An Empirical Study Of The Influence Of Shaanxi Financial Structure On Investment Behavior

Investment and financing as enterprise's two basic financial activities, is always one of the hot issues in the financial theory study and corporation theory study. The domestic and foreign scholars have researched from the different side to be listed company's investment behavior, and had indeed put forward some ameliorating suggestions and optimizing measures. But till now, very few studies on district financing structure and the investment behavior relations , and even less research on Shaanxi province listed company based on the concrete condition can be found. It has some realistic significance to research the relationship between Shaanxi province listed company finance structure and investment behavior.The Paper, which based on the analysis and description of domestic and abroad Research documents, select annual report data of Shaanxi Province listed company on 2002-2006, and uses the asset equity ratio for financial structure and the investment expenditures for investment. The paper studies the empirical research about the Relationship of financing structure and investment behavior, by choosing influential Tobin's Q, cash flow and sales revenues of control variables .And it analyzes from the size of enterprises, Enterprise opportunities for growth and equity structure of three business perspectives structure of the financing and investment behavior.The research findings show: in the overall sample, assets and liabilities of the regression coefficient is negative and significant, the financing structure of and investment expenditure have no significant negative correlation in the large-scale enterprises. In the small-scale enterprises, financing structure and the scale of investment does not have any relationship; in the low growth opportunities enterprises, corporate finance and corporate investment spending have a negative correlation. This business opportunity does not exist negative correlation in the high growth; the enterprises classify in accordance to the shareholding structure, in the state-owned shares> 0 circumstances, corporate finance structure and investment spending have no significant negative correlation, corporate finance and investment structure is have significant negative correlation in the state-owned shares= 0.Finally, the paper make policy recommendations in order to improve Shaanxi listed companies financing structure and raise investment efficiency. First, we must improve the quality of listed companies; Second, we should improve the equity structure of listed companies; and actively introduce institutional investors and reduce government intervention in business administration; Third, we need to develop the bond market to straighten out the financing channels.forth, we should Strengthening governance mechanism liabilities...