摘要资金的筹集和使用是企业自身金融活动中的两大重心。企业在作出投资决策之前要充 分考虑自身的融资能力，同样地，融资决策也要依据自身的投资需求来安排。关于企业投 融资决策行为的理论，就其单方面的研究范畴来看，已经各自发展到相对比较成熟的阶段。 近年来，基于企业代理成本以及信息不对称等方面研究的逐渐深入，学者们开始将投融资 决策结合起来考虑，着重研究两者之间的相互关系。究竟怎样的融资结构会影响企业的投 资行为，对于投资效率问题的研究有重要的意义，与此同时，这也引起了国内外研究人员 们的广泛思考和实证研究。

本文以国内制造业上市企业 2013-2015 年的财务报表数据为样本，借鉴国内外相关理 论，联系我国制造业投融资状况，通过相关实证检验来考察融资结构对其投资行为的影响， 并为规范企业投融资行为，优化经济资源配置提供一些政策性建议。77173

毕业论文关键词 融资结构 投资行为 实证研究 制造业上市公司

毕 业 论 文 外 文 摘 要

Title The Empirical Research on the Impact of Financing Structure on the Investment Behavior of Listed Companies

Abstract The raise and utilization of funds is the two cores content of modern enterprise financial campaign。 When making the investing decision, the enterprises must take full account their financing capacity, and corporate financing is also based on their investment suit accordingly。 The studies concerning enterprise financing structure and investment behavior, in terms of their single independent field, have already developed into a rather mature stage。 Based on the informational asymmetries and agency problems, scholars began to consider organic ground connection rises between investment and financing decisions, and study the effects of various financing behaviors for investment decisions。 How the financing structure play its role in the investment behavior of shareholders and these issues concern the investment efficiency, and also triggered a wide range of theatrical thought and empirical testing。

This essay based on the analysis and description of domestic and abroad research, then selected the study data from the listed manufacturing industries in China for three years, from 2013 to 2015, to make an empirical analysis, in order to find the way to regulate the financing structure of our listed company and promote the optimized allocation of the social economic resources。

Keywords financing structure investment behavior empirical studies manufacturing listed company

本 科 毕 业 论   文 第 I 页

目 次

1 绪论 3

1．1 选题背景与研究意义 3

1．2 国内外相关研究综述 3

1．3 研究定位与主要内容 6

2 融资结构与投资行为的相关理论分析 8

2．1 融资结构及相关概念