【正文】 我國農(nóng)業(yè)上市公司資本結(jié)構(gòu)特征與優(yōu)化措施 摘 要 農(nóng)業(yè)上市公司是我國現(xiàn)階段先進(jìn)生產(chǎn)力的企業(yè)組織，一頭連接市場(chǎng)，一頭連接農(nóng)產(chǎn)品的生產(chǎn)與供給，研究農(nóng)業(yè)上市公司資本結(jié)構(gòu)的問題，不僅可以豐富發(fā)展資本結(jié)構(gòu)理論，同時(shí)對(duì)目前我國農(nóng)業(yè)上市公司產(chǎn)業(yè)結(jié)構(gòu)的調(diào)整、融資行為的規(guī)范、治理結(jié)構(gòu)的優(yōu)化和農(nóng)業(yè)產(chǎn)業(yè)的進(jìn)一步發(fā)展都有著重要的意義。 本文以農(nóng)業(yè)上市公司為研究對(duì)象，首先，對(duì)西方資本結(jié)構(gòu)理論進(jìn)行了梳理和回顧，從而對(duì)資本結(jié)構(gòu)理論有了比較充分的認(rèn)識(shí)。然后，收集并整理在上海和深圳兩證券交易所上市的農(nóng)業(yè)上市公司的各項(xiàng)數(shù)據(jù)資 料，利用描述性統(tǒng)計(jì)分析并制作成圖表，直觀地反映出了目前我國農(nóng)業(yè)上市公司數(shù)量偏少、規(guī)模偏小、行業(yè)分布廣泛、區(qū)域分布不均、經(jīng)營業(yè)績不佳和棄農(nóng)現(xiàn)象嚴(yán)重的基本情況，同時(shí)反映了資本結(jié)構(gòu)中存在的資產(chǎn)負(fù)債率水平較低、融資結(jié)構(gòu)失衡，內(nèi)源融資比例偏小、債務(wù)結(jié)構(gòu)不合理，長期負(fù)債比例偏低和股權(quán)集中程度較高等問題。接下來，從宏觀和微觀兩方面對(duì)影響農(nóng)業(yè)上市公司資本結(jié)構(gòu)的因素進(jìn)行了理論分析。下一步，篩選出符合要求的農(nóng)業(yè)上市公司，選取具有代表性的、對(duì)資本結(jié)構(gòu)可能產(chǎn)生影響的微觀因素，包括公司規(guī)模、盈利能力、企業(yè)成長性、非債務(wù)稅盾、資產(chǎn)擔(dān)保 價(jià)值、資產(chǎn)結(jié)構(gòu)、股權(quán)結(jié)構(gòu)、償債能力和所得稅率等 9 類共 17 個(gè)指標(biāo)，利用 SPSS 軟件，通過主成分分析法和多元線性回歸法，得出了各指標(biāo)對(duì)農(nóng)業(yè)上市公司 資本結(jié)構(gòu)影響的顯著情況，結(jié)果顯示：盈利能力因子與資產(chǎn)負(fù)債率流動(dòng)資產(chǎn)負(fù)債率呈負(fù)相關(guān)，且效果顯著，即盈利能力強(qiáng)的公司傾向于低負(fù)債；償債能力因子與資產(chǎn)負(fù)債率和流動(dòng)資產(chǎn)負(fù)債率呈負(fù)相關(guān)關(guān)系，且效果顯著，這表明償債能力越強(qiáng)的公司其負(fù)債率越低；稅盾因子與資產(chǎn)負(fù)債率和流動(dòng)資產(chǎn)負(fù)債率呈負(fù)相關(guān)，即企業(yè)擁有的非負(fù)債稅盾越多，負(fù)債率就越低；規(guī)模因子與資產(chǎn)負(fù)債率和流動(dòng)資產(chǎn)負(fù)債率存在 正相關(guān)關(guān)系；股權(quán)結(jié)構(gòu)因子與資產(chǎn)負(fù)債率和流動(dòng)資產(chǎn)負(fù)債率呈負(fù)相關(guān)，即流通股比重越高，第一股東持股比例越高，企業(yè)的負(fù)債率就越低；所得稅率因子與資產(chǎn)負(fù)債率和流動(dòng)資產(chǎn)負(fù)債率的關(guān)系均不顯著；長期資產(chǎn)負(fù)債率未能通過回歸方程的顯著性檢驗(yàn)，即所有變量均不能解釋長期資產(chǎn)負(fù)債率的大小。最后，針對(duì)我國農(nóng)業(yè)上市公司資本結(jié)構(gòu)現(xiàn)狀、存在問題以及影響因素的理論與實(shí)證分析，從優(yōu)化債務(wù)期限結(jié)構(gòu)、發(fā)展企業(yè)債券市場(chǎng)、提高公司的盈利水平、擴(kuò)大流通股比例，保護(hù)中小股東權(quán)益等四個(gè)方面提出了優(yōu)化資本結(jié)構(gòu)的對(duì)策。 關(guān)鍵詞 ：農(nóng)業(yè)上市公司 ；資本結(jié)構(gòu)； 優(yōu)化措 施 INFLUENCING FACTORS OF CAPITAL STRUCTRE IN AGRICULTURAL LISTED COMPANIES ABSTRACT Agricultural listed panies is the anization of the advanced productive forces at the present stage in China, one connected to the market, the other connected to the agricultural production and supply, studying the issue of agriculture listed pany capital structure, not only can enrich the capital structure theory, but other has important significance on the adjustment of industrial structure further and the criterion of financing behavior and Optimization of the governance structure and the further development of agriculture,. Based on the agricultural listed panies as the research object, first of all, reviewing the western capital structure theory, which had a full understanding of the theory of capital structure. Then, collecting and sorting in Shanghai and Shenzhen stock exchanges of agricultural listed panies in all kinds of data, using the descriptive statistical analysis and making the chart, directly reflected the basic situation of the current small number and small scale and industry wide distribution and regional distribution and poor operating performance and willingness to serious phenomenon of agricultural listed