Research On The Impact Of Financing Structure On The Performance Of Agricultural Listed Companies

The financing structure is an important factor affecting the performance of the agricultural listed companies.In order to clarify the relationship between the financing structure of the listed companies and the performance of the listed companies,a feasible scheme to improve the business performance of the enterprises is put forward,so this study is made.This paper makes an empirical analysis of 39 agricultural listed companies in China from 2014 to 2016,and analyzes the impact of endogenous financing ratio,equity financing ratio,long-term loan ratio,shortterm borrowing ratio,other debt financing,company size,CPI growth rate,enterprise growth and other factors on performance.On the basis of sorting out the theoretical achievements of predecessors,this paper briefly describes the theory of early financing structure,the theory of modern financing structure and the theory of new financing structure.Then,the analysis of the current situation of the development of China's agricultural listed companies and the present situation of the financing structure found that the scale of the listed companies in our country is generally small,the profitability is not strong,but the debt paying ability is strong,which shows that the agricultural listed companies in our country can get the funds properly through debt financing.The results of the data analysis show that there are many problems in the financing structure of the listed companies in China,such as the low proportion of endogenous financing,the high proportion of equity financing,the complete deviation of the financing order and the optimal order financing theory.Using the CSMAR database,this paper selects eight financial indicators that can represent the operating performance.By using factor analysis method to calculate the comprehensive score of the operating performance of agricultural listed companies,the performance score as the dependent variable and the financing structure of the index correlation analysis and regression analysis between variables,draw the conclusion:the ratio of internal financing and operating performance significantly positive correlation,the percentage of equity financing has no correlation between operating performance,short-term borrowing rate is negatively related to the operating performance and long-term borrowing rate and operating performance has no obvious correlation between,and other debt financing(include accounts payable,notes payable,other payables)ratio has no relationship between operating performance.In addition,this paper further analyzes the internal financing cases of Wen's "company + farmers" model,and analyzes its unique endogenous financing model,and strengthens the empirical analysis from the case point of view.The conclusions and suggestions are to optimize the financing structure,improve the ratio of endogenous financing,control the scale of short-term borrowing,improve the IPO mechanism of agricultural enterprises,improve the bond market,and expand the financing channels.