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Journal of Applied Sciences
  Year: 2013 | Volume: 13 | Issue: 22 | Page No.: 5318-5326
DOI: 10.3923/jas.2013.5318.5326
Financing Decision, Dynamic Investment and Enterprise Property Value: Evidence from Chinese Listed Companies in Manufacturing
Zhe-Fan Piao and Le Zhang

Abstract:
Based on the theories of investment and finance decisions, this study analyzes the influences of financing decision, dynamic investment on the value of enterprise property empirically. Learn from Leland (1994), Sundaresan and Wang (2007), we use a sample of 380 Chinese listed companies in manufacturing during the period of 2003-2011 and find that: (1) Compared with the Non-SOEs, SOEs with lager size, higher profitability and better operating environment are easy to bank borrowing and equity finance; (2) Volatility of company’s price and changes of asset loss rate significantly affected the value of enterprises’ property, especially the loss rate; (3) non-SOEs can make better decisions of investment and finance than SOEs, with a better level of reach their goal of property value (67, 87%).
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How to cite this article:

Zhe-Fan Piao and Le Zhang, 2013. Financing Decision, Dynamic Investment and Enterprise Property Value: Evidence from Chinese Listed Companies in Manufacturing. Journal of Applied Sciences, 13: 5318-5326.

DOI: 10.3923/jas.2013.5318.5326

URL: http://scialert.net/abstract/?doi=jas.2013.5318.5326

 
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