An Empirical Study on the Impact of Relational Assets Investment on Financing Structure

——Data Validation Based on Companies Listed in China’s Growth Enterprise Market

MA Na1 and HOU Li2 （1.Xi’an University of Technology，Xi’an，Shaanxi710048，China；2.Dongbei University，Shenyang，Liaoning110819，China）

Abstract：From the perspective of industrial organization，by using the empirical research method，the authors investigate the relationship between relational assets investment and financing structure with the panel data since 2009 to 2013 of listed companies in China’s Growth Enterprise Market（GEM）. It is found that supplier relationship investment and dealer relationship investment both have significant negative impacts on financing structure，and the negative impact from dealer relationship investment is greater than that of supplier relationship investment. Relational asset is the key for companies listed in China’s GEM to have the sustainable competitive advantage；and relational asset investment should become the important measures and ways for companies listed in China’s GEM to create competitive advantages.

Key words：relational assets investment；dealer relationship；supplier relationship；financing structure；companies listed in GEM