An Empirical Study On The Influencing Factors Of Going Concern Ability In Agricultural Listed Companies Based On Corporate Governance Characteristics

China is a large agricultural country,the agricultural economy is the foundation of a nation.The sustainable agricultural development strategy is the primary consideration of our country policies,and accelerating the promotion of agricultural modernization,as well as industrial development become the utmost important thing today.Listed agriculture companies,which collect innovative thinking mode of corporate reform,are the advanced representatives of the agricultural enterprises.With the introduction of modern corporate system and its marketization,after that combing with the capital market,agricultural listed company came into being;The securities market provides a better financing platform for our agricultural enterprises,solving the agricultural enterprises due to financing difficulties or lack of funds which could lead to industry development stagnation.At present,however,the competitiveness and sustainability of our listed agricultural companies is not encouraging.Affected by a number of uncertain factors in the global market,The overall operating risk of agricultural companies have increased,financial status deteriorated and operating performance is gradually decreasing.There are various reasons,not only the impact of the external environment,but also the cause of enterprise itself.A large number of studies have shown that defect in corporate governance is often the only major cause of going-concern crisis in the enterprises,and our agricultural listed companies are no exception,so it is a great consideration for enterprises in reforming and perfecting the governance mechanism of agricultural listed companies,enhancing operational efficiency,improve core competence.Corporate governance is the core of modern enterprise system,which influence the future and performance of enterprises through the establishment of the shareholders meeting,the board of directors,the manager as the center of the corporate governance structure,and the formation of an effective balance mechanism.It is the basis for business stability and sustainable management.Therefore,based on the empirical data of our agricultural listed companies,it is of great practical significance to study the impact of corporate governance on its going concern ability.In this paper,the main method that we adopt is the combination of theoretical analysis and empirical research.Theoretically,first,through the domestic and foreign corporate governance theory and literature review,we understand their research status,laying the foundation of this study.Simultaneously,the paper analyzes the influence of corporate governance on going concern ability of enterprises by using the theory of sustainable development,principal-agent theory and stakeholder theory.Second,through the analysis of current situation of corporate governance in agricultural listed companies,we determine the key factors.The empirical analysis is divided into two steps: first,use the factor analysis method to obtain the comprehensive evaluation index of going concern ability of agricultural listed companies,second,through the construction of multiple regression analysis model to further study the influence of corporate governance factors on the going concern ability of the company.This paper takes 40 agricultural listed companies from 2010 to 2015 as research samples,with 10 corporate governance characteristics as independent variables and the comprehensive evaluation index as dependent variable.The empirical results show that four factors have a significant effect on the company's going concern ability,they are respectively,the stakeholder concentration,Z index,board size and type of audit opinion,among which,the Z index and the type of audit opinion are negatively correlated with going concern ability,but the remaining variables failed to pass the significance test.And then according to conclusion,from the perspectives of ownership structure,the board of directors governance and pay incentives,we give the corresponding recommendations respectively,including improving balance on equity,enhancing the proportion of independent directors and perfecting the incentive mechanism for compensation.