The Empirical Research On The Impact Of Financing Structure On The Investment Behavior Of GEM Listed Companies

Continuous and stable development of economy in our country， the gem listedcompanies gradually become a new bright spot.Due to the financing structure of a single，investment efficiency is low， the gem listed companies in the process of the reform offinancing structure and investment behavior.With the complete capital market， China’seconomic system reform， the gem listed companies will have more financing channels tochoose from.The gem the relationship between the financing structure of listed companies andinvestment behavior research is beneficial to analyze the cause of gem listed companyinvestment efficiency is low， improve the utilization efficiency of capital.This paper first clear the concept of the gem， illustrates the characteristics of the gemand the main board， the difference between small and medium-sized plate， and preliminaryanalyses the gem the financing structure of listed companies， summarizes the internalfinancing and external financing mode， and points out that internal financing mainly rely onenterprise itself retained earnings and depreciation into new investment;While the externalfinancing can be divided into financing through bank loans， private equity financing andventure investment， business strategic investment and government support.Using econometric model analysis of empirical research， this paper describes about thepresent situation of the gem listed companies financing structure， and the gem listedcompanies financing structure for investment behavior influence for empirical analysis.Basedon December31，2014trading in ShenZhen， a total of408companies as the researchsample is investment spending as explained variable， the lag issue of asset-liability ratio isused to analyze the impact of financing structure on the investment behavior， select thevariables of internal financing， enterprise value index， main business return on assets andenterprise growth opportunities as control variables affect corporate investmentbehavior.After considering various factors，the enterprise internal cash flow，the lag issue ofasset-liability ratio and the introduction of enterprise value as control variable regressionequation.First to select the sample data in this chapter has carried on the descriptive statisticalanalysis， and then studies the correlation between each variable， the last on the whole themultivariate regression test samples， and on this basis， in accordance with the size ofdifferent growth and enterprise to carry on the grouping study， confirmed that the gem listedcompanies in the growth of investment behavior is restricted by the financing structure and impact.According to the results， this paper at the end of the gem listed companies financingway is put forward to perfect the enterprise product production sales， expand enterpriseendogenous financing， strengthen the management of the bond market， reduce the externaldebt financing constraints， venture investors to actively participate in enterprise operationalmanagement risk， reduce the investment risk， the government， strengthen the fund inputand support of relevant advice.