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ID:50184081
大小:1.46 MB
页数:46页
时间:2020-03-04
《创业板上市公司融资结构对投资行为影响的实证研究.pdf》由会员上传分享,免费在线阅读,更多相关内容在学术论文-天天文库。
1、AbstractTheempiricalresearchontheimpactoffinancingstructureontheinvestmentbehaviorofGEMListedcompaniesAbstractContinuousandstabledevelopmentofeconomyinourcountry,thegemlistedcompaniesgraduallybecomeanewbrightspot.Duetothefinancingstructureofasingle,investmentefficiencyislow,thegemli
2、stedcompaniesintheprocessofthereformoffinancingstructureandinvestmentbehavior.Withthecompletecapitalmarket,China'seconomicsystemreform,thegemlistedcompanieswillhavemorefinancingchannelstochoosefrom.Thegemtherelationshipbetweenthefinancingstructureoflistedcompaniesandinvestmentbehavi
3、orresearchisbeneficialtoanalyzethecauseofgemlistedcompanyinvestmentefficiencyislow,improvetheutilizationefficiencyofcapital.Thispaperfirstcleartheconceptofthegem,illustratesthecharacteristicsofthegemandthemainboard,thedifferencebetweensmallandmedium-sizedplate,andpreliminaryanalyses
4、thegemthefinancingstructureoflistedcompanies,summarizestheinternalfinancingandexternalfinancingmode,andpointsoutthatinternalfinancingmainlyrelyonenterpriseitselfretainedearningsanddepreciationintonewinvestment;Whiletheexternalfinancingcanbedividedintofinancingthroughbankloans,privat
5、eequityfinancingandventureinvestment,businessstrategicinvestmentandgovernmentsupport.Usingeconometricmodelanalysisofempiricalresearch,thispaperdescribesaboutthepresentsituationofthegemlistedcompaniesfinancingstructure,andthegemlistedcompaniesfinancingstructureforinvestmentbehaviorin
6、fluenceforempiricalanalysis.BasedonDecember31,2014tradinginShenZhen,atotalof408companiesastheresearchsampleisinvestmentspendingasexplainedvariable,thelagissueofasset-liabilityratioisusedtoanalyzetheimpactoffinancingstructureontheinvestmentbehavior,selectthevariablesofinternalfinanci
7、ng,enterprisevalueindex,mainbusinessreturnonassetsandenterprisegrowthopportunitiesascontrolvariablesaffectcorporateinvestmentbehavior.Afterconsideringvariousfactors,theenterpriseinternalcashflow,thelagissueofasset-liabilityratioandtheintroductionofenterprisevalueascontrolvariablereg
8、ressionequation.Fir
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