Study on the impacting factors of listed company´s investment decision

This paper analyzed the impacting factors of listed company´s investment decision through utilizing all-path recursive model. The empirical result shows: Firstly, though the concentration ratio of shares doesn´t directly affect enterprise´s expenditure scale, it influences enterprise´s investment decision indirectly through financing structure and enterprise performance. Secondly, there is a prominent positive correlation between financial leverage and enterprise´s investment expenditure, it shows that financial leverage effect of investment decision in China´s listed company follows management opportunism hypothesis. Thirdly, there is prominent positive correlation between enterprise´s internal cash flow and investment expenditure, it shows that internal cash flow has already become the important factor affecting enterprise´s investment decision, and market-oriented trend of financing behavior beyond enterprise is strengthened. Fourthly, there are a prominent positive correlation between the total assets turnover ratio of last period, investment ratio of last period and the investment expenditure of current period.