An Empirical Study On The Impact Of Financing Constraints On The Investment Of Listed Companies In China

According to MM theory,in the perfect market,the company's financing structure and financing policy has nothing to do with investment behavior.However,the basic assumptions of MM theory are very harsh,the requirement,including no transaction costs,free flow of capital,perfect competition market and individual and corporate borrowing interest rates and others,can't be achieved,and our real environment can't make it.The information asymmetry problem and the agent cost problem in the real capital market make the companies must face different degree of financing constraints,affecting the investment and financing behavior of the companies.This paper studies the impact of financing constraints on corporate investment in China's capital market,and discusses the relationship between corporate investment and internal cash flow,taking manufacturing listed companies in Shanghai and Shenzhen A-share market as the object.On the basis of summarizing the theory and research results of financing constraints and corporate investment at home and abroad,and analyzing the characteristics of China's capital market and listed companies,this paper attempts to set up the measures of financing constraints from different angles,construct the multi-factor regression model which affects the investment expenditure of the company,put forward the reasonable hypothesis and carry on the examination and analysis through the demonstration,then makes the positive suggestion to our country capital market development as well as the enterprise investment and financing decision-making.The innovation of this paper is that,firstly,most of the domestic studies use the univariate financing constraint index based on the dividend payout ratio when calculating the degree of financial constraints.Single index is too random and has poor stability in the degree of financing constraints.This paper uses the Logistic model to construct the multivariable financing constraint index,taking the more comprehensive factors into account,and using the comprehensive index method to study the degree of financial constraints of different companies,which is more in line with China's actual national conditions;Secondly,this paper introduces the cross-variables of investment and cash flow when constructing the firm's investment model,through the positive and negative of the cross variable coefficient of the cash flow sensitivity of the company to detect the motivation and clarify its theoretical motivation,then puts forward policy recommendations according to the results.In addition,this paper uses the panel data of domestic manufacturing listed companies from 2009 to 2015,excluding the sudden change of share structure reform in 2005,accounting standard in 2007 and financial crisis in 2008,which has good continuity and stability,the research results are more scientific.