Empirical Analysis On The Relationship Between The Capital Structure And Corporate Performance Of Agriculture-listed Companies

As the basis for development of national economy, agriculture has a special status compared with the other industries, agricultural listed company is important carrier for agricultural industrialization. In recent years, agricultural listed company developed rapidly when enjoyed all the preferential policies, raised the needed funds by capital, play an more and more important role in national economy. From the perspective of capital structure, the agricultural listed company's capital structure is irrational, the overall asset-liability ratio is low, current liabilities are too high, which this issues has led to China's agriculture listed companies inefficient use of funds raised and the poor business performance. Foreign capital structure theory believes: the company's capital structure has effects on corporate performance, does this theory work in Chinese capital market? With this question the paper try to find out relationship between capital structure and performance of agriculture listed companies.This paper firstly introduces the purpose of this study, research state, contents and framework, research methods and so on. Next chapter is the analysis of the basic conditions for agricultural listed companies, including the definition, market background, regional industrial distribution, business scale, performance and status of in-depth analysis of capital structure. Theoretical design part is mainly introducing the capital structure theory, performance evaluation methods and the relationship between the two theories. Study design includes agricultural capital structure of listed companies and the performance of the basic assumptions, variable settings, sample selection, data sources and model building.The Final is empirical research contents, build OLS multiple regression model on the basis of descriptive statistical analysis on samples, analysis the relationship between debt structure, ownership structure and the corporate performance of agricultural listed company. The results of regression analysis show that: agricultural listed companies in asset-liability ratio, current liabilities ratio and firm performance was negatively correlated; state-owned share proportion, proportion of institutional shares and performance was no significant relationship between the shares and firm performance was a weak negative correlation; the top ten large shareholding ratio Performance is related to associated companies, the largest shareholder has a weak negative correlation with firm performance; company size, growth and performance were significantly correlated.