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《西部上市企業(yè)融資方式對投資效率影響的研究》由會員上傳分享，免費在線閱讀，更多相關(guān)內(nèi)容在教育資源-天天文庫。
1、Subject：ImpactofFinancingMethodonInvestmentEfficiencyofListedCompaniesofWestChinaSpecialty：ManagementScienceandEngineeringName：WangJiao(Signature)Instructor：WangPing(Signature)ABSTRACTInrecentyears,withtheincreasingnumberoflistedcompaniesinthewestofChina,theeffi
2、cientuseoffundsthatareraisedbythelistedcompaniescausesmoreandmoreattentionofallsectors.Investingefficientlyisthemostimportantproblemformanaginglistedcompanies.Investingefficientlydirectlyinfluencesthegrowthandcashflowoflistedcompanies,andthustheoperatingrisk,profitleve
3、landprospectforcompanies.Alowenterprisefinancingefficiencyisaproblemthatcompaniesfromallovertheworldarefacing;inChina,itismoreprominent.Accordingtomodernfinancialtheory,internalfinancingisthefirstfinancingoption,thendebtfinancing,andequityfinancingisthelastoption.Thisw
4、asconfirmedindevelopedcountriesandsomedevelopingcountries.ButthesituationforlistedcompaniesinChinaisactuallyverydifferent.UsingWesternlistedcompanies’dataasthestudysample,andcombiningtheuniquemarketenvironmentandeconomicsystemofourcountry,therelationshipofequityfinance
5、andinvestmentefficiencyiscloselyexaminedinthispaper.Thewholeresearchconsistsofthreeparts:First,basedonbasictheoryandideology,thestatisticalmethodisappliedtoprecedeitsanalysisonthespecificobjectofstudy.Second,aregressionmodelisbuiltandvariablesaresetinaccordancewithrele
6、vanttheoreticmodelsandtheauthor'sownviewpoint.Finally,anempiricalanalysisisdonefortheabovemodelsandtheinfluenceofequityfinanceanddebtfinancingoninvestmentefficiencyissystematicallyanalyzed.Thispaperanalyzestheinfluenceofthedifferentfactorsinequityfinancinganddebtfinanc
7、ingoncorporateinvestmentefficiencyaccordingtoregressionresults,andverifiesthehypothesiswhichisproposedintheprecedingparagraphs.Throughtheaboveresearch,theauthorfoundthatthereisaninvertedU-shapedrelationbetweenthefirstshareholder’sshareholdingproportionandtheefficiencyo
8、finvestment.Thereisapositiverelationbetweenthestate-ownedshareholdingproportionandtheefficiencyofinvestment.Thereisno
