The Research On The Impact Of Financing Factors To Investment Behavior Of Public Utility Lists

Investment behavior has a close relationship with the development of enterprises, notonly the necessary means of realizing the goal of financial management and avoiding risks,but also the key ways of achieving economic benefit s, social benefits and environmentalbenefits. The factors that affect the investment behavior of enterprises are always the researchhotspots in the academic field. Owing to the incompleteness of capital market, the investmentbehavior is not only influenced by financing factors, but also related to the industryclassification of enterprises and business environment. Compared to other industries, publicutility has characteristics like commonality, heavy-investment, long-payoff period,fixed-income and so on. Along with enterprises transformation and listing of public utilityenterprises, they should have the distinctive characteristics of this industry. Un der the specialenvironment of capital market of our country, this thesis is based on the research fruit ofoverseas and domestic scholars, adopting the method of theoretical analysis and empiricalresearch, in order to study the influences of financing factors to the investment behavior ofpublic utilities lists.There are four parts in the thesis. On the basis of analyzing rese arch backgroundand significance, the first part describes and analyzes the research find ingscomprehens ive ly, so as to organize the thinking of research and the framework of thefull thes is. After clarifying the concepts of financing factors and investment behavior,the second part analyses the relationships between three financ ing factors and theinvestment behavior of enterprises theoretically, and provides strong theoreticalsupport for this thesis. Following c lassification standard of public utility lists,comb ined with the ind ustry characteristics, the third part investi gates the state of ourcountry’s public utility lists, and analyses the investment behavior and financingstructure. The fourth part is the research emphasis and ma in difficulties, after variab lesmeasurement and descriptive statistics, this part establishes econometric models fromthe angles of dyna mic and static, and tests the robustness of models, and then relatedpolicy recommendations are given according to the empirical findings.The ma in conclus ions of this thesis are as fo llows. First, there exist financ ingconstraints proble ms among public utility lists. The influence order of financ ingfactors to investme nt behavior is interna l fina ncing, equity financing and debt fina ncing. Secondly, for large public utility lists, prophase investment spending pla ys apositive role in increasing current investme nt spending. However, for small andmedium public utility lists, there is ins ignificant ne gative relationship betweenprophase investme nt and current investment, indicating that the syste maticness andcoherence of this kind of enterprises’ investment decision-making is relative ly weak.Thirdly, in financ ing factors, the order of sma ll and medium public utility lists is thesame, but the estimated coefficients of financing factors is sma ll, demonstrating thatthere exists some economies of scale between financ ing factors and investmentbehavior. This thesis has two innovation points. The first is unique researchperspective, regarding the typical public utility lists as the object of study, conductingthe research of investment and financ ing relationship keeps up with the development oftimes. The second is innovation of models establis hment, emplo ying the econometricmodels that are static and dyna mic combined, this thes is take s the accumulation andsystematic ness of enterprises’ investment behavior into account, and controls theendogenity and heterogeneity as well.