| As a developing country with a continuation of the western development strategy, the Chengdu-Chongqing Economic Zone in May 2011 to obtain approval of the State Council, officially became the fourth state-level economic zone, has become an important new engine of national economic development. Chengdu-Chongqing Economic Zone listed the economic benefits of the company, directly related to the overall strength of the entire economic zone. Economic benefits of a listed company can be measured by the efficiency of investment, and investment efficiency of listed companies will be subject to the constraints of the financing structure. Based on this logic, scholars and investment financing structure for the relationship between the efficiency of a lot of theoretical analysis and empirical research, made a wealth of research, but unified conclusion regarding the relationship between the two has not been formed, in the academic sector is still controversial. Focus on domestic research scholars for the relationship between the two is more of an industry listed companies for the study, conducted research on the specific relationship between the two regions is still relatively small, specialized research Chengyu Listed Companies almost no relationship between the two documents. Therefore, we choose Chengdu-Chongqing Economic Zone listed company as the research object, and using the latest available financial data, Chongqing Economic Zone on the financing structure of listed companies and investment relations efficiency empirical research.Based on the study on the basis of domestic and foreign scholars, from internal financing rate, subdivision index rate debt financing, equity financing rate, the ratio of the largest shareholder and financing structure of the five state-owned shares to ROE as an investment efficient measure to study the effects on the efficiency of investment and financing structures. This paper selects Chongqing Economic Zone in 2009 before the 83 listed companies eligible for the study as a research object, using the latest five-year financial data 2009-2013, obtained by calculating the specific values of each metric. Through relevant indicators descriptive statistical analysis, as well as construct a static panel model with dynamic panel regression model, thus completing the Chengdu-Chongqing Economic Zone empirical study on the efficiency of investment and financing structures affected by the market.Through theoretical mechanism analysis, study design, data collection and processing, model building and result analysis after work, come to an empirical conclusion: the Chengdu-Chongqing Economic Zone overall financial structure of the company’s current investment efficiency has a certain role, but low efficiency of investment, financing structure is irrational; indicators specific to the five segments of the financing structure, where the proportion of debt financing rates and the largest shareholder of the investment efficiency has a significant negative impact on the rate of equity financing and internal financing rate investment has a significant positive effect on efficiency rather low proportion of state-owned shares no significant impact on the efficiency of investment. Finally, this paper presents policy recommendations aimed at improving the Chengdu-Chongqing Economic Zone of listed companies financing environment, optimizing the financing structure, improve investment efficiency. |
