Research On The Relationgship Between The Behavior Of Changing The Investment Project And The Operating Performance Of The Listed Companies In China

One of the basic function of the stock market is financing, listed companies raised funds through securities markets, with the aim of the sustainable development of enterprises and improve corporate value. However, at the present, the acts of China's listed companies change the direction of initial capital investment are so frequently, arbitrarily, and on a large-scale, these had a significant impact not only on the efficiency of raise funds , but also on the sound development of the listed companies . Therefore, strengthen the research on the alteration of the financing capital's use, find out the relationship between company's operating performance and the acts of the listed companies altered the financing capital's use, understand different character of the alteration and develop countermeasures of the alteration have important significances to improve the efficiency of the financing capital's use and the development of the securities market.On the basis of making some summarization of the papers about the alteration of financing capitals of listed companies, the essay elucidates the reasons and the phenomenon that the alteration of the raise funds in the listed company in our country. Then conduct empirical research on listed companies which change the use of the financing, classify the use of alteration of financing, analyse the relationship of the listed companies operating performance before and after the alteration of financing.The results of the analysis show that, the business achievements in the right year of or in the first year after the alteration show up some decrease in varying degree, then take a favorable turn afterwards, when the listed company alter the orientation for raise funds to the main business. But when the orientation are altered to the external investments or to the supplement of operating funds that are not related to the company's business achievements, the alteration couldn't improve the achievements remarkably. From a short-term point of view, there are some obvious effects on the business achievements of listed company when change the alteration of the raise funds, and are disadvantage for the company's achievements and for the improvement of the company's profits. From a long-term point of view, the point that alternate raise funds to invest in the main business is conducive to the improvement of operating performance should be further confirmed.So, the listed companies should strengthen the administration of the funds and evaluation system for investment should be established. There should be a mechanism to protect the profit of small and middle investors. The structure of administration of the listed companies should be optimized. Only through these means the efficiency of the financing capital's use can be improved. Also, they guarantee the persistent and healthy development of capital market.