Empirical Research On Factors Impacting Capital Structure Of Listed Agribusinesses

The agricultural listed company is the representative of advanced agricultural productivity,a special group in our listed companies,a direction of agricultural economic development,one of the main pathway of Agricultural capitalization.It has important significance of studying listed agribusinesses to improve agricultural enterprises' value,to solve "three-dimensional rural issues". Therefore,this paper regards agricultural listed company as the research object,modern capital structure theory as the instruction,domestic and international research as the basis,carrying on empirical research on capital structure influencing factors of listed company of our country,and try to find the way of countermeasure of optimizing the capital structure of China's listed agribusinesses, improving company's value,offering reference for the sustainable development of the agricultural listed company meanwhile,provide a source of reference for their sustainable development.In the developing process of listed agribusinesses,a realistic and unavoidable problem is the unreasonable capital structure,which manifests itself as low asset-liability ratio,serious binary structure of share-ownership,long-term disequilibrium of debt proportion and so on.The unseasonable capital structure exerts profound influence on the governance structure and even determines the behavioral characteristics and the performance of the companies.Therefore,we finally adopt a method that can optimize the capital structure of listed agribusinesses.The paper focus on the analysis of influencing factor of capital structure of listed agribusinesses, The literature review is concerned as one of research background,mainly about the domestic and international research current situation.The main research contents,the objective,and the technique route of the capital structure of listed agribusinesses are involed in the introduction.On the basis of above,review of the capital structure theory,from "structure theory of the early capital,modern capital structure theory and the classic capital structure theory".And the theory in each period plays a important role to optimize the structure of apital structure of listed agribusinesses,sepecially for MM theory.After analyzing the present situation and the problem,we understand the basic situation, poor performance,failure in competition and unreasonable structure of listed agribusinesses.Then the author analysis the influencing factors based on theory and empirical research;Then modeling after making sure the influencing factors,proposing the research hypothesis and selecting variance; Finally,performing analysis of the results.From the states of the present situation and the analysis, we can conclude that it is unreasonable about capital structure of listed agribusinesses,.Therefore, we propose some suggestions for optimizing the capital structure of listed agribusinesses.