摘要
我国绝大部分企业都有着股权融资偏好,但是由于资金利用效率普遍偏低,导致企业陷入了融资困境。以我国农业上市公司为例,运用灰色关联度模型研究农业上市公司股权融资效率影响因素及其影响程度。结果表明:企业规模、资本结构、股权融资总额以及股东盈利能力是影响农业上市公司股权融资效率的首要因素,且与股权融资效率正相关,资本担保价值、资产周转率和非负债税盾效应处在第二层次,成长性和财务风险处于第三层次,而企业收益波动性对股权融资效率影响次于其他因素。
The vast majority of companies in China have a preference for equity financing.However,due to the generally low efficiency of fund utilization,enterprises have to face financing difficulties.The paper,taking our agricultural listed companies as example,uses gray correlation model to research equity financing efficiency factors and their impact on agricultural listed companies.The results show that the firm size,capital structure and the total amount of equity financing are the most important factors affecting the efficiency of agricultural listed companies financing equity and there is a positive correlation with these four factors.And turnover,profitability and shareholder value capital guarantee,non-debt tax shield effects are in the second level.Growth and financial risks are in the third level,and their impact on corporate earnings volatility of equity financing efficiency is inferior to other factors.
出处
《山西农业大学学报(社会科学版)》
2015年第12期1205-1212,共8页
Journal of Shanxi Agricultural University:Social Science Edition
基金
2014年度安徽高校人文社会科学重点研究基地招标项目(SK2014A045)
农业部项目"新型农业经营主体可持续发展问题研究"(2130112)
关键词
农业上市公司
股权融资效率
关联度
Agricultural listed companies
Equity financing efficiency
Correlation