【作者】 姚琼；

【导师】 郭犹焕； 王雅鹏；

【作者基本信息】 华中农业大学 ， 农业经济管理， 2003， 博士

【摘要】 本文采用实证研究方法，在中国农业上市公司这个特定行业中，找到了西方融资结构理论的经验证据及农业上市公司融资行为的特性。全文从微观因素和宏观环境两个层面展开，分析了盈利性、经营风险、资产实质性、规模、税收制度、股权结构、金融体系等因素对融资结构的影响，并从税收、破产风险、代理成本和不对称信息的角度分析了产生的原因。 第一章阐述了农业上市公司的基本特征及其与宏观环境的辨证关系，包括农业上市公司的发展速度、地域分布和行业分布等以及农业上市公司与中国农业、证券市场和WTO的辨证关系，为全文的理论分析和实证研究提供了背景。 从第二章开始，作者对融资结构的影响因素进行分析。首先以莫迪利亚尼和米勒模型、权衡理论、激励理论、不对称信息理论为理论出发点，提出了可能影响农业上市公司融资结构的微观因素和宏观环境因素，前者包括非债务节税因素、盈利性、资产实质性、成长性、规模、经营风险等，后者包括税收制度、股权结构、金融体系等。然后，为了检验上述因素的影响，确定了实证研究的样本、变量指标和研究方法：选择变量指标时，采用多指标度量法，尽可能从不同角度全面反映变量；实证研究方法上主要有逐步回归分析、聚类分析和相关系数分析。 通过描述性统计分析，本文得到了农业上市公司资金来源：农业上市公司的外部资金主要通过股票市场获得，其次通过金融机构和商业信用获得短期负债，而通过债券市场获得的资金十分有限。在实证研究结果中得到，微观因素中的经营风险、资产实质性和企业规模是影响农业上市公司融资结构最主要的因素，其次是企业成长性、盈利性和行业，而由固定资产折旧带来的非债务节税对农业上市公司融资结构没有影响。在宏观环境中，税收制度、股权结构、股票市场和经济增长对农业上市公司融资结构有显著影响，而银行体系、债券市场、利率和通货膨胀对农业上市公司融资结构的影响不显著。 在实证结果的基础上，根据前人的理论研究和实证结果进一步分析原因，比较与其他国家或我国其他上市公司的异同，从中找到了西方融资结构理论的证据以及我国农业上市公司融资结构的特性。其中西方融资结构理论的证据有：一般看来，只要所得税减免能够降低企业的边际税率或实际税率，理性的经理都会降低企业的负债水平，该结果证实了税收对融资结构的影响；无形资产比例和企业规模与负债水平的负、正相关表明债权人(尤其是银行)对农业上市公司贷款时都考虑到了破产风险；自由现金流量、股权集中度、管理人员持股以及固定资产比例和规模成长性对负债水平的影响，分别证实了债务融资代理问题和股权融资代理问题的存在； 摘要盈利性及盈利成长性在不对称信息下传递着农业上市公司的信息。农业上市公司的融资特性包括三点:其一，对税收枯竭的企业，尽管税收减免的节税利益可以抵消负债的节税利益从而使负债水平降低，但在企业难以通过发行股票或利用内部资源满足其持续经营或扩大生产的要求情况下，企业必须借助负债融资，尤其是短期借款。其二，我国农业上市公司，尤其是经营风险大的企业，虽然理论上企业有较大的破产风险，但是实际上，企业经理愿意冒破产风险提高负债比来维持企业的经营，或者说在我国上市公司缺乏真正破产机制的情况下，企业经理没有考虑破产风险，而只考虑了企业的持续经营。其三，在股权结构的研究中，本文发现股权集中度也是一个传递农业上市公司内部信息的信号。 根据实证研究结论，本文得到了四点具有一定普遍意义的启示:第一，正确对待政府对农业上市公司的支持，尤其是税收优惠政策。政府对农业上市公司提供税收优惠政策时应该区别对待，企业在不享受税收优惠政策后应该充分利用负债的财务杠杆效应增加企业的价值。第二，建立上市公司的破产机制。建立新的破产法时，确定申请破产的标准，防止企业借破产逃债;注意控制破产程序的成本;不能因为上市公司壳资源价值而对上市公司的破产进行行政干预。第三，完善证券市场。对股票市场，严格会计制度、优化监管政策;在企业债券市场方面，解决企业债券的上市审批与发行审批脱节问题;对投资者，要注重对企业内在价值的判断及对企业的中长期投资。第四，调整股权结构，重视融资结构的治理效应。即在企业经营业绩较好的时候减少国家股比例，增加管理股权比例，重视负债融资对经理的激励和约束作用。更多还原

