The Research On Agricultural Listed Companies Maturity Structure Of Debt Financing Effects On Financial Performance

Much attention has been paid to problem of financing structure of Agriculture listed companies has been compared with other industries, there is a special agricultural listed companies debt maturity structure. On the one hand, agricultural listed companies financing needs are greatly influenced by seasonal, this has certain influence to its financing structure; on the other hand, due to poor agricultural profitability of listed companies, the industry recession, caused the financing channels, lack of long-term debt financing sources. According to the statistics of agricultural listed companies long-term debt financing accounted for only 17.88% of the total debt, short-term debt accounted for 82.12% of the total debt. As one of the important exogenous financing channels, debt financing debt financing structure reasonable or not directly affects the rationality of the capital structure of listed companies, which affect the enterprise’s financial performance.In this paper, agricultural listed companies as the research object to the term structure of debt financing as a starting point to study the debt maturity structure and the relationship between financial performance and the impact of agricultural listed companies debt financing maturity structure of financial performance. According to an optimization countermeasures listed agricultural debt maturity structure of financing, so as to achieve the ultimate goal of improving agricultural listed companies’ financial performance. Firstly, to sort out the theory, the use of tax theory, signal theory and the theory of the term structure of debt financing maturity structure of financial performance on a theoretical discussion, and related researches are reviewed. Then the agricultural listed companies Term Debt Financing structure and financial performance of the status quo analysis, through the debt maturity structure of listed agricultural companies for trend analysis and comparative analysis to identify agricultural listed company’s debt maturity structure characteristics, and agriculture listed company solvency, development capacity, profitability and operating capacity analyze the situation. Finally, the use of factor analysis, an overall index of agricultural boss company’s financial performance, the composite indicator can fully reflect the agricultural listed company’s solvency, development capacity, profitability and operating capacity, and after factor analysis comprehensive index as the dependent variable debt financing maturity structure as independent variables, build OLS regression model the impact of debt financing maturity structure of its financial performance.The empirical analysis found that the impact of long-term debt ratio of listed agricultural companies financial performance is positive, long-term debt ratio is higher, the reasonable period of debt financing structure, the better to enhance the financial performance of listed agricultural companies; the impact of short-term debt ratio of financial performance is negative, the higher the rate of short-term liabilities, the debt maturity structure of financing the imbalance, the more conducive to enhancing agricultural listed companies’financial performance. According to the conclusions of listed agricultural companies to optimize debt financing structure Term Strategies:First, actively develop diversified financing channels, increase the proportion of long-term debt financing, and promote the development of the bond market, and reduce the threshold issue bonds; Second, to reduce the proportion of short-term debt financing, Third, enhance the strength of listed agricultural companies to enhance internal financing capability.