Abstract
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.
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