The Impact Of Refinancing Change Of Agricultural Listed Companies On Corporate Performance

In the party's 19 th CPC National Congress report,for the first time General Secretary Xi Jin ping put forward the “implementation of the strategy of rural revitalization.” the report pointed out: “the issue of “agriculture,rural area and farmers” is a fundamental issue related to the national economy and people's livelihood.“We must always take the three rural issues as the top priority in the Party's work.” The promotion of agricultural modernization is inseparable from the development of agriculture in the capital market.However,in recent years,agricultural listed companies arbitrarily changed the funding investment after the second fund-raising,which is not conducive to the improvement of their core competitiveness and future growth.At the same time they violated the original intention of supporting agricultural listed companies to raise funds in the capital market.Therefore,the research of this thesis takes the refinancing change of agricultural listed companies as a starting point to discuss the impact of this phenomenon on corporate performance.Then the research takes corporate governance as regulated variable to study the regulation effect on the relationship between refinancing change and corporate performance of the listed agricultural companies.This thesis is divided into six chapters.Chapter one introduces the purpose of the research background,domestic and foreign research status,research methods and innovation.Chapter two introduces the theory of refinancing change of agricultural listed companies,summarizes the relationship between refinancing change,corporate governance and corporate performance of agricultural listed companies.Chapter three studies the phenomenon of refinancing change,corporate governance and corporate performance of agricultural listed companies.Chapter four is about empirical study: firstly,using multiple linear regression to analyze the impact of refinancing changes on corporate performance of agricultural listed companies;then the logistic model is constructed to analyze the influence of corporate governance on the refinancing of agricultural listed companies.Finally,corporate governance is taken as a regulated variable.Using hierarchical linear regression method to analyze the regulation effect on the relationship between refinancing changes and corporate performance of agricultural listed companies.Chapter five is about suggestions based on the results of empirical analysis.Chapter six summarizes the corresponding research results and research prospects.The empirical results show the main conclusions:(1)Chinese agriculture is in a weak position compared with other non-agricultural companies.The greater the chance of refinancing change of agricultural listed companies,the better the performance of the company.But if the scale of the refinancing change is larger,the performance of the company is worse.(2)The relationship between the refinancing change and the performance of agricultural listed companies has a negative regulatory role;The degree of equity concentration is a semi-regulatory variable,which has a positive effect on the relationship between the refinancing change and the performance of agricultural listed companies.The supervision mechanism is semi-regulated variable.The relationship between the refinancing change and the performance of agricultural listed companies is negatively regulated.The incentive mechanism does not have regulated effect on the relationship between the refinancing changes and the performance of agricultural listed companies.The study also found that the way of refinancing has a significant impact on the refinancing behavior and corporate performance of agricultural listed companies.The performance of agricultural listed companies with additional issuance is better than that of agricultural listed companies with rights issue.According to the results of the study,the author puts forward corresponding suggestions:(1)strengthening the safety of refinancing and investment in agricultural projects by agricultural listed companies;(2)perfecting the financial supervision mechanism of the refinancing change of agricultural listed companies;(3)improve agricultural listed companies refinancing corporate governance mechanism.