The Impact Of The Changes Of Financial Environment On Corporate Investment And Financing On The Perspective Of New Institutional Economics

Since2010, with the changes of the macroeconomic environment, in the situation of therising raw material prices, inflation, appreciation of the RMB and the uncertain internationalenvironment, in the background of the central bank taking monetary policy of ultra-highdeposit reserve rate plus long-term negative interest rates to curb inflation, the livingconditions of enterprises become one of the subjects of the great concern in economic circles,while the investment and financing of corporate are the most important financial managementdecisions related to the survival of enterprises. At the same time, enterprises always survive,grow and develop in a certain institutional environment which affects all aspects of theactivities of the enterprises. As the most important management activities, investment andfinancial activities are not only impacted and restricted by the systems, and the process oftheir own decision-making is a set of the system and its running. Therefore, it is inevitable forthis thesis to select the new institutional economics as a research perspective, combined withthe changes of our financial environment to study the investment and financial decisions onthe basic theory of the theory of the firm, property rights and the theory of institutionalchange.First of all, the thesis chooses the financial system reform and financial reform as thebackground of financial environment changes, based on that the thesis expounds the reform ofthe corporate investment and financing and its impact on corporate investment and financialmotives. Then the thesis describes the game between the China’s policy-making and corporateunder the premise of the financial system reform; Secondly, after discussing the changing ofChina’s financial environment, the thesis focus on the current situation and its causes ofcorporate investment and financial in China’s special economic transition period which laysthe foundation for providing solutions for the corporate and improving our governmentmanagement and regulation of corporate investment and financing behavior.Finally, in view of the current problem of corporate investment and financing in ourcountry, the thesis put forward policy recommendations for standardization and improvementof China’s corporate investment and financing behavior along with enhancing themanagement of our government and regulating the behavior of corporate investment andfinancing. First, from improving the shareholding structure and improving the governancestructure of listed corporate the two aspects to standardize and improve its own investment and financial behavior of China’s corporate. Then combined the view of game theory toregulate the actions of government itself on the perspective of improving the management andaccommodate. The specific approaches are the establishment of a repeated game mechanism,speeding up the reform of financial institutions and market-oriented interest rate anddeveloping the corporate bond market vigorously.