Institution Oriented, Macroeconomic Condition Influence On Corporate Financing Choice

As the most basic capital and financial activities in modern enterprise, financing can solve the funding problems in the process of enterprise development. On the basis of financing behavior of our country agriculture, this paper researched the tax system, monetary policy, fiscal policy, capital market conditions, legal system and macro-economic conditions on the impact of agricultural listed companies financing structure. This will help people grasp the influence factors of financing structure, deepen the thinking of the impact of macroeconomic policies, clear the selection of financing decision optimization. The purpose is to promote agricultural optimization of financing structure and governance structure of listed companies, promote the financing structure of listed companies on the institutional factors and macro-economic changes adaptability and ability to resist risks.The paper analyzed characteristics of financial behavior and capital structure,so we got the following conclusions:"External financing as the leading factor, with internal financing assisting; in external financing, debt financing with priority and then stock financing" was the overall pattern of financing structure of Agricultural Listed Companies in our country. As a whole, debt to assets ratio of Agricultural Listed Companies was lower than national listed companies of A-share.On the basis of previous studies, the paper puts institution and the macro economic factors on the influence of the financing options as the research object. It chooses real income tax rate, interest rate, money supply growth rate, growth rate of fiscal expenditure, financial subsidies, the stock market yield, marketization index, the macro economic growth and the rate of inflation as the agency variables of institution and macroeconomic conditions. At last36listed before2002Agricultural Companies was chosen and panel data model was applied to do a positive analysis, There is no significant correlation between the real income tax rate, fiscal subsidies and level of debt financing; Monetary policy in loan interest rates rise and the degree of marketability advancement in the legal system can reduce the enterprise the current and lag issue of debt financing needs; the growth rate of the fiscal policy of fiscal spending, capital market development degree of yield increase in market and economic boom will help the current and lag issue of raising the level of debt financing; incremental increase money supply can only be the impact of corporate debt financing level; the rate of inflation will not immediately affect the current debt financing needs, but can significantly affect the lag issue of debt financing needs.Finally, this article proposes several suggestions in order to promote financing options structure of Agricultural Listed Companies, such as pay attention to the institution and macro situation, develop the bonds’market in china which is helpful for optimizing the debt structure of Agricultural Listed Companies, perfect the legal system and promote the marketization process; improve the industrial concentration, the competitive edge of agricultural listed companies.