我国主板农业类上市公司资本结构对其成长性的影响研究

发布时间：2018-03-23 06:09

本文选题：农业类上市公司　切入点：成长性　出处：《吉林大学》2014年硕士论文　论文类型：学位论文

【摘要】：伴随近年来实体经济逐步明朗和通货膨胀压力的持续上升，作为我国国民经济的重要组成部分的农业类企业，是农业发展的重要力量，已经或者正在经历着成长的困境。先后成立的我国资本市场中的主板、中小板以及创业板为农业类企业的直接融资开辟了多重途径，也为农业类企业构建合理的资本结构搭建了一个基础平台。而成长性是企业最本质的特点，国内外对企业成长性的研究也已成熟，但对资本结构与成长性关系的观点还未达成一致。对于不确定性较强的农业类企业，资本结构的不同会影响企业的成长。本文则在此基础上，，从农业类企业的本质特点出发，主要结合财务数据和实证方法对主板农业类上市公司的资本结构与成长性关系进行研究，以寻求合理的资本结构，进而为农业类企业的融资选择上提供参考建议。本文采用了规范分析与实证分析相结合的方法，利用截止到2014年3月的主板24家农业类上市公司2010到2012年连续三年的相关年报数据对其资本结构与成长性采用回归分析，并进而在对该回归结果进行替换成长性变量的稳健性检验，在该检验中成长性被替换为采用因子分析建立起来的多指标评价体系，并与资本结构变量进行二次回归分析，两次回归分析共同得出了农业类企业资本结构中资产负债率与其成长性负相关，债务期限结构与其成长性正相关的结论。
[Abstract]:With the real economy gradually clear and inflation pressure rising in recent years, agricultural enterprises, as an important part of our national economy, are the important forces of agricultural development. The main board, small and medium-sized board and growth enterprise board in China's capital market have opened up many ways for the direct financing of agricultural enterprises. Also for agricultural enterprises to build a reasonable capital structure to build a basic platform. Growth is the most essential characteristic of enterprises. The research on enterprise growth has been mature at home and abroad, but there is no agreement on the relationship between capital structure and growth. The difference of capital structure will affect the growth of enterprises. This paper mainly studies the relationship between capital structure and growth of agricultural listed companies on the main board by combining financial data and empirical methods in order to seek a reasonable capital structure and provide reference suggestions for the financing choice of agricultural enterprises. This paper adopts the method of combining normative analysis with empirical analysis, and adopts regression analysis to analyze the capital structure and growth of 24 agricultural listed companies from 2010 to 2012 from 2010 to 2012. In this test, the growth is replaced by the multi-index evaluation system established by factor analysis, and the quadratic regression analysis is carried out with the capital structure variable, and then the stability test of the replacement growth variable is carried out on the regression results, in which the growth is replaced by the multi-index evaluation system established by factor analysis, and the second regression analysis is carried out with the capital structure variable. Two regression analyses show that the asset-liability ratio is negatively correlated with its growth, and the debt maturity structure is positively correlated with its growth in the capital structure of agricultural enterprises.
【学位授予单位】：吉林大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F275;F324;F832.51

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