Study On Financial Ecological Environment?Financing Constraints And Corporate Investment Expenditure Of List Company

In the context of China's economic transition and the gradual deepening of SOE reform.Investment has become a powerful force driving enterprises develop rapidly sustainably and healthily.The enterprise investment also becomes an important method for enterprises to improve their comprehensive quality and expand their scale.At present,many enterprises still have problems such as insufficient investment and low return on investment.Enterprise investment needs sufficient financial support,actually it is the process of financing.However,enterprises in our country still face varying degrees of financing constraint.A large number of relevant literatures studied the impact of financing constraints on general investment and R&D investment from a different angle like financial development level and credit environment,which focuses on a single macro level.Therefore,this paper studies the impact of financing constraints on Chinese enterprises' investment from the perspective of financial ecological environment.Primarily,this paper summarizes the literature on financial ecological environment,financing constraints and enterprise investment;then analyze the present situation of China's financial ecological environment and problems of investment and financing in Chinese enterprises.Moreover,based on all a-share companies in the Shanghai and Shenzhen stock market,this paper empirically tests the impact of financial ecological environment on enterprise investment,also,examines the impact of financial eco-environment on enterprise investment in different regions and different industries.Finally,the paper empirically tests the role of financial ecological environment on financing constraints and the impact of this role on enterprise investment.The empirical results in this paper are shown:(1)Financial ecological environment has a significant impact on enterprise investment,and they are positively related.In other words,a better financial ecological environment will accelerate theinvestment of enterprises.(2)The improvement of financial ecological environment has positive promoting effect on the investment of listed companies in different regions.For listed companies in preferable financial ecological environment,their investment behavior is less affected by the improvement of financial ecological environment.(3)The improvement of financial ecological environment has positive promoting effect on the investment of listed companies in different industries.The improvement of financial ecological environment has larger impact on the investment of listed companies in real estate and mining industry than on the investment of listed companies in other industries.(4)To some extent,the better financial ecological environment has alleviated the financing constraints of enterprises and promoted the investment of enterprises.At the end,this paper provides some suggestions on perfecting the financial ecological environment,reducing the cost of financing and promoting the development of the bond market.Points out that,the government should perfect our country's financial ecological environment,relieve the financing constraints of listed companies by lowering the funding costs and promote the development of China's bond market.Thereby,the enterprise investment is promoted and the structural transformation of the economy is completed.