The Research On The Stock Right Financing Of Agriculture-listed Companies

In recent years, the agricultural economic reform of our country has always been the keystone of our government and in the academic field. The shortage of investment into agriculture has been certificated coincidentally, but only relying on the investment of national finance and peasant household is not enough. The development of agriculture needs social funds. As the leading enterprises of agricultural integration the listed agricultural companies can combine the stock market and the agriculture perfectly, guide the social funds to agriculture, and solve the shortage of capital in the development of agricultural integration. However, in fact the affect that the listed agricultural companies act in solving the problem of the shortage of investment in agriculture through the stock right financing is not perfect.Considering the phenomenon that "non-agricultural investment" of listed agricultural companies in China is very serious and some listed agricultural companies have thoroughly turn into invest non-agricultural field, the dissertation used the principal of "essence overweight form" in accountant theory as reference, reclassified the listed agricultural companies. Based on the premise that the stock market should and must support the development of agriculture, the dissertation analyzed all the reasons that cause the small scale of the stock right financing of listed agricultural companies. The reasons are as follows: firstly, the institutions are illogical which include the institutions of stock issue and the management of land. Secondly the listed agricultural companies have many questions in themselves, for example, its modern enterprise system and management system. Finally, facing the serious environment, the management of agriculture specific shows the agriculture natural disposition of low profit and that the agricultural infrastructure has not sturdy.Based on the theories and empirical test of the listed agricultural companies' performance and the right finance, the dissertation got the basic conclusions: 1. Institution was the fundamental reason for the small scale of the listed agricultural companies' stock right financing. 2. Operation performance of most the listed agricultural companies was weak and few of them had enough ability for the refinancing.3.The efficiency that the agriculture-listed companies used the collected money was very low and the proportion of investment to agriculture was very low comparatively.4. The agriculture-listed companies had no enough ability to lead the money to invest to agriculture.At last, aiming at the question in the right finance of the agriculture-listed companies the essay gave the policies advises on solving these questions. 1.Broaden the requirement for the agriculture-listed companies which want to finance from the stock market firstly, and increase the number of the agriculture-listed companies in the stock market. 2.Ameliorate the environment of the agriculture's management, increase the profit of the agriculture and enhance the agriculture-listed companies' ability to refinance.3. Improve agricultural listed companies modern enterprise system and establish a sound supervisory system of agricultural listed companies and make great efforts to advance the efficiency of the using the collected money. 4.Enhance the restriction to the usage of money which the agriculture-listed finance from the stock market and make sure the investment to the agriculture is enough.