Empirical Research On The Relation Between Financial Structure And Investment Of Chinese Listed Companies

The relation between finance and investment changed many times along with the reform of economy system, in the circumstance of developing and reforming economy. Securities business will enter a new times, because the reform of non-tradable shares have accomplished. The whole stock of company will circulate. At the same time, the money market of our country has gradually opened in order to carry out the promises of entering the WTO. The three state-own banks completed the reform. The reorganization of Agricultural Bank of China is carrying out quickly. The reform of China's shareholders and creditors will have an important impact on the financing structure of listed companies. The status of Creditor will become more and more important, and this will have an impact on investmentThe relationship between finance structure and investment scale is one of the important study of finance theory. Modern financial theory draws the conclusion that the debt financing affect the investment expenditures, based on the agency cost theory and the theory of asymmetric information. The effect on the investment of the finance structure lists: one Stockholder-Bondholder conflicts led to overinvestment and underinvestment; the other is that leverage for overcoming the overinvestment problem. At the moment of the major changes about our country finance structure, to further research this theory have the theoretical and practical significance for regulating enterprise investment behavior, establishing a excellent corporate governance form and promoting the healthy development of the securities market.Based on the review of domestic and foreign research documents, the author chose the 2814 date of 201 non-financial enterprises, classified the corporate governance models using the cluster analysis methods and the studied the relations between financial structure and investment of listed companies about"shareholder and creditor co-governance"and"shareholder-governance model"using multiple linear regression analysis. The results showed that the relations between finance structure and investment are positively correlated relationship in the modes. We should consider the debt's governing power and improve its disciplinary role. At the same time, we should also increase the debt contract's flexibilities to push the firm's investment. At the same time, we should propose the protection measures about the creditors, construct a reasonable finance structure and improve incentive mechanism about managers.