【摘要】：我國是農(nóng)業(yè)大國,農(nóng)業(yè)的產(chǎn)生與發(fā)展在我國有一萬多年的歷史,歷經(jīng)原始、奴隸、封建和社會主義社會,農(nóng)業(yè)始終處于基礎(chǔ)產(chǎn)業(yè)地位,在長期經(jīng)營與發(fā)展中形成了具有行業(yè)特色的發(fā)展模式,具有一定的研究意義。農(nóng)業(yè)發(fā)展離不開農(nóng)業(yè)產(chǎn)業(yè)化,農(nóng)業(yè)產(chǎn)業(yè)化離不開現(xiàn)代公司制度的建立。1992年,深深寶(000019)和聯(lián)農(nóng)股份(現(xiàn)為天宸股份600620)分別在深市和滬市上市,標(biāo)志著我國農(nóng)業(yè)上市公司誕生。歷經(jīng)2008年金融危機,世界經(jīng)濟進(jìn)入調(diào)整期,公司發(fā)展戰(zhàn)略和資本結(jié)構(gòu)都與之前發(fā)生很大變化,我國經(jīng)濟也處于轉(zhuǎn)型升級的重要階段。在新的經(jīng)濟形勢下,如何增強農(nóng)業(yè)上市公司競爭力,實現(xiàn)農(nóng)業(yè)上市公司財務(wù)績效的穩(wěn)步提升引起了社會各界的廣泛關(guān)注,具有重要的研究意義。資本結(jié)構(gòu)是指公司各種資本來源的構(gòu)成及其比例關(guān)系,可分為股權(quán)結(jié)構(gòu)和債務(wù)結(jié)構(gòu)。股權(quán)結(jié)構(gòu)決定公司內(nèi)部控制權(quán)的分配,是公司治理的基礎(chǔ)；債務(wù)結(jié)構(gòu)通過債務(wù)契約的約束力和破產(chǎn)機制影響公司治理。如何安排資本結(jié)構(gòu)對于優(yōu)化公司治理、提升財務(wù)績效有著非常重要的作用和意義。因此,研究新的經(jīng)濟形勢下,我國農(nóng)業(yè)上市公司資本結(jié)構(gòu)與財務(wù)績效關(guān)系具有非常重要的理論價值和現(xiàn)實意義。本文使用了新的經(jīng)濟形勢下我國農(nóng)業(yè)上市公司2008-2012年的最新數(shù)據(jù),從上市時間、區(qū)域分布、子行業(yè)分布、主營業(yè)務(wù)范圍、公司屬性、公司規(guī)模、政府補助情況、研發(fā)支出、股權(quán)結(jié)構(gòu)、債務(wù)結(jié)構(gòu)、財務(wù)績效等方面進(jìn)行了全面的描述性分析。根據(jù)資本結(jié)構(gòu)對財務(wù)績效的作用機理以及農(nóng)業(yè)上市公司實際情況,提出六個研究假設(shè),建立計量模型,對農(nóng)業(yè)上市公司資本結(jié)構(gòu)與財務(wù)績效之間的關(guān)系進(jìn)行回歸分析。通過研究,本文得出以下結(jié)論：(1)我國農(nóng)業(yè)上市公司數(shù)量較少,規(guī)模較��；經(jīng)營范圍很廣,背農(nóng)現(xiàn)象嚴(yán)重；約半數(shù)具有國有性質(zhì),普遍受到不同程度的政府補助；科研投入還很不足,缺乏自主創(chuàng)新能力。(2)國有股比例與財務(wù)績效呈現(xiàn)“u型”二次曲線關(guān)系。法人股比例與財務(wù)績效無顯著相關(guān)關(guān)系。流通股比例與財務(wù)績效呈現(xiàn)“U型”二次曲線關(guān)系。(3)第一大股東持股比例與財務(wù)績效無顯著相關(guān)關(guān)系。前十大股東持股比例之和與財務(wù)績效顯著正相關(guān)。(4)股權(quán)激勵水平與財務(wù)績效無顯著相關(guān)關(guān)系。(5)資產(chǎn)負(fù)債率與財務(wù)績效呈現(xiàn)“倒U型”二次曲線關(guān)系。(6)流動負(fù)債率與財務(wù)績效顯著正相關(guān)。(7)銀行借款率與財務(wù)績效顯著正相關(guān)。商業(yè)信用率與財務(wù)績效顯著正相關(guān)。(8)公司規(guī)模與財務(wù)績效無顯著相關(guān)關(guān)系。(9)董事會規(guī)模與財務(wù)績效無顯著相關(guān)關(guān)系。目前,我國農(nóng)業(yè)上市公司在發(fā)展過程中還存在一些阻礙其績效提升的問題,本文有針對性地提出七個方面的對策建議,以期能夠幫助農(nóng)業(yè)上市公司優(yōu)化資本結(jié)構(gòu),提升財務(wù)績效,促進(jìn)農(nóng)業(yè)上市公司走上健康、可持續(xù)的發(fā)展之路。
[Abstract]:China is a big agricultural country, and the emergence and development of agriculture has a history of more than 10,000 years in our country. After primitive, slave, feudal and socialist society, agriculture has always been in the position of basic industry. In the long-term management and development, a development model with industry characteristics has been formed, which has certain research significance. Agricultural development can not be separated from agricultural industrialization, agricultural industrialization can not be separated from the establishment of modern company system. In 1992, Shenbao (000019) and Liannong shares (now Tianchen shares 600620) were listed on Shenzhen Stock Exchange and Shanghai Stock Exchange, respectively. It marks the birth of agricultural listed companies in China. After the financial crisis in 2008, the world economy has entered a period of adjustment, the development strategy and capital structure of the company have undergone great changes with before, and China's economy is also in an important stage of transformation and upgrading. In the new economic situation, how to enhance the competitiveness of agricultural listed companies and achieve the steady improvement of the financial performance of agricultural listed companies has aroused widespread concern from all walks of life, and has important research significance. Capital structure refers to the composition and proportional relationship of various sources of capital, which can be divided into equity structure and debt structure. The ownership structure