Research On The Factors Affecting The Debt Financing Of Food Enterprises

The development of the food industry is related to the livelihood of our people and meets the financing needs of the food industry.The food industry companies still have a lot of money demand in the market,and the enterprise scale of China's food industry is generally small,the lack of ability to resist risks,coupled with the overall competitive profit rate is low,therefore,insufficient food industry enterprise internal funds supply set by the difficult issue.Debt financing has become an important source of capital for the food industry because of its matching with the business model of the food industry.Debt financing is affected by many factors.The comprehensive study of the influence of these factors on the debt financing of food enterprises will provide a strong support for the choice of debt financing decisions for the food industry enterprises.Under the framework of modern enterprise financing structure theory,the paper focuses on the influencing factors of corporate debt financing in the food industry.Firstly,the domestic and foreign literatures are combed comprehensively,and the preliminary theoretical framework of factor analysis is established.Second,analyze the necessity of debt financing in food industry in our country,and probe into the importance of debt financing to food enterprises from the actual situation.Third,the influence factors of debt financing is divided into external factors and internal factors,the external factors and internal factors for qualitative analysis,according to the trade-off theory,pecking order theory,investment theory,financial growth cycle theory and cash flow management theory put forward 7 dimensions of influence,including financing costs,internal funds and supply enterprises the credit rating,and the corresponding research hypothesis.Fourth,research and design the influencing factors,including variable design,model design and sample selection.Fifth,statistics 150 listed companies in the food industry in our country,synthesize the financial panel data of the last 4 years,a total of 6000 samples,using the regression multiple regression method for empirical test.The results show that the interest rate,cash flow ratio,undistributed profit rate,the rate of return on net assets and enterprise credit rating is the factors affecting the food industry the main debt financing of listed companies;corporate guarantee ability,enterprise scale,the stock price premium degree and distance from the last time of financing is weak influences on debt financing the.This paper analyzes the factors affecting the debt financing of Listed Companies in food industry quantitatively,and has certain guiding significance and practical significance for the financing decisions of Listed Companies in the food industry.