我国农业上市公司资本结构与财务绩效关系的实证研究
发布时间：2019-05-18 22:00
【摘要】：我国是农业大国,农业的产生与发展在我国有一万多年的历史,历经原始、奴隶、封建和社会主义社会,农业始终处于基础产业地位,在长期经营与发展中形成了具有行业特色的发展模式,具有一定的研究意义。农业发展离不开农业产业化,农业产业化离不开现代公司制度的建立。1992年,深深宝(000019)和联农股份(现为天宸股份600620)分别在深市和沪市上市,标志着我国农业上市公司诞生。历经2008年金融危机,世界经济进入调整期,公司发展战略和资本结构都与之前发生很大变化,我国经济也处于转型升级的重要阶段。在新的经济形势下,如何增强农业上市公司竞争力,实现农业上市公司财务绩效的稳步提升引起了社会各界的广泛关注,具有重要的研究意义。资本结构是指公司各种资本来源的构成及其比例关系,可分为股权结构和债务结构。股权结构决定公司内部控制权的分配,是公司治理的基础；债务结构通过债务契约的约束力和破产机制影响公司治理。如何安排资本结构对于优化公司治理、提升财务绩效有着非常重要的作用和意义。因此,研究新的经济形势下,我国农业上市公司资本结构与财务绩效关系具有非常重要的理论价值和现实意义。本文使用了新的经济形势下我国农业上市公司2008-2012年的最新数据,从上市时间、区域分布、子行业分布、主营业务范围、公司属性、公司规模、政府补助情况、研发支出、股权结构、债务结构、财务绩效等方面进行了全面的描述性分析。根据资本结构对财务绩效的作用机理以及农业上市公司实际情况,提出六个研究假设,建立计量模型,对农业上市公司资本结构与财务绩效之间的关系进行回归分析。通过研究,本文得出以下结论：(1)我国农业上市公司数量较少,规模较小；经营范围很广,背农现象严重；约半数具有国有性质,普遍受到不同程度的政府补助；科研投入还很不足,缺乏自主创新能力。(2)国有股比例与财务绩效呈现“u型”二次曲线关系。法人股比例与财务绩效无显著相关关系。流通股比例与财务绩效呈现“U型”二次曲线关系。(3)第一大股东持股比例与财务绩效无显著相关关系。前十大股东持股比例之和与财务绩效显著正相关。(4)股权激励水平与财务绩效无显著相关关系。(5)资产负债率与财务绩效呈现“倒U型”二次曲线关系。(6)流动负债率与财务绩效显著正相关。(7)银行借款率与财务绩效显著正相关。商业信用率与财务绩效显著正相关。(8)公司规模与财务绩效无显著相关关系。(9)董事会规模与财务绩效无显著相关关系。目前,我国农业上市公司在发展过程中还存在一些阻碍其绩效提升的问题,本文有针对性地提出七个方面的对策建议,以期能够帮助农业上市公司优化资本结构,提升财务绩效,促进农业上市公司走上健康、可持续的发展之路。
[Abstract]:China is a big agricultural country, and the emergence and development of agriculture has a history of more than 10,000 years in our country. After primitive, slave, feudal and socialist society, agriculture has always been in the position of basic industry. In the long-term management and development, a development model with industry characteristics has been formed, which has certain research significance. Agricultural development can not be separated from agricultural industrialization, agricultural industrialization can not be separated from the establishment of modern company system. In 1992, Shenbao (000019) and Liannong shares (now Tianchen shares 600620) were listed on Shenzhen Stock Exchange and Shanghai Stock Exchange, respectively. It marks the birth of agricultural listed companies in China. After the financial crisis in 2008, the world economy has entered a period of adjustment, the development strategy and capital structure of the company have undergone great changes with before, and China's economy is also in an important stage of transformation and upgrading. In the new economic situation, how to enhance the competitiveness of agricultural listed companies and achieve the steady improvement of the financial performance of agricultural listed companies has aroused widespread concern from all walks of life, and has important research significance. Capital structure refers to the composition and proportional relationship of various sources of capital, which can be divided into equity structure and debt structure. The ownership structure determines the distribution of internal control of the company, which is the basis of corporate governance, and the debt structure affects corporate governance through the binding force of debt contract and bankruptcy mechanism. How to arrange capital structure plays a very important role and significance in optimizing corporate governance and improving financial performance. Therefore, it is of great theoretical value and practical significance to study the relationship between capital structure and financial performance of agricultural listed companies in China under the new economic situation. This paper uses the latest data of agricultural listed companies in China from 2008 to 2012 under the new economic situation, from listing time, regional distribution, sub-industry distribution, main business scope, company attributes, company size, government subsidies, R & D expenditure. Ownership structure, debt structure, financial performance and other aspects of a comprehensive descriptive analysis. According to the mechanism of capital structure on financial performance and the actual situation of agricultural listed companies, this paper puts forward six research hypotheses, establishes econometric models, and makes regression analysis on the relationship between capital structure and financial performance of agricultural listed companies. Through the study, this paper draws the following conclusions: (1) the number of listed agricultural companies in China is small and the scale is small; the scope of operation is very wide and the phenomenon of backfarming is serious; about half of them are state-owned and generally receive different degrees of government subsidies; The investment in scientific research is still insufficient and the ability of independent innovation is lacking. (2) the relationship between the proportion of state-owned shares and financial performance is "u-shaped" quadratic curve. There was no significant correlation between the proportion of legal person shares and financial performance. There is a "U-shaped" quadratic curve relationship between the proportion of tradable shares and financial performance. (3) there is no significant correlation between the proportion of the largest shareholders and financial performance. The sum of the top ten shareholders' shareholding ratio is positively correlated with financial performance. (4) there is no significant correlation between equity incentive level and financial performance. (5) the relationship between asset-liability ratio and financial performance is "inverted U" quadratic curve. . (6) there is a significant positive correlation between current debt ratio and financial performance. (7) there is a significant positive correlation between bank borrowing ratio and financial performance. There is a significant positive correlation between commercial credit rate and financial performance. (8) there is no significant correlation between company size and financial performance. (9) there is no significant correlation between board size and financial performance. At present, there are still some problems hindering the improvement of their performance in the process of development of agricultural listed companies in China. This paper puts forward seven countermeasures and suggestions in order to help agricultural listed companies optimize their capital structure. Improve financial performance, promote agricultural listed companies on the road of healthy and sustainable development.
