我国农业上市公司资本结构影响因素的实证研究

The Empirical Analysis of the Factors Impacting the Capital Structure of Our Agricultural Listed Companies

实证研究表明,资本结构的有关理论如"融资顺序理论"、"权衡理论"、"代理理论"等,对我国农业上市公司资本结构的决定同样适用。农业上市公司的资产负债率随公司规模、成长性、所得税率、可抵押性而上升,随公司的盈利能力、非债务税盾而下降。由于股票的市场价格难以及时、准确反映各影响因素的变化,农业上市公司主要依据账面数据调整资本结构。

It indicates by Empirical studies that the theories of capital structure such as 'financing order theory,' 'balance theory','agency theory' and so on are also suitable for the decision of capital structure in our agricultural listed companies.The rate of assets and liabilities of agriculture listed company goes up with the company size,growth and income tax rates,mortgage increased,and it goes down with the profitability of companies,non-debt tax shields deteriorated.As the price of stock market can hardly reflect the changes timely and exactly in affecting factors,agricultural listed companies mainly use the book data to adjust capital structure.