

Financing and investment as main elements of the modern enterprise, receive more attention of enterprises and financial theory study. From different angles on the company's financing structure and the relationship between investment behavior, Scholar has studied. From the beginning of that financial structure and investment behavior unrelated to the later of the financing structure that has a great influence on the investment behavior., and on the basis of theoretical optimal financing structure proposed measures to improve the efficiency of business investment spending. But so far, private investment behavior of corporate finance relationship between structure and very little literature. And private enterprises in economic development in China an increasingly important role, so the structure of financing of private enterprises impact on investment behavior not only has theoretical significance but also has practical significance.Firstly, on the financing structure effects on investment behavior theory was expounded, and then analyzes the domestic and international financing structure on the investment behavior of Empirical Research. The results showed that the financing structure in China have adopted the definition is basically the rate of assets and liabilities, the difference is the debt rate is used the current period or lag phase. As for the investment of the use of the fixed assets, long-term investment and construction in progress as a measure. This article on the financing structure, investment behavior and the concept of private enterprises have defined.In this paper, theoretical analysis based on the selected private companies from 2004 to 2008, the company financial statement data as a sample, to asset-liability ratio and corporate finance investment spending as the embodiment of the structure and investment behavior. Taking into account the investment behavior of listed companies in addition to the financing structure by the addition, also received internal cash flow, Tobin's Q value and sales revenue impact of these three factors was defined as the control variable. This article first studies the overall sample, and then take into account at different stages of growth companies and enterprises of different size, financing structure effects on investment behavior may be different, so he divided the samples were carried out using regression analysis. The results showed that high-growth opportunities found in enterprises and enterprises invested less than dominant, mainly because the cost of debt agency played a role, inhibit the investment behavior of business managers generate. Low-growth opportunities in the business, the debt financing on investment behavior is not very significant, indicating that low-growth business investment opportunities by the debt financing of acts not obvious. For companies of all sizes, although the financing structure on investment behavior are negatively correlated, but the small-scale sample structure on the dependent variable is greater than the negative impact of large-scale sample structure on investment behavior due to variable negative.Finally, this article for the empirical findings of the study, in order to improve the financial structure of private enterprises, private enterprises to invest in improving the efficiency of policy recommendations. The first is to improve the capacity of private enterprise investment decisions and avoid blind investment, the second is the reform of financial intermediaries, broaden the financing channels for private enterprises, third, to develop effective policy to continuously improve the quality of earnings of private enterprises.