Positive Study On The Financing Structure Of The Agriculture-listed Company

The agriculture-listed company is a kind of comparatively advanced organizational form in certain stage. The agriculture-listed company is the international mainstay of the agriculture in China under the competitiveness of WTO and one of the main way of capitalizing our agriculture. The' agriculture-listed company can organize agricultural resources of product effectively, realize large-scale production and embody famous-band advantage fully, promote the adjustment of agricultural structure and improve of the industrialization level. While different structure of financing has different influence to the agriculture-listed company. So, the study to the structure of the agriculture-listed company has some real significance.Enterprise' s financing structure theory is an important component of modern company' s financial economics. Modern enterprise financing structure theory consider that under the asymmetrical information condition, enterprises prefer inside financing to outside financing, and if enterprises seek outside financing, then enterprises will choose the financing way of the bond namely bank loan, choose the financing way of the stock finally. The theory was verified convincingly in western developed countries and some developing countries.The text analyzed the current situation of the financing structure of the 36 agricultural listed companies of China and madeconclusion that the agricultural listed company of our country express a concentrated expression of the partiality of exterior financing which embody on the high asset-liability ratio and big proportion of stock financing. However, according to the structure theory of modern financing, we conclude that the agricultural financing structure of listed company of our country is unreasonable, but it is very difficult to confirm debt financing or stock financing cost take what proportion in order to optimize the structure of agriculture listed companies. Therefore, the paper analyzed 36 agriculture listed companies in the asset-liability ratio, the net asset-liability ratio and verified the unreasonable structure of the agricultural listed company of our country and draw the ideal block of asset-liability ratio under the state at present and proved again financing structure of our countries is unreasonable. The paper analyzed the reasons of difference between the structure of agriculture-listed companies and the structure of modern financing structure and effect of structure of present agriculture-listed companies on future development of agriculture-listed companies. Finally, the paper analyzed some reasons which would affect the structure of financing using SPSS software and drawed the conclusion that there are five reasons which include the risk of manage income, the degree of state-owning, pay of the mortgage assets, sheltered revenue of the non-debt tax and the company' s growth. Base the reasons above, concerning the financing structure theory, the paper made suggestion of the development of the agriculture-listed companies. The suggestion was from the point of the main factors to the financing structure, perfecting the stock market and the macroscopic policy.