Research On The Influence Of Agricultural Industry Chain Financing On Financing Constraint Of Agricultural Listed Companies

As the primary industry,agriculture is the cornerstone of China’s national economy and an important driving force for the sustainable development of the country and society.However,due to the inherent defects of large investment cost,long return cycle and low yield,agricultural enterprises are still faced with financing constraints such as difficult financing,expensive financing and slow financing.Even listed agricultural companies,as the "bellwether" among agricultural enterprises,are also faced with financing constraints.As a new financing method,agricultural industry chain financing plays a certain role in alleviating financing constraints of agricultural listed companies.Therefore,the empirical study on the effect of agricultural industry chain financing on the financing constraints of listed agricultural companies has a strong practical significance for listed agricultural companies to solve their financing constraints with the help of agricultural industry chain financing,so as to achieve sustainable and high-quality development.In this thesis,listed agricultural companies as the research object,on the basis of the agricultural industry chain,agricultural industry chain financing and financing constraints related theories,first of all,analyzed the status quo of listed agricultural companies,listed agricultural companies financing status quo and listed agricultural companies financing constraints.And from the stability of the agricultural industry chain is not enough,the financing demand of agricultural listed companies is different and the financing credit guarantee system is not perfect,the thesis analyzes the reasons for the financing constraints of agricultural listed companies.Second,the existence of agricultural listed companies financing constraints and agriculture industry chain financing mitigation agricultural listed companies financing constraints are analyzed in theory,put forward the research hypothesis,and according to the study assumes that the cash-cash flow sensitivity model is constructed.Then,Stata software was used to conduct regression analysis on the existence of financing constraints of agricultural listed companies and the mitigation of financing constraints of agricultural industry chain financing.The heterogeneity test of agricultural listed companies was conducted and the robustness test was conducted by variable substitution method.The empirical results show that:(1)the agricultural listed companies cash-cash flow sensitivity is higher,generally has the problem of financing constraints.(2)Agricultural industry chain financing plays a role in alleviating the financing constraints of listed agricultural companies.(3)Agricultural industry chain financing can alleviate the financing constraints of listed agricultural companies in different links of the agricultural industry chain,but the easing effects are different.Agricultural industry chain financing has more obvious easing effects on the financing constraints of listed agricultural companies in the downstream of the industrial chain.Finally,according to the empirical results,the research conclusions are drawn and the corresponding suggestions are put forward.The innovations of this thesis are as follows: Cash-cash flow sensitivity model are constructed and empirically the agricultural industrial chain financing for agricultural listed companies financing constraints affect the actual effect,and the agricultural listed companies group heterogeneity test and robustness test,on the one hand,can be more effective inspection of agricultural industrial chain financing effects on the agricultural listed companies financing constraints,On the other hand,it provides guidance for agricultural listed companies to solve their financing constraints from the perspective of industry chain financing.