panies in our country. At the same time, it reflected the problems of the low level of assetliability ratio and the financing structure imbalance and small proportion of internal financing and unreasonable debt structure and the low level of longterm debt ratio and high degree of equity concentration. Next, I analyzed the factors affecting agricultural listing Corporation capital structure from two aspects of macroscopic and microscopic. Next, I selected meet the requirements of agriculture listed pany and selected representative the microcosmic factors, including pany size, profitability, business growth, nondebt tax shields, asset collateral value, capital structure, ownership structure, solvency and ine tax rate of 9 kinds of a total of 17 indicators, By using SPSS software, through the principal ponent analysis and multiple linear regression method, obtained influence significantly of the index of agricultural listed panies capital structure, The results showed: profitability factor and asset liability ratio and the debt to asset ratio was negatively correlated, and the effect was remarkable, which was profitable panies tend to low debt。 debt paying ability factor and asset liability ratio and the debt to asset ratio was negatively correlated, and the effect was remarkable, suggesting that solvency was strong, its lower debt ratio。 tax shield factor and asset liability ratio and the debt to asset ratio was negatively correlated, the enterprise had the non debt tax shield more, indebted rate was low。 The scale factor was positively correlated with assetliability ratio and liquidity ratio relations。 Equity structure factor and asset liability ratio and the debt to asset ratio was negatively correlated, namely the higher the proportion of tradable shares, the higher the first shareholder39。s shareholding, corporate debt was lower。 ine tax rate factor and the assetliability ratio and liquidity ratio relations were not significant。 longterm assetliability ratio failed the test of significance of regression equation that all variables were unable to explain the size of the longterm assetliability ratio. Finally, in view of status quo of agricultural capital structure of listed panies in China, problems and influencing factors of theory and empirical analysis, from the optimization of debt maturity structure, developing corporate bond market, improving the level of profitability, expanding the proportion of tradable shares, protection of rights and interests of minority shareholders and improving corporate governance structure putted forward the countermeasures of optimizing the capital structure in four aspects. Keywords: Agricultural Listed Companies 。 Capital Structure。 Influencing Factors 目 錄 目 錄 第一章 緒 論 ........................................................................................................... 1 研究背景 ...............................................................................................................1 研究目的和意義 ............................................................................................... 2 研究目的 ........................................................................................................ 2 研究意義 ......................................................................................