Study On Corporate Investment Behavior

Because the investment plays an important role in the process of economic growth and enterprise is the most important subject of investment. So it is necessary to have a proper understanding of the corporate investment behavior.This article did some comprehensive research on the behavior of the corporate investment taking listed companies of the Chinese manufacture as an example.First, this article analysis the status of corporate investment scale,corprpate investment structure and the corporate investment efficiency,then,we discover that scale of the corporate asset is increasing after them listed.for the corporate investmen structure ,we mainly analyse the investment on the fixed assets and the investment of corporate multiplex . Moreover, The investment efficiency is quite high at the time when the companies listed , but it drops year by year. next,This article explain the invesment behavior of company on the theories which are the principal- agent theory, information asymmetry,and the behavioral finance theory.Because the modern companies exists a series of relationship of the principal-agent,such as the relationship between the shareholders and the managers ,the relationship between shareholders and loaners,and so on, which can create the companies to invest excessively.At the same time,companies invest insufficientlly for the reason of information asymmetry,such as the information between the shareholders and loaners is asymmetrical, the information between the new shareholders and the old shareholders, and so on. The presupposition of the agent theory and the information asymmetry is that managers and exterior investors are both rational,but it is not true in the reality,So this article attempted to discusse the invetment behavior at the irrationality of the managers and exterior investors.finally,three empirical researches,based on the data of Chinese manufacture listed companies,have been done to analyse the investment behavior of the company ,the first is the research of the equity structure of company.the second is the research on the financing restriction,the last is the research of CEO's age and the educational background.Accordingly,three conclusions are obtained:(1) The performance of Chinese industry liested companies is related to the equity structure of company.the percentage of share held by the state negatively correlated with the performance of companies ,the percentage of corporate share positively correlated with the performance of cmpanyies,but the percentage of the tradable share is negatively correlated with the performance of companies,which may be owned to be the...