Research On The Influence Of Agglomeration Effect And Financing Constraint To Enterprises'Investment Behavior

With the deepening of industrialization and urbanization process,the agglomeration speed of non-agricultural industries and the rural population to urban is rapidly,urban agglomeration has become the main body of the construction of the urbanization.Urban agglomerations create huge demand market,then they create good conditions for enterprises gathered in area,under the new economic environment,urban agglomerations' spatial cluster effect is one of key influences of business investments.As the eastern coastal areas in central China's main industrial transfer to undertake,it is an opportunity to its economy,urban agglomeration in the middle reaches of Yangtze River for a comprehensive,enterprises'investment and growth will boost urban agglomeration on industry market,attract more upstream and downstream industry gathered themselves together,and thus growing urban agglomeration.The agglomeration effect brought by urban agglomeration has become a new driving force for China's economic development.As a major economic driver,enterprises will also gain new development opportunities.This paper studies the influence of agglomeration effect and financing constraint on enterprises' investment behavior through empirical analysis,and provides references for the development of urban agglomeration and the investment and financing decisions of enterprises in the new environment.In carding on the basis of existing researches,this article use macroeconomic data of urban agglomeration in the middle reaches of Yangtze River,carried on the inspection to the existence of urban agglomeration effect,secondly analyses the mechanism of agglomeration effect to enterprises' investment behavior,I collect listed companies data of urban agglomeration in the middle reaches of Yangtze River in 2005-2016,analysis the influence of agglomeration effect for enterprise' investment spending respectively from the specialized agglomeration effect and diversified agglomeration effect.Then I discuss the different influences of investment behavior between enterprises with different strength of financing constraint.Finally,from the point of leading industry cluster,the influence of leading industry agglomeration on investment expenditure in secondary industry is analyzed.In this paper,the main research conclusions are the following:(1)Accumulation effect in Urban agglomeration in the middle reaches of Yangtze River is obviously,the values of accumulative effect index AI were greater than 1,the scale return of agglomeration effect increases.(2)The impact of urban agglomeration in enterprises'investment decision is not only affected by the specialized agglomeration effect,the diversified agglomeration effect should be included,and cross-industry enterprises'investment strategy than the same industry investment strategy have more influence to the sample enterprises.(3)Regardless of the presence of financing constraint,the urban agglomeration effect on enterprises'investment spending has a positive effect,agglomeration effect has bigger influence to the enterprises with high degree of financing constraint.(4)Enterprises in the secondary industries of urban agglomeration in the middle reaches of the Yangtze River,whose investment behaviors are more affected by the leading industry in the region.The results of this research have positive guiding significance for management of the enterprises to cognize agglomeration economic environment rationally and make enterprises5 investment and financing decisions.For the government,they should promote urban agglomeration in the middle reaches of Yangtze River as the fourth pole of economic growth,promote the steady development of financial markets,broaden the enterprises' financing channels,support enterprises cross-regional cooperation,develop the leading industries,encourage secondary industry diversified growth,and build moderm industrial clusters.