Does Working Kapital Can Smooth Company Capital Investment?Empirical Evidence Based on Property Rights and Financial Development

Depend on investment in our country to promote the development of economic growth mode,in order to prevent economic ups and downs need to maintain the stability of investment,we combined with the company development examines the nature of property rights and financial working capital management role in stabilizing the company capital investment. Research results show that the working capital will be able to smooth capital investment,in more serious financing constraint of private enterprises the smoothing effect is more significant; financial development reduced working capital flowing company capital investment effect,and the weakening effect is more significant in the private enterprises. In this paper,the research confirms the necessity of enterprise working capital management,solve financing problems of private enterprises in reality still keep growing confusion,provide financial development how to ease the financing constraint problem micro-level empirical evidence.