Research On Operating Performance And Financing Structure Of Agricultural Listed Company

The important part of agricultural companies in China's economic development is that of the many agricultural enterprises involved.Among the many agro-industry enterprises,China's agricultural listed companies are one of the best,which can act on our country's agriculture,to a certain extent,directly promote the marketization of agriculture,and play a role in promoting the optimization of industrial structure.By realizing the industrialization of agriculture,we can effectively carry out the division of labor in agriculture,constantly optimize the industrial structure,rapidly increase the income of farmers in China,and effectively promote the evolution of traditional agriculture to modern agriculture.For a variety of reasons,there are many development issues and challenges in the listed agricultural enterprises,especially in financing.Objectively speaking,research scholars at home and abroad have conducted systematic research and discussion on the relationship between financing structure and business performance.These research perspectives are different and the entry points are also different.However,few systematic studies on the financing structure of China's agricultural listed companies have not quantitatively analyzed the impact of the financing structure on business performance.In this context,the research of this paper is particularly necessary.Therefore,this article has important significance for the research of agricultural listed companies.This paper uses the data of 49 agricultural listed companies listed in Shanghai and Shenzhen from 2012 to 2016 as sample data to construct an empirical model of the relationship between financing structure and business performance.Specifically,in this paper,through the combination of financing structure and operating performance theory,the impact of financing structure on the performance of agricultural listed companies is studied from the perspectives of debt financing rate,equity financing rate,and internal financing rate;six indicators are selected and included.Within the financing structure index system,they are: bond financing rate,internal financing rate,short-term borrowing rate,equity financing rate,commercial credit financing rate,long-term borrowing rate;and profitability,growth ability,and operation ability of listed companies from agriculture.In the four aspects of solvency,we selected ROA,ROE,EPS,AGR,and operating income growth rate.IGR),Total Asset Turnover Ratio(TTC),Current Ratio(CR),and Quick Ratio(QR)are the eight indicators.Using the entropy method,the calculated comprehensive value is used as an indicator of business performance.The main conclusions obtained through the research are:(1)The financing form of agricultural listed companies is single,the profitability is relatively low,and corporate performance is affected positively by inward financing;(2)the degree of equity concentration does not show an operating performance.(3)Business credit financing in debt financing has a negative correlation with the impact of agricultural listed company's operating performance,and corporate performance will be negatively affected by short-term bank borrowing financing.At the same time,long-term bank borrowing financing is not listed in agriculture.The company's operating performance has a significant impact.(4)As for China,the scale of assets of listed agricultural companies tends to have a negative impact on their operating performance.Taken together,the reason why this happens is that: the blind expansion of agricultural listed companies and the phenomenon of “departing from agriculture”.