Agriculture Listed Companies’ Financing Structure Optimization

Agriculture is the foundation of human survival and development, is also the foundation of the national economy industry. In recent years, the government and scholars of our country has been the focus of research or work on agriculture, in 2013 the central document also proposed to accelerate the development of modern agriculture. In the management, science and technology level, financial capacity and information technology aspects of agriculture significantly behind the Western countries.Agricultural listed corporations represent advanced productivity of agriculture, and arethe leading enterprises in the process of agricultural industrialization. Agricultural research in the problem of listed corporations and improving the comprehensive competitiveness of agricultural enterprises in China has a certain significance to solve China’s agricultural problems.Listed corporation financing structure iswhether or not reasonable, affect the company’s financing cost, thereby indirectly affect the company is able to achieve the ultimate goal of maximizing the value.It is also the key factor that restricts the sustainable development of the company long-term.Therefore,the paper by reading the relevant literature to learn the financing structure theory research in recent years, and browse the website of listed companies to collect 2009 to 2013 financial statement information of sample enterprises, and then analyze the data collection and collation, provide the foundation for thesis research. Comparative analysis method to other industries, such as agriculture and manufacturing listed companies and all the A-share market, it is found in different listed companies of agriculture and other sectors of the financing structure, while the use of qualitative and quantitative analysis found that the status of agricultural financing structure of listed companies, the existence of the problem and the reasons, and then propose methods and measures to optimize agricultural listed companies financing structure.This article can be divided into three parts, the first describes the background, significance, research status, research content, research methods, innovation research and disadvantages, then introduced the relevant theoretical basis, and defines related concepts; and the second part focuses on the status of the financing structure of agricultural listed companies descriptive statistical analysis, analysis of the negative effects produced by reality, we found that the structure of corporate finance current problems, targeted to the root causes of these problems are discussed; Finally, based on listed Agricultural Companies reality, put forward to improve the financing structure of methods and measures.Finally, according to research at home and abroad, combined with China’s actual situation, the paper analyzesthecurrent situation of agricultural listed companies financing structure, the existence of problems and reasons, and get the following conclusions:the proportion of equity financing agricultural listed companies is great, financing order is contrary to the pecking order theory.This situation will have financing costs, low profitability and low capital efficiency, large financial risks and other negative effects. Because of these negative effects, the financing structure has the following problems: poor profitability, lack of internal financing; prefer external financing, mainly relying on equity financing; small debt ratio, debt internal structural imbalances.Then causes of the problem in terms of profitability, financing costs, investment behavior, debt financing, bond market analysis. For these reasons, and then propose methods and measures to optimize the financing structure from the inside and the outside.In summary, this paper is based on the senior scholars, creative use of both classifications, namely financing and capital funding approach to analyze the relationship between ownership and financing structure oflisted companies in the case of agriculture, and then separately from the perspective of the ownership structure and debt structure to analyze the financing structure, and explores the negative effects it produces, problems and causes of existence, and then puts forward the optimization methods and measures to provide a reference for the improvement of agricultural listed companies financing structure.