The Influencing Factors Of Equity Financing Efficiency Of Agricultural Listed Companies

In the context of reform and opening up,agricultural listed companies on China's economic growth and social progress have a negligible effect.According to Sina Financial Network statistics,as of the second half of 2014,there are 61 listed companies in animal husbandry and fishery,including three ST stocks,which will be removed.Finally this article selected 58 agricultural listed companies as samples.And because of the lower cost of equity capital,non-reimbursable and permanent characteristics,agricultural listed companies obviously depend on equity financing,and equity financing begins to become the most important source of external financing for agricultural listed companies.As of the 2014 financial statements,a total of 27 agricultural listed companies mainly use equity financing,the 22 use sources of financing and other 12 use debt financing.Thus,agricultural listed companies gradually transform from internal financing into equity financing.Currently agricultural listed companies are facing financing difficulties.Zhang Loudan,Zhang Min(2015)found that in recent years the efficiency of the equity financing of listed agricultural companies,showing a rising trend,but are generally low.The reason is that because the ‘back farmers' situation of the main business of the agricultural enterprises is more serious.Most agricultural listed companies have generally poor business performance after raising funds,which makes inefficient use of funds and equity financing is relatively low efficiency.This has a serious impact on investor confidence,resulting in a limited ability to refinance equity,and ultimately it makes the enterprise into financing difficulties.In other words,inefficient equity financing is the root causes of financing difficulties of enterprises.Therefore,how to improve the efficiency of equity financing is imminent.Combining the advantages of entropy method and gray correlation method,this article sets up a new gray correlation model to study the relationship between the influence factors of efficiency and the equity financing of listed agricultural companies.Firstly,the article studies the status of efficiency of the financing and financing of agricultural listed companies to,followed by analysis of the different sectors,factors related equity financing efficiency under different perspectives equity financing efficiency and impact.In previous research results on the basis of equity financing on the efficiency factor,the article selects 52 animal husbandry and fishery agricultural listed companies of 2012--2014 Sina Financial Network as the research object,the equity financing efficiency as the dependent variable,total asset turnover,firm size,capital structure,the total amount of equity capital 10 indicators of financial risk,as an independent variable,to research.The results show that: the position of firm size,whether in the front or rear,cannot shake,and they belong to the first impact factor,followed by financial risk and capital structure in the entropy of the weights;capital value guarantee,the total amount of equity financing and corporate growth of Agricultural listed companies for equity financing efficiency just below the first three factors,and positively correlated with equity financing efficiency;non-volatility of liabilities and income tax shield effect followed,while turnover and profits and shareholder equity financing efficiency correlation have the minimum impact.