【Abstract】 The dissertation analyzes determinants of financial structure of listed agribusinesses in China by using the empirical methodology, and provides the empirical evidences of theories of financial structure and traits of Chinese listed agribusinesses. The influence of the micro-factors and macro-circumstance is tested. In addition it shows reasons from tax, bankruptcy risk, agency cost and asymmetric information perspectives.Chapter one, which is the background of theoretical and empirical study, describes preliminary characteristics of the Chinese listed agribusinesses, including the development, and regional and industrial distribution, and the relationships between macro-circumstance and it, such as the Chinese agriculture, security market and WTO.Chapter two and the following chapters systematically study determinants of financial structure. Based on the MM theory, trade off theory, incentive-based theory and asymmetric information-based theory, micro-factors and macro-circumstance, probably influencing financial structure, are put forward. The former includes none-debt tax shield, profitability, asset tangibility, growth, size, business risk, et al. and the latter, tax institution, ownership structure, financial institutions et al. Then in methodology, sample, measurements of variables and methods are defined in order to examine hypothesis above. Pror example, several indicators are used to measure a variable, and stepwise regression, cluster analysis and correlation analysis compose empirical methods.Statistical description shows capital resource of listed agribusinesses: external capital is mainly obtained by access to stock market, next the financial institutions and commercial credit, and little by bond market. The empirical results indicate that, in the aspect of micro-factors, business risk, asset tangibility and size are the most important factors. Growth, profitability and industry are in the second place. The estimate of none-debt tax shield measured by depreciation of fixed asset is insignificant. In the aspect of macro-circumstance, tax institution, ownership structure, stock market and economic growth have significant effects on the agribusinesses financing decision, but bank, bond market, interest and inflation insignificant.Furthermore, the reasons why determinants above affect the financial structure in the way are deeply analyzed, and empirical evidences of theories of financial structure and traits of Chinese listed agribusinesses are concluded by comparing with other countries or other listed companies. These results are consistent with opinions of tax, bankruptcy,agency and asymmetric information: if the tax credit would decrease the marginal tax rate or effective tax rate, managers will keep lower debt level; ratio of intangible asset is negatively related to debt level and size positively to debt level; free cash flow, ownership concentration, managerial ownership, ratio of fixed asset and growth measured by change ratio of total asset affect significantly financial structure; profitability and growth measured by Tobin Q signal the inside information of firms. Three traits are following: first, the firms facing the tax exhaustion are still increase the debt ratio, especially short debt, for the continuous or expanded operation. Second, without bankruptcy mechanism, firms with high business risk depend on debt to keep continuously operating. Third, ownership concentration signals the inside information.The enlightenment is drawn from the conclusions. Government support for the listed agribusinesses, especially tax credit, should be correctly treated. Government should provide different tax credits and firms should make good use of leverage effect to increase the firms’ value. Next bankruptcy mechanism must be established. New bankruptcy law must define the standard of claim of bankruptcy and prevent firms to escape from debt; costs of bankruptcy procedure should be controlled; government should not intervene. Security market should be developed. As for the stock market,更多还原