The Research On Effects Of Capital Structure Of Agriculture Listed Companies On Business Performance

China is a largest agricultural country.Agriculture is the base of the people’s survival and is closely related to the stability of the society.This situation also determines the status of agriculture in the national economy of China.Agricultural Listed Companies as representatives of the agricultural industry is a model of agricultural enterprises,but the operational performance of them is not satisfactory at present.The capital structure of a company is the embodiment of the power and obligation of the owner of the enterprise.It can indirectly reflect the decision of the manager and have a great influence on the business performance of the enterprise.Therefore,this paper will start from the capital structure and try to explore its influence on the operational performance of China’s Agricultural Listed Companies,and put forward countermeasures to improve the capital structure of Agricultural Listed Companies in order to improve their business performance.The first part of this paper is introduction,including the research background and significance,the related research status at home and abroad,research contents and research methods,etc.Secondly,it introduces the concept and theoretical basis of capital structure and business performance.Then it introduces the overall situation of Agricultural Listed Companies in China and the current situation of capital structure and business performance of these companies.Later I collect the financial data of China’s Agricultural Listed Companies from 2009 to 2016 and put them in order.An empirical analysis is made by means of factor analysis and regression model and the conclusion comes out as follows:(1)Assets and liabilities and business performance are negatively correlated;(2)Current debt ratio and business performance are negatively correlated;(3)Long-term capital debt ratio and business performance are negatively correlated;(4)The proportion of the largest shareholder is negatively correlated with the performance of the business;(5)The long-term capital debt ratio has a positive correlation with the performance.At the same time,on the basis of this conclusion,the following recommendations are proposed:determine a reasonable debt financing ratio、developing the corporate bond market、improve the equity structure of listed agricultural companies、improve the profitability of listed agricultural companies and improve their operating performance、comprehensively enhance the competitiveness of the company and enhance the company’s vitality.