Empirical Research On Influencing Factors Of Capital Structure Of Agricultural Listed Companies

Capital structure theory has been concentratedly discussed and studied. Even though the study of influencing factors of capital structure has been deep, some shortcomings still exist in the study of the date. Most scholars adopted the data of the studied year studying the capital structure of the same year which could not correctly reflect the fact that all kinds of factors affected the capital structure. In data aspects, most experts used the cross section date of some influencing factors, lacking the effect of time-controlling and they could not adopt exact criteria in choosing index, so they should try their best to avoid choosing the correlation index, etc.At present, Agricultural Listed Companies are important role in our economic life and development and the role has increasingly brought people's attention. The paper further studied the influencing factors of Agricultural Listed Companies by comparison analysis, correlation analysis, clustering analysis, partial least- squares, EXCEL,SPSS,SIMCA-P,etc. and proposed the important factors that influenced the capital structure of Agricultural Listed Companies at present. The paper also proposed the strategies and suggestions towards the optimization. The paper could direct the practices and had the theory research value because it further deepened the theory of capital structure.The paper analyzed characteristics of financial behavior and capital structure which existed in the Agricultural Listed Companies in our country by adopting the data from the latest accounting year, so we got the following conclusions.1. "External financing as the leading factor, with internal financing assisting; In external financing, debt financing with priority and then stock financing" was the overall pattern of financing structure of Agricultural Listed Companies in our country, and meanwhile, financial structure of some listed companies even totally relied on external financing.2. Debt to assets ratio of our country's Agricultural Listed Companies was lower than one of national listed companies of A-share; As a whole, such situations were reasonable, and for the profitable enterprises, there still was space to finance by borrowing money.3. Debt structure was mainly represented by the high rate of current liability.4. Share Structure was wholly showed by the pattern with low proportion of Negotiable Stocks, and the controlling authority of the State-owned Stocks.The paper made the empirical analysis on its influencing factors binding the features of the Agricultural Listed Companies. But the formation of the enterprise's capital structure was the effect result of many factors. The paper carried out comprehensive empirical study by constructing decision-making model of capital structure. So we got the following conclusions. The firm size...