A Study On The Equity Financing Efficiency And Its Influencing Factors Of Agricultural Listed Companies

Agriculture is the foundation of the national economic development. China has been focusing on the issue of agriculture since the reform and open policy. In 2012, the state council promulgated a document named "about the opinions of supporting the development of agricultural industrialization leading enterprises". According to the policy, we should promote the development of financial service of leading agricultural companies, support the companies which meet the conditions of the national conditions to financing from the stock market or issue shares and list abroad and strengthen the ability to develop companies.The paper is based on the status quo which the financing of agricultural listing Corporation in our country is mainly in the form of equity financing, evaluate on the equity financing efficiency of China's agricultural listing Corporation, and establish a comprehensive framework of the system that affect the efficiency of agricultural enterprises equity financing analysis the effect of the economy on the financing of agricultural enterprises.The main research content is as the followings below. Firstly, this article analyzes the general financing condition of agricultural listed companies, the overall condition of debt financing and equity financing and studies the cause of present situation of financing, which combines the agricultural industry characteristics of the listed companies. Secondly, the efficiency of listed agricultural companies' stock financing is analyzed from two dimensions which are the efficiency of the corporate fund-collecting and capital allocation efficiency with the data between 2012 and 2014 by using entropy value method model. Then, this paper evaluates the level of the equity financing efficiency of listed agricultural companies in our country through comprehensive score and describes the change trend of agriculture listed company equity financing efficiency. After that, the paper theoretically analyzes interact of related factors, and studies the influence factors on the efficiency of the agricultural listed company equity financing by using multiple linear regression analysis model, afterwards states how the relevant factors exert influence on efficiency of the agricultural listed company equity financing and verifies this theory judgment and explains the results and possible reasons. According to the analysis of the two chapters ahead, this paper puts forward to countermeasures and suggestions to improve the efficiency of listed agricultural companies' equity financing. Finally the paper proposes the prospect of further research.The research conclusion is: firstly, China's agricultural listed companies' equity financing efficiency is not high and the trend increases gradually. Secondly, among the influence factors of agricultural enterprise equity financing efficiency, business risk, sales gross margin, asset-liability ratio, and shareholding ratio of the top five shareholders' have major impact on the equity financing efficiency of China agricultural enterprises.