Study On The Influencing Factors Of Capital Structure Of Listed Companies In Food Industry

Capital structure is an important indicator of the company's financial position,it's directly related to the development of the whole industry.Currently,China's food industry is facing a huge transformation and upgrade,Enterprises gradually change from the labor-intensive industries to capital-intensive and technology-intensive industries.Therefore,exploring the influencing factors of the capital structure of the food industry has important practical significance to adjust the financing structure and improve the financing ability of the food industry.Food industry is a human life industry,its development has an important impact on the economic development of our developing country with a population of nearly 1.4 billion,the future development space and growth potential of China's food industry is huge too.As the vanguard of the industry,Listed companies perform as other business' main force from both the business performances,capital structure and enterprise internal organization management.Currently,the number of listed companies has achieved 108 in the Shanghai and Shenzhen Stock Exchange.The operation and financial situation of these enterprises can basically reflect the general or overall level of the industry.Moreover,the financial and operating data of listed companies are open and complete.Compared with the general food enterprises,their financing behavior is more standardized.Therefore,it is convenient and feasible to study the capital structure of listed companies.Based on this consideration,this paper focus on the study of the capital structure of China's food listed companies,Hoping that this study will explore the current situation and influencing factors of the capital structure of the food industry,and provide meaningful suggestions for optimizing the capital structure of the industry.In this paper,I analyzed and introduced the western capital structure theory first,then discussed in detail about the industrial characteristics,the development status,characteristics of capital structure and debt structure of China's food industry listed companies,founded that China's food industry at present has faced a lot problems,like regional unbalanced development,low asset liability ratioand extortionate current liabilities ratio.By establishing the static panel data model,We discussed the growth,profitability,product market competition,asset security value,the size of the company,operating capacity of the company's impact on the capital structure of listed food company in China.The study shows that growth,profitability,operating capacity of the company and the degree of product market competition has a significant reverse effect on the capital structure,but the non debt tax shield,asset security value,the size of the company shows a significant positive effect.This paper gives a reasonable explanation for possible reasons for these results,combining China's food industry features.According to the theoretical and empirical results,we proposed feasible suggestion separately from the food industry policy support,the improvement of bond market,transformation and upgrading of enterprises to further optimize the capital structure of listed companies of food industry.