The Study Of The Influence Of Financing Structure In Listed Companies On Investment Efficiency

The company’s growth and future cash flow are affected by Investmentefficiency directly, It’s also impact on profitability, Operational risk anddevelopment prospect further. Currently, the scholars around the world have beenresearched the relationship between financing structure and investment efficiency indifferent ways, and proposed the measures of optimization the financing Structure,toimprove the efficiency of the investment finally. So far, It has reached43listedcompanies in XingJiang, which play an important role in XinJiang’s economicdevelopment. Therefore, the research on investment efficiency of listed companies ofXinJiang has theoretical and practical significance.The article which based on the theory selected the research sample which is thelisted companies of Xinjiang’s financial statements from2008to2012. Combining theautonomous economic system and market environment, it make a detailed study ofthe relationship between the financing structure and investment efficiency. There aretwo main facts in this research: The first, this paper analysis the investment efficiencyimpact of the financing structure, meanwhile it draw on the experience of theoreticalmodels that previous studied, and put forward the regression model according myresearch. The second, I will do the empirical analysis using the actual data,andexplore the enterprises’ Investment efficiency impact of Equity financing and debtfinancing, to get the empirical conclusions.Through theoretical analysis,this paper do the regression testing about the overallsample. we found that there was a significant negative correlation between theasset-liability rate and efficiency of investment, so we knew the current debt structureof listed companies in Xinjiang are unreasonable, liabilities did not play the role toinhibit of non-efficiency investments; short-term asset-liability ratio and efficiency ofinvestment without significant positive correlation, this indicated that short-termliabilities are not able to inhibit the manager’s inefficient investment;and proportion ofthe largest shareholder and state ownership proportion did not show a significantcorrelation relationship; due to lower management stake, it didn’t not show a clearlinear relationship between management stake and the efficiency investment.