本文選題：農(nóng)業(yè)上市公司 + 資本結(jié)構(gòu)��； 參考：《西北農(nóng)林科技大學(xué)》2014年碩士論文

【摘要】：農(nóng)業(yè)上市公司是我國現(xiàn)階段先進(jìn)生產(chǎn)力的企業(yè)組織，一頭連接市場(chǎng)，一頭連接農(nóng)產(chǎn)品的生產(chǎn)與供給，研究農(nóng)業(yè)上市公司資本結(jié)構(gòu)的問題，不僅可以豐富發(fā)展資本結(jié)構(gòu)理論，同時(shí)對(duì)目前我國農(nóng)業(yè)上市公司產(chǎn)業(yè)結(jié)構(gòu)的調(diào)整、融資行為的規(guī)范、治理結(jié)構(gòu)的優(yōu)化和農(nóng)業(yè)產(chǎn)業(yè)的進(jìn)一步發(fā)展都有著重要的意義。 本文以農(nóng)業(yè)上市公司為研究對(duì)象，首先，對(duì)西方資本結(jié)構(gòu)理論進(jìn)行了梳理和回顧，從而對(duì)資本結(jié)構(gòu)理論有了比較充分的認(rèn)識(shí)。然后，收集并整理在上海和深圳兩證券交易所上市的農(nóng)業(yè)上市公司的各項(xiàng)數(shù)據(jù)資料，利用描述性統(tǒng)計(jì)分析并制作成圖表，直觀地反映出了目前我國農(nóng)業(yè)上市公司數(shù)量偏少、規(guī)模偏小、行業(yè)分布廣泛、區(qū)域分布不均、經(jīng)營業(yè)績不佳和棄農(nóng)現(xiàn)象嚴(yán)重的基本情況，同時(shí)反映了資本結(jié)構(gòu)中存在的資產(chǎn)負(fù)債率水平較低、融資結(jié)構(gòu)失衡，內(nèi)源融資比例偏小、債務(wù)結(jié)構(gòu)不合理，長期負(fù)債比例偏低和股權(quán)集中程度較高等問題。接下來，從宏觀和微觀兩方面對(duì)影響農(nóng)業(yè)上市公司資本結(jié)構(gòu)的因素進(jìn)行了理論分析。下一步，篩選出符合要求的農(nóng)業(yè)上市公司，選取具有代表性的、對(duì)資本結(jié)構(gòu)可能產(chǎn)生影響的微觀因素，包括公司規(guī)模、盈利能力、企業(yè)成長性、非債務(wù)稅盾、資產(chǎn)擔(dān)保價(jià)值、資產(chǎn)結(jié)構(gòu)、股權(quán)結(jié)構(gòu)、償債能力和所得稅率等9類共17個(gè)指標(biāo)，利用SPSS軟件，通過主成分分析法和多元線性回歸法，得出了各指標(biāo)對(duì)農(nóng)業(yè)上市公司資本結(jié)構(gòu)影響的顯著情況，結(jié)果顯示：盈利能力因子與資產(chǎn)負(fù)債率和流動(dòng)資產(chǎn)負(fù)債率呈負(fù)相關(guān)，且效果顯著，即盈利能力強(qiáng)的公司傾向于低負(fù)債；償債能力因子與資產(chǎn)負(fù)債率和流動(dòng)資產(chǎn)負(fù)債率呈負(fù)相關(guān)關(guān)系，且效果顯著，這表明償債能力越強(qiáng)的公司其負(fù)債率越低；稅盾因子與資產(chǎn)負(fù)債率和流動(dòng)資產(chǎn)負(fù)債率呈負(fù)相關(guān)，即企業(yè)擁有的非負(fù)債稅盾越多，負(fù)債率就越低；規(guī)模因子與資產(chǎn)負(fù)債率和流動(dòng)資產(chǎn)負(fù)債率存在正相關(guān)關(guān)系；股權(quán)結(jié)構(gòu)因子與資產(chǎn)負(fù)債率和流動(dòng)資產(chǎn)負(fù)債率呈負(fù)相關(guān)，即流通股比重越高，，第一股東持股比例越高，企業(yè)的負(fù)債率就越低；所得稅率因子與資產(chǎn)負(fù)債率和流動(dòng)資產(chǎn)負(fù)債率的關(guān)系均不顯著；長期資產(chǎn)負(fù)債率未能通過回歸方程的顯著性檢驗(yàn)，即所有變量均不能解釋長期資產(chǎn)負(fù)債率的大小。最后，針對(duì)我國農(nóng)業(yè)上市公司資本結(jié)構(gòu)現(xiàn)狀、存在問題以及影響因素的理論與實(shí)證分析，從優(yōu)化債務(wù)期限結(jié)構(gòu)、發(fā)展企業(yè)債券市場(chǎng)、提高公司的盈利水平、擴(kuò)大流通股比例，保護(hù)中小股東權(quán)益等四個(gè)方面提出了優(yōu)化資本結(jié)構(gòu)的對(duì)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.
【學(xué)位授予單位】：西北農(nóng)林科技大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F324;F302.6

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