determines the distribution of internal control of the company, which is the basis of corporate governance, and the debt structure affects corporate governance through the binding force of debt contract and bankruptcy mechanism. How to arrange capital structure plays a very important role and significance in optimizing corporate governance and improving financial performance. Therefore, it is of great theoretical value and practical significance to study the relationship between capital structure and financial performance of agricultural listed companies in China under the new economic situation. This paper uses the latest data of agricultural listed companies in China from 2008 to 2012 under the new economic situation, from listing time, regional distribution, sub-industry distribution, main business scope, company attributes, company size, government subsidies, R & D expenditure. Ownership structure, debt structure, financial performance and other aspects of a comprehensive descriptive analysis. According to the mechanism of capital structure on financial performance and the actual situation of agricultural listed companies, this paper puts forward six research hypotheses, establishes econometric models, and makes regression analysis on the relationship between capital structure and financial performance of agricultural listed companies. Through the study, this paper draws the following conclusions: (1) the number of listed agricultural companies in China is small and the scale is small; the scope of operation is very wide and the phenomenon of backfarming is serious; about half of them are state-owned and generally receive different degrees of government subsidies; The investment in scientific research is still insufficient and the ability of independent innovation is lacking. (2) the relationship between the proportion of state-owned shares and financial performance is "u-shaped" quadratic curve. There was no significant correlation between the proportion of legal person shares and financial performance. There is a "U-shaped" quadratic curve relationship between the proportion of tradable shares and financial performance. (3) there is no significant correlation between the proportion of the largest shareholders and financial performance. The sum of the top ten shareholders' shareholding ratio is positively correlated with financial performance. (4) there is no significant correlation between equity incentive level and financial performance. (5) the relationship between asset-liability ratio and financial performance is "inverted U" quadratic curve. . (6) there is a significant positive correlation between current debt ratio and financial performance. (7) there is a significant positive correlation between bank borrowing ratio and financial performance. There is a significant positive correlation between commercial credit rate and financial performance. (8) there is no significant correlation between company size and financial performance. (9) there is no significant correlation between board size and financial performance. At present, there are still some problems hindering the improvement of their performance in the process of development of agricultural listed companies in China. This paper puts forward seven countermeasures and suggestions in order to help agricultural listed companies optimize their capital structure. Improve financial performance, promote agricultural listed companies on the road of healthy and sustainable development.
【學(xué)位授予單位】：南京農(nóng)業(yè)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F324;F302.6

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