Study On Behaviors And Impact Factors Of Changes In Investment Project Of Equity Financing Fund In Chinese Listed Companies

Chinese listed companies extensively change the invstment projects of equity financing funds at random, which has gradually aroused wide attention of regulatory institutions, investors and academic circles would be harmful for credit foundation and influence the regulative function of the securities market. Systematically studying the influncing factor of changes in investment projects of equity financing funds has significant meanings of theories and practices to standardize the behaviors of equity financing and equity financing funds investment of Chinese listed companies, to improve listed companies'quality and operational efficiency, to strengthen the Chinese stock market risk management and control, and even to guarantee Chinese stock market's development in a healthy, steady and constant way.This paper is based on deep analysis of the equity financing behavioral characteristics of Chinese listed companies, taking equity financing companies as samples, using data form the year 1998 to 2008, as well as appropriate econometric model and method, empirically and respectively studies the influencing factor of changes in investment projects of IPO financing funds and refinancing funds in Chinese listed companies. The research conclusions of this paper, in a certain degree, can explain the phenomenon of changes in investment projects of equity financing funds. Specifically, the paper's main research is reflected in the following aspects:①Using descriptive statistics, the paper analyzes equity financing's behavior characteristics from the aspects of quantity, financing size, industry characteristics, regional characteristics, management characteristics and timing of financing options. The research results show that timing effect of equity financing is obvious, industry distribution is seriously imbalanced, regional characteristics is distinct and the corporate governance structure needs to be improved.②Using descriptive statistics, the paper analyses quantity, financing size, industry characteristics, and regional characteristics of listed companies that have changed investment projects of equity financing funds. Furthermore, the profound reasons of the changes happened on the investment projects of equity financing funds have been explored by the traits of stock market institution, companies' financing characteristics and corporate governance structure. The research results show that Chinese listed companies frequently change the invstment projects with a large mount of equity financing funds in most parts of the country.③Taking IPO companies and refinancing companies in stock market of Chinese A share during the year from 1998 to 2008 for sample respectively, using appropriate econometric model and method, this paper studies the influencing factor of changes in investment projects of IPO financing funds and refinancing funds of Chinese listed companies empirically. The research results show that the corporate governance, structure fiancing characters and system rules changes have a significantly effect on the changes of investment projects of equity financing funds. Specifically, the high of the concentration ratio of shares and the better of the financial standing , it might be much easier for the listed companies to change the invstment projects of equity financing funds .The companies which issued new shares when the bull market are more likely to change the invstment projects of equity financing funds.