The Influence Of The Financial Structure On Enterprise's Investment Behavior

In recent years, the study that financing structure effecting the enterprise's investment was getting more and more rich in the domestic and foreign.From the aspects of structure of stockholder's rights, soft budget restraint, internal cash flow and so on, the scholar has analyzed the relationship between the, but there is not much more such study unifies the stock, the debt and the interior finance .Some researchers study the finance structure on Xinjiang Limited company .But there is no study about the relation between the financing and investment on Xinjiang company .Then , What the financing structure characteristics of the companies have? Which factors promoted or have suppressed the investment? This is the answer which this article must answer.In recent years also has the scholar to conduct the research to the Xinjiang Firstly this article reviewed literature about the relation between the financing structure and the investment ,then from the principal-agent theory ,it elaborated how the shareholder - manager conflicts,the shareholder - creditor conflict affects the enterprise's investment and the enterprise value;The third part analysits the Xinjiang listed's financing structure, discovered that the State-owned industrial enterprise and in the non-State-owned industrial enterprise's financing structure is in debt accounts for the proportion to be biggest, next is stockholder's rights financing, finally is internal financing; Further, the long and short term loan financing way is supplementary, the National Holding Enterprise's long-term loan - debt assumes the trend of escalation compared to all previous years, during the financial crisis time, the non-State-owned industrial enterprise's short money - debt drop quicker than the National Holding Enterprise's, because the State-owned industrial enterprise obtains the bank loan easier, the non-State-owned industrial enterprise's commercial credit - debt is very higher ,then , along with the property ratio of debt to net worth rise, the investment in the fixed assets assumes the declining trend.The fourth part is the empirical analysis part, according to the time the sample has been divided 2001-2006 year and 2007-2009 year, it obtains the result as follows: First, the overall result showed that in 2001-2006 years, the debt and the investment assume the inverse correlation relations; The financial crisis time ,lag phase ratio of debt to net worth and the investment relations are not obvious, enterprise more dependent on stock financing investment. Second, according to the holding type grouping, 2001-2006 years, inverse correlation relations between the non-State-owned industrial enterprise debt and the investment are more obvious, the investment is higher to the internal financing sensitivity. The financial crisis time, the State-owned industrial enterprise invests slightly has the expansion, the non-State-owned industrial enterprise reduced the investment. State-owned industrial enterprise's stock financing and the investment assume the remarkable inverse correlation relations; Thirdly , according to the growth opportunity grouping, 2001 - 2006, the inverse correlation relations on low growth's debt and the investment are more remarkable, the enterprise investment more dependent on interior preserved. 2007 - 2009, high growth company depend upon the stock and internal financing to carries on the investment, low growth company's retained earnings and the investment assumes the inverse correlation relations.In the last part, the paper gives suggestions on strenthening the governance function of debt financing, optimizing enterprise structure of ownership and improving the supervision and incentives on the manager.