Sensitivity of Uncertainty and Effect of Financing Constraints to Enterprises Investment
Basing on the latest data of China manufacturing public companies, while considering its characteristics and other economic circumstance, this paper verifies the effect of financing constraints and uncertainty to Chinas companies. The conclusion demonstrates: Acceleration Model is persuasive in explaining investing action of enterprise; case flow and uncertainty have a significant effect on investment; a big size and a high percentage of state share holding can not always be favorable to investment; the higher percentage the state holds, the bigger size it is, the higher sensibility to uncertainty. My suggestion is to build an equitable financing condition and steady economic environment, especially the steadiness of short term market; the counterintuitive characteristic of big enterprises and high state shareholding companies should be noticed.
uncertainty financing constraints investing choice public company
BAI Ruifeng GUO Jianqiang
Commercial College, Shandong University (Weihai Campus), P.R.China, 264200
国际会议
威海
英文
848-852
2010-07-24（万方平台首次上网日期，不代表论文的发表时间）