农业上市公司融资偏好问题研究

发布时间：2019-01-03 06:42

【摘要】：一个企业的融资偏好是由这个企业各种融资方式的所占比来表现出来,其融资方式占比最高的,就表现出来企业在选择融资方式上呈现出来的融资偏好。上市公司的发展是否健康并且能够可持续发展与上市公司融资偏好息息相关。因为上市公司选取不同的融资方式,会带来不同的融资成本。因此,选择何种融资方式对上市公司的发展来说影响重大。近年来国家大力促进农业企业的发展,农业上市公司对我国农业的发展起到了带领的作用。随着时间的推移,农业上市公司已经成为上市公司的一部分。通过选取2013年的截面并进行数据分析,我国农业上市公司在选择何种融资方式上,首先会选择股权融资,呈现出股权融资偏好的倾向。众所周知,上市公司过分依赖股权融资对其长远的发展是不利的,因此,研究我国农业上市公司的融资偏好十分重要。本论文选取的财务指标来源于2013年所筛选出来的农业上市公司,以国内外研究方法为依据,利用SPSS软件,运用“向后”回归的方法筛选影响农业上市公司的融资偏好的因素。第一部分引言部分,介绍了本论文的研究背景。第二部分为融资结构的研究综述。此部分主要从理论部分介绍了国内外的研究成果。第三部分通过数据的统计和图表的呈现,介绍了我国农业上市公司的发展现状,资本结构特征以及融资结构特征,并得到我国农业上市公司股权融资偏好的结果。第四部分从四个方面阐述了股权融资偏好对农业上市公司发展的负面影响。第五部分所得税、资本结构、盈利能力、股权结构等方面介绍了我国农业上市公司为何会呈现出股权融资的偏好。第六部分选取2013年年末农业上市公司A股为研究对象,共收集了17家符合条件的公司作为样本,运用SPSS多元线性回归的方法从公司规模、盈利能力、股本结构,增长能力等几个方面,利用企业债务融资率作为衡量农业上市公司股权偏好的被解释变量,讨论各个影响因素对融资偏好的影响。第七部分首先对全文进行了总结,然后从宏观和微观两个方面为如何优化我国农业上市公司融资结构提出了对策建议。
[Abstract]:The financing preference of an enterprise is manifested by the proportion of various financing ways of the enterprise, and the highest proportion of the financing mode shows the financing preference of the enterprise in the choice of financing mode. Whether the development of listed companies is healthy and sustainable is closely related to the financing preferences of listed companies. Because listed companies choose different financing methods, will bring different financing costs. Therefore, the choice of financing methods to the development of listed companies has a significant impact. In recent years, the government has promoted the development of agricultural enterprises, and agricultural listed companies have played a leading role in the development of agriculture in China. With the passage of time, agricultural listed companies have become a part of listed companies. By selecting the section of 2013 and analyzing the data, the listed agricultural companies of our country first choose equity financing, which shows the tendency of equity financing preference. It is well known that excessive reliance on equity financing is unfavorable to the long-term development of listed companies. Therefore, it is very important to study the financing preferences of agricultural listed companies in China. The financial index selected in this paper comes from the agricultural listed companies which were selected in 2013. Based on the domestic and foreign research methods, using SPSS software, using the "backward" regression method to screen the factors that affect the financing preference of agricultural listed companies. The first part introduces the background of this thesis. The second part is a summary of the research on financing structure. This part mainly introduces the domestic and foreign research results from the theoretical part. The third part introduces the status quo, capital structure and financing structure characteristics of agricultural listed companies in China through statistics and chart presentation, and obtains the results of equity financing preference of agricultural listed companies in China. The fourth part expounds the negative impact of equity financing preference on the development of agricultural listed companies from four aspects. The fifth part of income tax, capital structure, profitability, equity structure and other aspects of China's agricultural listed companies show a preference for equity financing. The sixth part selects A shares of agricultural listed companies in late 2013 as the research object, collects 17 qualified companies as samples, uses SPSS multiple linear regression method from the company size, profitability, equity structure. This paper discusses the influence of various factors on the financing preference of agricultural listed companies by using the debt financing rate as the explanatory variable to measure the equity preference of agricultural listed companies in several aspects such as growth ability and so on. The seventh part firstly summarizes the whole paper, and then puts forward some countermeasures and suggestions on how to optimize the financing structure of agricultural listed companies in China from the macro and micro aspects.
【学位授予单位】：安徽农业大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F324;F302.6

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