The Research On Financing Structure Of Agriculture Listed Company Based On The Enterprise Life Cycle

The agriculture is the primary industry of China, the development of which concerns the national's economy and people's livelihood. As the promoting of agriculture industrialization and the perfecting of bond market, the agricultural listed company is being on the right track, which pushed the agriculture industrialization forward. However, the problems emerged in the process of listed company development, containing the lower asset-liability ratio, stock financing preference, capital unused, the lower rate of return on investment, refinancing difficulty, unreasonable financing structure and so on, which blocked the movement speed seriously. The research on financing structure features and the influence factors is the indispensible way to seek solutions.Based on the relative theories, both financing and life cycle, firstly, this paper adopts the comprehensive value of many index to divide the samples, 34 samples of agriculture listed company in A stock market from 2006 to 2009, into three stages, grow-up stage, mature stage and diversification stage, then analyses the financing features of the different stages. Secondly, the paper defines the relative variables and selects principal component analysis and multiple regression model to analyses the influence factors and the correlationship.This paper comes to the following conclusions: first, as the change of life cycle the asset-liability ratio of agriculture listed company presents the inverse U style; from grow-up to diversification stage, the main financing way is outside source and the debt financing proportion is much higher than stock financing; second, the following factors, company scale, company asset structure, company profitability, company short period debt pay ability, company non-debt tax shield and company taxation, concern the financing structure prominently; the main influence factors of grow-up stage are company scale, company asset structure and company non-debt tax shield, the main influence factors of mature stage are company asset structure, company short period debt pay ability and company non-debt tax shield, the main influence factors of diversification stage are company non-debt tax shield and company taxation.