Study On The Financing Structure Of The Chinese Listed Agribusiness

The listed agribusiness is a peculiar group in our country listed company. It is themain force of China Agriculture Industry participating in international competition underWTO background. Appear in the market is the main approach of agriculture estatecapitalization. Look at entire security market, not only the number of listed companies, butalso the total capital assets and share capital scale, the listed agribusiness takes upproportion less than 6%. However, same like, we can not deny agriculture base function asagriculture GDP became lower when we are try to promote national industrialization; wealso can not ignore listed agribusiness effect.Financing structure means in enterprise raises, the structure of capital sourcing andproportion made up. By different means of capital sourcing, there are two main parts: innercapital and outer capital. Inner capital is including depreciation and retain earnings. Outercapital is including stock financing and debt financing. Whether the financing structure isscientific and rational, it will directly affect the enterprise financing cost, high or low; itwill affect the profit maximization actualizing, it is a bottleneck of enterprises continueddevelopment. Therefore, regulating the financing behaviors, optimizing financing structureis extremely important to agribusiness listed companies, whose operation performance isnot that good.This article analyzed 65 listed agribusiness status quo of financing structure,conclusion: very high proportion of outer financing in financing structure: high debt rationand preference on stock financing. Although according to the modern financing structuretheory, the financing structure of agribusiness listed companies is not rational, however,understand current situation it is very difficult to define an optimized ration of debtfinancing and stock financing. Therefore, this article uses sample analyzing method. Thereare 39 listed agribusiness companies, by using Main Components Analysis to analyze themain factors that affect the financing structure and make conclusions are: company scale,profitability, growth, equity structure, capital structure, Non-Debt Tax Shields, cash flowand debt capacity have the effects on listed agribusiness companies. Results show that,debt capacity, company scale and enterprise financing structure are positive relationship.Capital structure, profitability and enterprise financing structure are negative relationship,meanwhile, some factors that affect the financing structure could not get through in sampleanalyzing, about the reasons about this, and author gives the explanation in this article. Based on this, this article associates with development statusquo of listed agribusiness companies, from the aspects of perfecting capital market andeconomic system, regulating listed companies financing behaviors and optimizing stockstructure, author provides some specific measure.