农业上市公司股权融资效率影响因素分析——基于灰色关联度模型

The Influencing Factors of Equity Financing Efficiency of Agricultural Listed Companies——Based on Grey Relational Model

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.