Debt Financing Preference Of Listed Agricultural Companies And Its Influencing Factors

Capital structure is a very important financial decision-making,but also the focus of financial academia.In essence,the capital structure is the result of corporate financing behavior.Corporate finance is a dynamic process,and different financing preferences inevitably lead to different outcomes that form different capital structures.Reasonable financing behavior must form an optimized capital structure,and the distorting of financing behavior will inevitably lead to the imbalance of capital structure.China's economy is fully integrated into the world economy.The market environment has become more complex and uncertain.In order to develop enterprises and to seize more resources,more and more enterprises take the way of debt management to expand rapidly and occupied of the market.But debt financing has a double-sided nature,which can play a financial leverage effect,may also bring financial risks.How to make the rational debt financing decision according to the macroeconomic environment,industry status and the characteristics of the company to realize the sustainable growth of listed companies and the maximization of enterprise value has become an important problem facing the management of listed companies in our country.Into the "thirteenth Five" period,agricultural modernization is facing more complex internal and external environment.At present,China's industrial and commercial and manufacturing industries are developing rapidly,but agriculture is susceptible to natural disasters and weak assets such as weak assets.The financing ability of agricultural enterprises is poor,which affects the debt financing preferences of agricultural enterprises so that they cannot reasonably optimize debt financing Structure,play a financial leverage effect.It is of great significance to optimize the financing environment of China's agricultural listed companies,to improve the value of agricultural enterprises and to promote the development of agriculture in China,and to study the status quo of debt financing preference and its influencing factors in China's agricultural listed companies.This paper takes the financial data of China's agricultural listed companies and their sub-sectors from 2011 to 2015 as the research samples,using statistical analysis and comparative analysis,from the perspective of debt financing scale,debt financing structure and debt financing Listed companies forestry,fisheries,agriculture and animal husbandry four sub-sectors of the debt financing preferences and the impact of factors to study the status quo.Found that due to the macroeconomic environment,industry conditions and the characteristics of the company's various sub-sectors of the debt financing preferences are different,and some sub-sectors of debt financing structure is unreasonable situation.Finally,according to the research results,the paper puts forward some countermeasures and suggestions to optimize the debt financing of agricultural listed companies from the macro,industry and the company respectively,so as to make the agricultural listed companies better use the debt financing to increase the income and prevent the financial risk.