农业上市公司战略公司财务实证研究

Empirical Research on Strategy of Corporation Finance of the Listed Agribusiness

战略公司财务研究资本结构选择与产品市场竞争度之间具有战略性互动作用,如何构建和测量两个主体及交互影响程度自然成为关注焦点。在选择资本结构和产品市场竞争度两组变量后,利用典型相关分析法,对农业上市公司2006年的数据分析。实证结果表明两组变量总体上有着显著影响关系,可以识别出两组典型相关影响模型。在主对典范方程中,债务资本比率二次项与公司的净资产收益率呈最大相关性。资本结构组变量能够有效地解释产品市场竞争度,但后者对前者解释力相对较弱。因此,农业上市公司不仅存在着最优的资本结构,而且公司资本结构策略效应占优。

From the view of strategy of corporation finance,capital structure has mutually been influenced by product market competition degree.And canonical correlation method is adopted to analysis the relation between the two areas above.The listed agribusinesses in 2006 explores that the two areas has prominent relation.On the one hand,quadratic term of debt ratio is related to the rate of return on common stockholders equity.On the other hand,capital structure can fully explain product market competition degree,...