农业上市公司资本结构影响因素研究

发布时间：2018-06-27 06:23

本文选题：农业上市公司 + 资本结构　；参考：《西北农林科技大学》2014年硕士论文

【摘要】：农业上市公司是我国现阶段先进生产力的企业组织，一头连接市场，一头连接农产品的生产与供给，研究农业上市公司资本结构的问题，不仅可以丰富发展资本结构理论，同时对目前我国农业上市公司产业结构的调整、融资行为的规范、治理结构的优化和农业产业的进一步发展都有着重要的意义。本文以农业上市公司为研究对象，首先，对西方资本结构理论进行了梳理和回顾，从而对资本结构理论有了比较充分的认识。然后，收集并整理在上海和深圳两证券交易所上市的农业上市公司的各项数据资料，利用描述性统计分析并制作成图表，直观地反映出了目前我国农业上市公司数量偏少、规模偏小、行业分布广泛、区域分布不均、经营业绩不佳和弃农现象严重的基本情况，同时反映了资本结构中存在的资产负债率水平较低、融资结构失衡，内源融资比例偏小、债务结构不合理，长期负债比例偏低和股权集中程度较高等问题。接下来，从宏观和微观两方面对影响农业上市公司资本结构的因素进行了理论分析。下一步，筛选出符合要求的农业上市公司，选取具有代表性的、对资本结构可能产生影响的微观因素，包括公司规模、盈利能力、企业成长性、非债务税盾、资产担保价值、资产结构、股权结构、偿债能力和所得税率等9类共17个指标，利用SPSS软件，通过主成分分析法和多元线性回归法，得出了各指标对农业上市公司资本结构影响的显著情况，结果显示：盈利能力因子与资产负债率和流动资产负债率呈负相关，且效果显著，即盈利能力强的公司倾向于低负债；偿债能力因子与资产负债率和流动资产负债率呈负相关关系，且效果显著，这表明偿债能力越强的公司其负债率越低；税盾因子与资产负债率和流动资产负债率呈负相关，即企业拥有的非负债税盾越多，负债率就越低；规模因子与资产负债率和流动资产负债率存在正相关关系；股权结构因子与资产负债率和流动资产负债率呈负相关，即流通股比重越高，，第一股东持股比例越高，企业的负债率就越低；所得税率因子与资产负债率和流动资产负债率的关系均不显著；长期资产负债率未能通过回归方程的显著性检验，即所有变量均不能解释长期资产负债率的大小。最后，针对我国农业上市公司资本结构现状、存在问题以及影响因素的理论与实证分析，从优化债务期限结构、发展企业债券市场、提高公司的盈利水平、扩大流通股比例，保护中小股东权益等四个方面提出了优化资本结构的对策。
[Abstract]:Agricultural listed companies are enterprise organizations of advanced productive forces in our country at the present stage. They are connected to the market and the production and supply of agricultural products. Studying the capital structure of agricultural listed companies can not only enrich the development of capital structure theory. At the same time, it is of great significance for the adjustment of industrial structure, the standardization of financing behavior, the optimization of governance structure and the further development of agricultural industry in China. In this paper, agricultural listed companies as the research object, first of all, the western capital structure theory is combed and reviewed, thus has a relatively full understanding of the capital structure theory. Then, the data of agricultural listed companies listed on Shanghai and Shenzhen stock exchanges are collected and sorted, and the descriptive statistical analysis is used to make a graph, which directly reflects that the number of agricultural listed companies in China is on the low side at present. Small scale, wide industry distribution, uneven regional distribution, poor operating performance and serious abandonment of agriculture phenomenon, at the same time reflects the capital structure of the low level of asset-liability ratio, financing structure imbalance, small proportion of endogenous financing. The debt structure is unreasonable, the long-term debt ratio is low and the equity concentration is high. Then, the factors influencing the capital structure of agricultural listed companies are analyzed theoretically from macro and micro aspects. The next step is to screen out agricultural listed companies that meet the requirements, and select representative micro factors that may have an impact on the capital structure, including company size, profitability, enterprise growth, non-debt tax shield, asset guarantee value, There are 17 indexes in 9 categories, such as asset structure, equity structure, solvency and income tax rate. By using SPSS software, principal component analysis and multivariate linear regression method, the significant effects of each index on the capital structure of agricultural listed companies are obtained. The results show that the profitability factor has a negative correlation with the asset-liability ratio and the current asset-liability ratio, and the effect is significant, that is, the companies with strong profitability tend to have low liabilities; The debt ability factor has a negative correlation with the asset-liability ratio and the current asset-liability ratio, and the effect is significant, which indicates that the higher the solvency, the lower the debt ratio, the negative correlation between the tax shield factor and the asset-liability ratio and the current asset-liability ratio. That is, the more non-liability tax shields owned by enterprises, the lower the debt ratio; the positive correlation between scale factor and asset-liability ratio and current asset-liability ratio; the negative correlation between equity structure factor and asset-liability ratio and current asset-liability ratio. That is, the higher the proportion of circulating shares, the higher the share of the first shareholder, the lower the debt ratio of the enterprise, the less significant the relationship between the income tax rate and the ratio of assets to liabilities and current assets and liabilities; The long-term asset-liability ratio fails to pass the significance test of regression equation, that is, all variables can not explain the magnitude of long-term asset-liability ratio. Finally, in view of the present situation of the capital structure of the agricultural listed companies in China, the existing problems and the theoretical and empirical analysis of the influencing factors, from optimizing the debt maturity structure, developing the corporate bond market, improving the profit level of the company, and expanding the proportion of circulating shares, the paper analyzes the existing problems of the listed agricultural companies. Four aspects of protecting the rights and interests of minority shareholders are put forward to optimize the capital structure.
【学位授予单位】：西北农林科技大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F324;F302.6

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