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

Agriculture is the basic industry of national economy in China, its particularity is incomparable to other industry, agricultural listed companies has important position in the development of agricultural modernization, the history of the development of the industry in our country, the country aware of the importance and necessity of developing agriculture, thereby increasing support to agriculture, agriculture listed company all kinds of preferential policies, the purpose is to promote agricultural industrial structure adjustment and the industrialization level enhances unceasingly. In the process of the growth of agricultural listed companies, there are unreasonable capital structure for a long time, the phenomenon such as poor business performance and the diversified development company, and according to the foreign research shows that the company’s capital structure has a significant impact on the company’s operating performance. Suggestions to improve the above situation to provide certain theory, it is necessary to research agricultural listed companies’ capital structure and company performance and the relationship between the both. This paper discusses the influence of corporate performance on capital structure, come to the conclusion that there is negative correlation. This paper first introduces the research significance and the domestic and foreign research background, research contents, research methods and framework. Followed by the analysis of the basic conditions of agricultural listed companies, the concept of agricultural listed companies listed definition, background, regional industry distribution, scale of operation, business performance and capital structure present situation analysis. Theoretical design part mainly discusses the capital structure theory, the performance evaluation methods and the related theory between the two is presented. Study design content including agriculture relationship between capital structure and performance of listed companies, variable is set, the basic hypothesis of sample selection, data source and model building. Finally is empirical research content, the agricultural listed companies during 2004-2008 data samples of descriptive statistics analysis, on the basis of building OLS multiple regression model, to the agricultural listed company debt structure, the relationship between ownership structure and corporate performance distribution of regression analysis. Return to the empirical results show that the flow rate of assets and liabilities of agriculture listed company, debt ratios are negatively related with corporate performance; Proportion of state-owned shares, legal person share proportion had no significant relationship with performance, float for a weak negative correlation with corporate performance; Top ten shareholders holding positive correlation with corporate performance, the first big shareholders holding a weak negative correlation with corporate performance; Significantly positively related to the company size, growth and performance.