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Empirical Study on the Influential Factors of Agricultural Listed Companies Financing

Author: HeYongGan
Tutor: ZouNengFeng
School: Anhui Agricultural University
Course: Technology Economics and Management
Keywords: Agricultural Listed Companies Financing ability Factors Empiricalresearch
CLC: F275
Type: Master's thesis
Year: 2013
Downloads: 45
Quote: 0
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Abstract


Agriculture is basic industry in our country, the stand or fall of agriculturaleconomic development directly restricts the sustainable and healthy development ofnational economy in our country. Premier Wen Jiabao has said,"food in the hand, don’tpanic" in the heart. This sentence vividly pointed out the importance of agriculture. Theparty central committee put the problem of "agriculture, rural areas and farmers" in theimportant position of economic and social development in our country for a long time.From2004to2013, the central file no.1for ten consecutive years focused on the "SanNong", which is entrenched in our country the fundamental status of agriculture.Agricultural listed companies are the representatives of advanced productivity of China’sagriculture. Agricultural listed company is a more advanced form of businessorganization that appeared during a certain stage of agricultural developments.Agricultural listed company is not only the combination of agricultural enterprises andpublic companies, and the ties between farmers and market, therefore, in promotingChina’s agricultural development plays an important role.However, at present there are a number of financing problems in agricultural listedcompanies. They seriously hindered the agricultural listed company’s sustained, healthyand fast development. Therefore, how to improve their ability of financing anddeveloping power according to the characteristics of the agricultural listed companies,accurate analysis of the factors that affect agricultural listed companies financing ability,improve the agricultural listed company’s financing ability is the primary problem.The author put the agricultural listed companies as the research object in the paper,inspect and analysis of the literature and theory at home and abroad, and conscientiouslysum up the research results. On this basis, first of all, through the collection ofagricultural listed companies in Shanghai and Shenzhen stock exchange data, the authoranalyze the financing status quo of agricultural listed companies and found the followingproblems: agricultural listed companies overall level of assets and liabilities ratio islow, did not play the role of debt to financial leverage; High debt proportion of currentliabilities, non-current liabilities accounts for a smaller and long-term borrowing mainlycome from Banks and financial institutions; Low proportion of internal financing andexternal financing dependence is strong, self expansion ability is not strong. Then,combined with the actual situation of our country agricultural listed companies to analyzethe cause of our country agricultural listed companies financing difficulties: the low level of agricultural listed company’s overall profit, Itself insufficient accumulation; Securitiesmarket is not perfect, the bond market higher threshold; Dividend payout policy isnot appropriate; Loans from financial institutions risk control ability is not strong. Then,the author put37listed agricultural companies of Shenzhen and Shanghai stock exchangeas the object to do Empirical Study of financing factors of listed agricultural companies.The empirical results show that firm size, ability to grow, profitability, operationalcapacity, solvency five independent variables were significant at the0.05levelthrough inspection, firm size and operating capacity of the enterprise has a positive rolein financing capacity, ability to grow, profitability and solvency of theenterprise financing capacity has a negative effect, firm size has the greatest impact onthe financing capacity, A unit change in the total assets produce14.44Changes in thefinancing capacity. In the end of the paper, the authors give advice to solve the financingproblem of agricultural listed companies. On the one hand starting from the enterprise, tostrengthen the professional managers’ incentives and constraints, improve the qualityof accounting information disclosure, improve market competitiveness and expand thescale. On the other hand, started from the external environment, we can create afavorable external financing environment through the perfection of financial systemcredit management, government policy support, the perfection of securities markets,related laws and regulations etc. measures.

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CLC: > Economic > Economic planning and management > Enterprise economy > Corporate Financial Management
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