Research On Influencing Factors Of Capital Structure Of Agricultural Listed Companies Under Supply-side Structure Reform

With China entering the New Normal period and the economic development continuing to decline,in order to enhance market vitality,the country proposed the Supply-side Structural Reform in 2015.Focusing on the supply,we should enhance the power of economic growth.Agriculture as the basis of the national economy is the focus of the reform.Agricultural listed companies are the representatives of advanced agricultural productivity.Capital is the blood of the company's operation and one of the important supply factors.Different sources of capital form the capital structure.Therefore,it is of great significance to study the influencing factors of capital structure of agricultural listed companies for reform and implementation.This paper takes agricultural listed companies in A-share market of Shanghai and Shenzhen Stock Exchanges from 2013 to 2017 as samples to study the influencing factors of capital structure of agricultural listed companies under the supply-side reform.The research period is divided into two periods before and after the reform with the reform as the time node.Empirical analysis is carried out before and after the reform respectively to explore whether the influencing factors of capital structure have changed or not.After that,on the basis of reviewing the relevant literature at home and abroad,combined with the current situation of agricultural listed companies in China and the policy of agricultural supply-side reform,this paper focuses on the impact of capital structure factors on tax burden,innovation ability,government subsidies,company size,profitability,growth and loan interest rate.It is found that tax burden and innovation ability are positively correlated with the capital structure of agricultural listed companies.The correlation between government subsidy and profitability is significantly enhanced after the reform.The size and growth of companies are significantly correlated before and after the reform.The impact of loan interest rate on the capital structure is not significant.This paper shows that tax reduction and burden reduction,enterprise innovation ability and government subsidies,which are strongly emphasized in the implementation of supply-side reform,have a significant impact on the capital structure of agricultural listed companies,and then affect their profitability.