Study On Influencing Factors Of Financing Structure Of Agricultural Listed Companies

Agriculture is the basic industry in China, the stand or fall of the agricultural economy development directly restricts sustainable and healthy development of national economy. Agricultural listed companies are the representatives of advanced productivity of agriculture in our country, at the same time, they are not only combination of listed companies and agricultural enterprises, but also link between farmers and market, therefore, they play an important role in promoting China's agricultural development in the process. However, at present, agricultural listed companies in our country are facing a series of problems in financing endogenous financing deficiencies, external financing ability is limited, it seriously hindered sustain, healthy and rapid development of agricultural listed companies. Therefore, how to improve their ability of financing and developing power, accurately analyze the factors that affect agricultural listed companies financing ability, improve the financing ability of agricultural listed companies according to the characteristics of agricultural listed companies are the priorities for current problems.This article firstly reviewed related literature about agricultural listed companies financing structure, draw lessons from MM theory, trade-off theory, agency cost theory, the optimal sequence financing theory and signaling theory and related theory, put forward concept and connotation about agricultural listed companies and financing structure, set up empirical model about agricultural listed companies financing structure and their influencing factors. Taking 42 agricultural financing structure of listed companies as research object, using factor analysis and structural equation model (SEM), and descriptive statistics research methods, using SPSS 18.0 and AMOS 17.0 software, the relationship between the financing structure of listed companies and its influence factors is empirically analyzed, the following conclusions are drawn:Firstly, using factor analysis method to refine main factors of influencing factor index of financing structure, get debt paying ability factor, structure factor, growth factor, the company size factor, profit ability factor.Secondly, the company scale exists directly remarkable positive influence on financing structure.Thirdly, the profit ability exists directly remarkable negative influence on financing structure.Fourthly, debt paying ability exists directly remarkable negative influence on financing structure.