| "Agriculture is the most important thing in China."Agricultural enterprises are the main force to promote the development of agriculture. And it is healthy development is bound to affect the overall situation of agricultural industry's rise and fall, however, Agricultural enterprises often in the business of working capital shortage due to capital turn over time is too long, plus the high threshold of external financing, financing is cumbersome, the narrow financing channel factors such as agricultural enterprises of agricultural new technology limited the scale of production for a long time, slow down and even difficulty in operation. Therefore, as soon as possible to solve the problem of the financing difficulties of the agricultural enterprises has become improve the overall quality of agricultural enterprises. So the Financing difficulty is a serious impact on the development of agricultural enterprises.In solving the problem of agricultural enterprises financing difficulties, the existing research from the visual angles, such as corporate governance and corporate financial analysis and various factors that affect agricultural enterprise debt financing, however, the existing research is more of a focus on the characteristics of the enterprise and ignored the traits of corporate executives, social capital. China has different institutional background and cultural inheritance with Western Europe and the United States. Only through the enterprise micro level to discover problems, thinking, to analyze and solve problems is obviously not enough. Also should pay special attention to the special system environment in our country under the executive social capital factors affecting agricultural enterprises financing, namely agricultural enterprise executives have "political association" and "financial association". Miss on the investigation to the special institutional background in China, will seriously affect the results of scientific and universality. At the same time, because of China's regional economic development level is different the institutional environment difference is very big. In different areas, agricultural enterprises in debt financing will face different considerations in legal system. In the institutional environment of poor areas, agricultural enterprises financing will face more than institutional factors cause trouble; and in relatively sound system of region, agricultural enterprises also need to financial institutions to maintain good communication effectively.In harmony with the government agencies establish a link between political to seek alternative mechanism to protect the interests of the agricultural enterprises, and financial institutions to establish a link between financial to relieve the financing constraints.Therefore, this article is based on agriculture listed company executives the perspective of social capital, discusses the agricultural class officially associated the executives of listed companies associated with financial background and the relationship between the corporate debt financing. Confirm in the existing China's economic transition and economic under the background of the new normal, agriculture listed company executives the social capital of crucial influence on the company's bank loans. And considering the regional economic development level of China is very uneven, market and the institutional environment difference is very large. We will from system is relatively sound region and system construction lags behind the two dimensions of the research question was investigated. The study found that:(1) in the agricultural listed companies, corporate executives associated with political background and bank debt financing has significant positive correlation relationship. Further study on class political association official bank debt financing effect is more significant, and hired as high level government officials as executives of corporate debt financing is also significant positive correlation relationship; Agriculture listed company executives in the financial related background, there is no significant impact on debt financing, but the financial related scope is limited to the chairman and general manager, financial associated with Banks is significantly positively related to debt financing. (2) in the institutional environment is not sound, agricultural listed companies to establish a link between political and corporate debt financing has significant positive correlation relationship; But in relatively sound system areas, agriculture listed company executives have political association, there is no significant relationship with the enterprise's debt financing. Above findings confirmed the political relationship between the company, the financial link does in agricultural bank debt financing of listed companies effect point of view, and agricultural class, the restraint of the financing of listed companies the relationship with the region.Above findings suggest that we suggest that the market system is not perfect in our country, agricultural enterprises can executives of social capital to establish a link between political, financial association and informal institution to ease of bank loans as a result of institutional defects and difficult question. Informal institution to agricultural enterprises after the establishment of debt financing can effectively substitute effect, make the enterprise in the shortage of funds through and further development. Another aspect from the point of view of government, the government needs to constantly improve the market legal system construction, market behavior and the financing way specification constantly, establish a formal, fairness of laws and regulations, make have safeguard market order, but also need to bank and other financial institutions to strengthen supervision, establish system of standards as a measure of how much bank loans and loan time limit. In order to fundamentally solve the agriculture of our country enterprise financing difficulties, financing your problem. |
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