An Empirical Analysis Of Financing Behavior And Financing Preference Of Agricultural Listed Companies In China

As an important carrier of capital market and agricultural industry,agricultural listed company playsan essential role in C hina which is a traditional agricultural power.For many years,the first important governmental documents have given significant priorities to agriculture.Meanwhile,both central and local governments allfocus on the development of agricultural listed companies.After many stages of financing,there still exists many characteristics in our agricultural listed companies such as small quantity,small scale,regional unbalance,and concentration of main business.Since the advent of the MM theory,foreign researches on corporate finance theory ha ve been quite mature,some representatives are:Agent theory?Trade-off theory and Peking order theory.According to some foreign scholars,in the Peking order theory,enterprises will choose the financing modein accordance wit h the level of information costs,followed byendogenous financing,debt financing and equity financing.However,most of our scholars' research conclusion has a big difference,they think that China's listed companies have equity financing preferences.O n the basis of previous studies,this paper focus on static financing structure and dynamic financing behavior preference to make an analysis.From the perspective of static financing structure,this paper uses descriptive statistical method to obtain the characteristics of equity preference of agricultural listed companies in C hina.From the perspective of dynamic financing behavior preference,this paper adopts the method of descriptive statistics and empirical analysis to study.Based on the classic S-M model,a standardized endogenous-exogenous financing preference test and equity-debt financing preference test model are established.The paper summarizes the financing preference of China's agricultural listed companies: endogenous financing-borrowing-equity financing-bond financing research conclusion,which mainly explains the difference between financing behavior and financing preference,financing constraints,capital market system and industry attributes of agricultural companies.Based on these,it further analyzes the influence of seven factors on the financing behavior of the listed companies in agriculture,such as economic cycle,agricultural policy,enterprise growth,liquidity,profitability,enterprise scale and stock price change.Finally,this paper puts forward some policy suggestions,such as,enhance the internal financing ability of agricultural listed companies,improve the corporate bond financing market,deepen the reform of the banking system and reduce the administrative intervention.A nd make prospects about the future research according to the influencing factors.