【学位授予单位】：南京农业大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F324;F302.6
[Abstract]:China is a big agricultural country, and the emergence and development of agriculture has a history of more than 10,000 years in our country. After primitive, slave, feudal and socialist society, agriculture has always been in the position of basic industry. In the long-term management and development, a development model with industry characteristics has been formed, which has certain research significance. Agricultural development can not be separated from agricultural industrialization, agricultural industrialization can not be separated from the establishment of modern company system. In 1992, Shenbao (000019) and Liannong shares (now Tianchen shares 600620) were listed on Shenzhen Stock Exchange and Shanghai Stock Exchange, respectively. It marks the birth of agricultural listed companies in China. After the financial crisis in 2008, the world economy has entered a period of adjustment, the development strategy and capital structure of the company have undergone great changes with before, and China's economy is also in an important stage of transformation and upgrading. In the new economic situation, how to enhance the competitiveness of agricultural listed companies and achieve the steady improvement of the financial performance of agricultural listed companies has aroused widespread concern from all walks of life, and has important research significance. Capital structure refers to the composition and proportional relationship of various sources of capital, which can be divided into equity structure and debt structure. The ownership structure determines the distribution of internal control of the company, which is the basis of corporate governance, and the debt structure affects corporate governance through the binding force of debt contract and bankruptcy mechanism. How to arrange capital structure plays a very important role and significance in optimizing corporate governance and improving financial performance. Therefore, it is of great theoretical value and practical significance to study the relationship between capital structure and financial performance of agricultural listed companies in China under the new economic situation. This paper uses the latest data of agricultural listed companies in China from 2008 to 2012 under the new economic situation, from listing time, regional distribution, sub-industry distribution, main business scope, company attributes, company size, government subsidies, R & D expenditure. Ownership structure, debt structure, financial performance and other aspects of a comprehensive descriptive analysis. According to the mechanism of capital structure on financial performance and the actual situation of agricultural listed companies, this paper puts forward six research hypotheses, establishes econometric models, and makes regression analysis on the relationship between capital structure and financial performance of agricultural listed companies. Through the study, this paper draws the following conclusions: (1) the number of listed agricultural companies in China is small and the scale is small; the scope of operation is very wide and the phenomenon of backfarming is serious; about half of them are state-owned and generally receive different degrees of government subsidies; The investment in scientific research is still insufficient and the ability of independent innovation is lacking. (2) the relationship between the proportion of state-owned shares and financial performance is "u-shaped" quadratic curve. There was no significant correlation between the proportion of legal person shares and financial performance. There is a "U-shaped" quadratic curve relationship between the proportion of tradable shares and financial performance. (3) there is no significant correlation between the proportion of the largest shareholders and financial performance. The sum of the top ten shareholders' shareholding ratio is positively correlated with financial performance. (4) there is no significant correlation between equity incentive level and financial performance. (5) the relationship between asset-liability ratio and financial performance is "inverted U" quadratic curve. . (6) there is a significant positive correlation between current debt ratio and financial performance. (7) there is a significant positive correlation between bank borrowing ratio and financial performance. There is a significant positive correlation between commercial credit rate and financial performance. (8) there is no significant correlation between company size and financial performance. (9) there is no significant correlation between board size and financial performance. At present, there are still some problems hindering the improvement of their performance in the process of development of agricultural listed companies in China. This paper puts forward seven countermeasures and suggestions in order to help agricultural listed companies optimize their capital structure. Improve financial performance, promote agricultural listed companies on the road of healthy and sustainable development.
【学位授予单位】：南京农业大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F324;F302.6
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