Financing Constraints, Uncertainty And Corporate Investment Behavior

The document about the investment theory in enterprise in the West is very abundant, but little research on the problem has been done in our country so far, especially the corporate investment behavior based on financing constraints and uncertainty. And, it is western scholars that are set up, strong economic free, abundant information flow, on reliable contract. Contrary to it, because our country lacks these basic system quality characteristics of all or the part, its market system demonstrates not standard, not perfect characteristic. So, based on the current situation of economic transition of our country, the paper probes into the investment behavior of the company of our country. I hope the paper can provide some insights on the making of the listed companies' investment policy and making of relevant departments' the relevant company policy.On the basis of studying, summarizing and absorbing the foreign relevant achievement in the research field, Combining with the reality of the listed company of our country, this paper focuses on the relation between financing constraints, uncertainty and company investment behavior. It's divided into eight parts altogether.The first part proposes the issue, the angle and the methods of research, defines the basic conception of this research field, thus offers the theory foreshadowing and the analytical prerequisite for following research.The second part is the theory development of investment in enterprise that is reviewed and commented. In this a part, the author starts with from the accelerator theory at first, reviews briefly the traditional enterprise theory along the order of time.Secondly, the author comments theoretically and empirically investment theory under financing constraints that correlate with proposition of this text, and the causes about theory is not in accordance with empirical results. Thirdly, the author carries on the retrospect and commentary of the investment theory under the uncertainty from the theoretical and empirical viewpoints, analyze its current situation and insufficient studied. Lastly, the author studies the newest direction of the investment decision theory to the western scholars at present, and the drawbacks of our country's scholars about the corporate investment behavior.The third part analyzes the investment and financing characteristic of the company of period of economic transition. This chapter combines our country still in economic transition period with characteristic not faultiness and instability of this period, probes into the development of the investment and financing system of enterprises of our country, the investment and financing characteristic of the listed company, the system arrangement of investment and financing of the investment decision, and the law frames of the investment and financing of the listed company, thus the section does background foreshadowing for the following theory with the positive research.The fourth part analyses the influence financing constraints and uncertainty on the corporate investment behavior. On the basis of research thinking of Lensink and Sterken (2001), and the game relation between bank and company, the paper, through setting up model, probes that the uncertainty affects the corporate investment behavior, in a situation that the company is financing constraints, and the financing constraints affects the corporate investment behavior under uncertaitny.The fifth part starts with McDonald and Siegel's model (1986), and joins financing constraints degree variables, and assumes that this kind of financing constraints will change with the uncertain of the future profits of the company, then according to real option pricing theory and Ito's lemma, the author structures corporate investment timing decision model based on financing constraints and uncertainty.The sixth part is the positive research about corporate investment behavior under financing constraints and uncertainty. Based on the theory documents of the second part and reality of the listed company of our...