Analyses On Investment Bias Of Listed Companies About Fund Raised In Public

Stock ownership financing is an important financing form for China's listed companies. Through issuing shares, companies can absorb the dispersing social capital and transform it into long-term capital. So the stock ownership financing contributes to some problems in listed companies. But the financing behavior of the listed companies in our country is not very rational and economical. Credit crisis always happens, which is almost in the investment process after raising funds. The phenomenon that listed companies abuse the raising funds is very common. They don't use the money to invest according to the plan, and actually they invest aimlessly, so the payoff comes down. This not only is opposite to the function of security market, but also not helpful for the development of the capital market. Then, how to study on the driving factors of the investment bias quantitatively? And how to make policy to avoid this phenomenon scientifically?This paper makes a research on the investment bias of China's listed companies after raising funds, and analyzes the actuality of some distortions in the investment behavior, and explains the driving factors of these deviations. Then, using the method of selecting variables in the newest literatures home and abroad for reference, and according to the actuality of our country's security market, the paper selects the suitable samples and builds the regression model to test the factors above. Finally, the paper discusses the countermeasure on how to manage the investment of listed companies in our country. In detail, firstly the paper discusses about the actuality of the investment bias of listed companies after raising funds in China, and it is pointed out that the listed companies have the characteristics such as changing investment frequently, investing aimlessly, leaving the raised funds unused and incomplete information-disclosure. Then, the paper analyzes the inefficient configuration of raised funds and the investment bias caused by irrationalitySecondly, the paper analyzes the causes of the investment bias above, and emphasizes that it is the information asymmetry, corporate governance, system defect and irrationality of corporate managers and investors that make great effects on the investment behavior. The analyses gives some ideas about modeling.Thirdly, the listed companies which raised funds in 2000 and 2002 are used as samples according to the actuality of our security market, and making description statistics to analyze the efficiency of investment by the FPM model. It is found that the MSGR after raising funds is lower than before raising in two-thirds of listed companies, so the investment efficiency of sample companies is low. Then, the paper using the method of selecting variables in the literatures home and abroad for reference, the regression model of the factors of investment behavior is built, and the paper uses the software SPSS to make the backward regression. According to the result of regression, it is concluded that information asymmetry, irrationality of corporate managers and investors and system defect make noticeable effects on the investment behavior of the listed companies in our country.Finally, as to standardize the investment bias of listed companies after raising funds in China, according to the made conclusion, the paper suggests that the measures on strengthening information disclosure, reducing the behavior cost in corporate operation, making corporate governance complete and system environment, and strengthening the internal management of the raised funds investment should be made.