The Study On The Investment Behavior Of Listed Companies Of Steel Trade In Our Country

The economy of our country has already entered a new cycle. As a basic industry, in the new economic cycle, the steel's role and position in national economy will be more important. The output of steel in china was 222 million tons in the whole year of 2003, increased by 21.92% compared with the same period of last year, became the first country where the output of steel in the world tops 200 million tons. The growth of output at full speed increases comes from the investment's increasing. The gross fixed assets investment of steel trade was 132,907 million yuan in 2003, increasing 87.18%, far exceed the growth rate of investment in fixed assets of the whole country and the secondary industry. The steel listed companies of our country have covered on 90% of the market of steel trade at present, and have extremely strong trade representativeness. So, it is necessary to carry on the research about investment behavior of listed companies of steel trade in our country.The thesis described and comment enterprise investment theory, enterprise's life cycle theory and relevant documents at first, and then analysed the overall situation of steel trade in our country. On the basis of two above-mentioned respects, the thesis analyses the investment projects of listed company of steel trade in China during 2001-2003, found out their investment behavior characteristic, and used the theory of the enterprise investment to analyse the reason that the steel listed companies form those investment behavior characteristics . At last, using the analysis tool of enterprise's life cycle theory - -PAEI, the author made rational explanations to their investment behavior. The preliminary studied conclusions are: (1)Steel trade is still at growing up ripe in its life cycle, and this trade has limitless chances itself; (2)The investment behavior characteristic of listed companies of steel trade in China is obvious, including: capital cost is high and investment project is various, there are a large number of line material projects in the newly project invested, most steel listed companies have strengthened the investment in such advanced products as hot, cold-rolled sheet metal, silicon steel sheet, transformation project of Steel trade is ratherthan totally newly-built project, investment is very strong random and diversified; (3) Expanded Credit (low interest rate) and enterprises' optimistic expect both stimulate steel trade of our country to develop rapidly; ?The unreasonably industrial structure causes the blind investment of the trade of steel in our country; ?The listed company of steel trade should take the advanced route; ?To improve industry's concentration degree and strengthen their competitiveness, the listed companies of steel trade of our country should import foreign capital and private capital rationally in the future, and carry on the recombination of the relevant industries or the trade (along the upper and lower parade industry of the core business ); CD The investment behavior characteristic and its origin cause of the listed companies of steel trade in our country can be explained reasonably by "the lack s of E role".The research of this article is contributed to take knowledge of and summarize the investment behavior and their characteristic of listed companies of steel trade in our country, and it will give us certain reference value to that the listed companies of steel trade in our country carry on rational investment and structural adjustment of the products.