我国农业上市公司资本结构的影响因素及其优化研究

Research on the Influencing Factors and Optimization of Capital Structure of Agricultural Listed Companies in China

综述了我国企业资本结构理论的相关研究,在此基础上,提出了研究假设。以37家农业上市公司为研究样本,选取了15个指标进行因子分析,提取了5个主因子,可分别命名为偿债能力因子、规模和成长性因子、现金能力因子、营运能力因子和盈利能力因子。以因子得分系数矩阵为自变量,以农业上市公司的资产负债率为因变量作多元线性回归,在5%的显著性水平下使用强迫剔除法,最后只有盈利能力因子通过了检验。结果表明,盈利能力与资产负债率呈显著负相关关系,与假设相符,支持了优序融资理论;其余4个因子虽然没有通过显著性检验,但其与公司的资本结构仍存在一定的负相关关系。结合分析结果,探讨了优化农业上市公司资本结构的相关对策建议。

Related studies of corporate capital structure theory in China were summed up. On this basis, research hypothesis was put forward. Taking 37 agricultural listed companies as the samples, factor analysis was made by adopting 15 indices. 5 indices were chosen as the main factors, which could be named as solvency factor, scale and growth factor, cash ability factor, operation ability factor and profitability factor. Taking component score coefficient matrix as the independent variables and asset-liability ratio of agricultural listed companies as the dependent variable, multiple linear regression was made. Remove Method was adopted at 5 % significance level, at last, only the profitability factor passed the test. The result showed that profitability had a negative correlation with asset-liability ratio, which was in accordance with hypothesis and supported the pecking order theory. Although the other four factors didn＇ t pass the significance test, there were negative correlations between the factors and capital structure to an extent. Combining with the result, related countermeasures and proposals were discussed for optimizing the capital structure of agricultural listed companies.