Financing Structure And Operating Performance Of China Agricultural Listed Companies

The financing structure is the basis for the investment activities of corporations,affecting the company funds acquisition ability,capital efficiency and capital utilization cost,thus affecting corporate governance and operating performance,so the research on the relationship between financing structure and operating performance is with of major theoretical and realistic meaning.Research on the financing structure of them has very important influences on other agricultural companies making their financing decisions and helping agricultural listed companies achieve their development goals.In addition,the research will be helpful to the stakeholders of the listed agricultural companies,such as investors,banks and government,to make their decisions to change their behaviors to adapt the environment.At present,the performance of listed agricultural companies in China is not good,many agricultural enterprises are defective,and some of companies are special treated.Many scholars believe that something wrong with the financing structure of enterprises.Because china’s agricultural listed companies prefer external financing,especially equity financing,ignoring the internal financing,commercial credit financing and bond financing.This article concern about if there is a problem in the financing structure of agricultural listed companies,which parts of operating performance are poor,how the financing structure of agricultural listed companies have an impact on operating performance.This article begins with the theories,takes 39 agricultural listed companies as the object,uses factor analysis to evaluate operating performance of agricultural listed companies,then uses the factor scores as the variables,financial structure ratio as independent variables,the growth rate of GDP and the size of the companies as control variables to construct multiple regression equation to research the relationship between operating performance and financing structure of agricultural listed companies.Chapter arrangements are as follows: the first chapter is the introduction,including the research background,purpose,and literature review,the second chapter are financing structure and operating performance theories,the third chapter is the present situation of financing structure and operating performance of agricultural listed companies,including financing structure theories,operating performance theories and some hypothesis,the fourth chapter is factor analysis of operating performance of agricultural listed companies,including model design,index selection,factor analysis and summary,the fifth chapter ismultiple regression analysis between financing structure and operating performance of agricultural listed companies,the sixth chapter conclusions and recommendations.This paper adopts factor analysis method,selects 14 indicators includes the enterprise’s profit ability,liabilities ability,growth ability and operation ability,and subdivides the financing of equity financing and debt financing structure,thus improving the accuracy and comprehensive of evaluation on operating performance and financing structure.Conclusions of this paper are:the form of financing of agricultural listed companies is single,most of agricultural listed companies have poor profitability,endogenous financing of agriculture listed companyhas a positive effect on operating performance,ownership concentration has a positive effect on operating performance of U,the influence of equity structure performance is positive;commercial credit debt financing is positive,short-term bank is negative,long-term of bank loan on corporate performance is not obvious.