农业上市公司融资结构实证研究
|
摘要
农业上市公司是农业发展到一定阶段所实现的一种较为先进的企业组织形式。是中国农业在WTO背景下参与国际竞争力的主力军,也是我国农业产业资本化的主要途径之一。农业公司通过上市这种形式,可以有效的组织农业生产资源,充分实现规模经济并体现名牌优势,促进农业产业结构调整和产业化水平的提高。而不同的融资结构对农业上市公司有不同的影响。因此,研究农业上市公司的融资结构有一定的现实意义。
企业融资结构理论是现代公司财务经济学的重要组成部分。现代企业融资结构理论认为:在非对称信息条件下,企业更偏好于内源融资,如果企业寻求外源融资,则企业会优先选择债务融资,最后选择股票融资方式。这个理论在西方发达国家和部分发展中国家的融资选择得到了很好的印证。
本文分析了我国36家农业上市公司融资结构现状,得出:我国农业上市公司融资结构中外源融资比重太高,集中表现在对股权融资的偏好和资产负债率偏高。然而,尽管我们根据现代融资结构理论断定我国农业上市公司融资结构不尽合理,但目前条件下很难准确确定债务融资或股权融资究竟占多大比例才是最优的。因此,本文采用实证分析的方法,对36家农业上市公司的资产负债率与净资产收益率分析,得出目前状况下的资产负债率理想区间,再次验证了我国农业上市公司的融资结构的不合理。然后从股权融资成本核算中忽略代理成本;农业上市公司经营业绩不理想;农业上市公司的特殊性,使其股权融资实际成本较低等方面分析了我国农业上市公司融资结构偏离现代融资结构理论的原因,并分析了目前融资结构对农业上市公司未来发展的影响。最后利用SPSS工具对影响农业上市公司融资结构的因素进行主成分分析,得出五个主要影响因素,分别是经营收益风险、国有化程度、可抵押资产股利支付、非债务税收庇护和公司成长性。在此基础上,结合融资结构理论,分别从影响农业上市公司融资结构的主要因素、完善股票市场、农业上市公司自身和宏观政策角度,提出了农业上市公司未来发展的建议。
The agriculture-listed company is a kind of comparatively advanced organizational form in certain stage. The agriculture-listed company is the international mainstay of the agriculture in China under the competitiveness of WTO and one of the main way of capitalizing our agriculture. The' agriculture-listed company can organize agricultural resources of product effectively, realize large-scale production and embody famous-band advantage fully, promote the adjustment of agricultural structure and improve of the industrialization level. While different structure of financing has different influence to the agriculture-listed company. So, the study to the structure of the agriculture-listed company has some real significance.Enterprise' s financing structure theory is an important component of modern company' s financial economics. Modern enterprise financing structure theory consider that under the asymmetrical information condition, enterprises prefer inside financing to outside financing, and if enterprises seek outside financing, then enterprises will choose the financing way of the bond namely bank loan, choose the financing way of the stock finally. The theory was verified convincingly in western developed countries and some developing countries.The text analyzed the current situation of the financing structure of the 36 agricultural listed companies of China and made
conclusion that the agricultural listed company of our country express a concentrated expression of the partiality of exterior financing which embody on the high asset-liability ratio and big proportion of stock financing. However, according to the structure theory of modern financing, we conclude that the agricultural financing structure of listed company of our country is unreasonable, but it is very difficult to confirm debt financing or stock financing cost take what proportion in order to optimize the structure of agriculture listed companies. Therefore, the paper analyzed 36 agriculture listed companies in the asset-liability ratio, the net asset-liability ratio and verified the unreasonable structure of the agricultural listed company of our country and draw the ideal block of asset-liability ratio under the state at present and proved again financing structure of our countries is unreasonable. The paper analyzed the reasons of difference between the structure of agriculture-listed companies and the structure of modern financing structure and effect of structure of present agriculture-listed companies on future development of agriculture-listed companies. Finally, the paper analyzed some reasons which would affect the structure of financing using SPSS software and drawed the conclusion that there are five reasons which include the risk of manage income, the degree of state-owning, pay of the mortgage assets, sheltered revenue of the non-debt tax and the company' s growth. Base the reasons above, concerning the financing structure theory, the paper made suggestion of the development of the agriculture-listed companies. The suggestion was from the point of the main factors to the financing structure, perfecting the stock market and the macroscopic policy.
企业融资结构理论是现代公司财务经济学的重要组成部分。现代企业融资结构理论认为:在非对称信息条件下,企业更偏好于内源融资,如果企业寻求外源融资,则企业会优先选择债务融资,最后选择股票融资方式。这个理论在西方发达国家和部分发展中国家的融资选择得到了很好的印证。
本文分析了我国36家农业上市公司融资结构现状,得出:我国农业上市公司融资结构中外源融资比重太高,集中表现在对股权融资的偏好和资产负债率偏高。然而,尽管我们根据现代融资结构理论断定我国农业上市公司融资结构不尽合理,但目前条件下很难准确确定债务融资或股权融资究竟占多大比例才是最优的。因此,本文采用实证分析的方法,对36家农业上市公司的资产负债率与净资产收益率分析,得出目前状况下的资产负债率理想区间,再次验证了我国农业上市公司的融资结构的不合理。然后从股权融资成本核算中忽略代理成本;农业上市公司经营业绩不理想;农业上市公司的特殊性,使其股权融资实际成本较低等方面分析了我国农业上市公司融资结构偏离现代融资结构理论的原因,并分析了目前融资结构对农业上市公司未来发展的影响。最后利用SPSS工具对影响农业上市公司融资结构的因素进行主成分分析,得出五个主要影响因素,分别是经营收益风险、国有化程度、可抵押资产股利支付、非债务税收庇护和公司成长性。在此基础上,结合融资结构理论,分别从影响农业上市公司融资结构的主要因素、完善股票市场、农业上市公司自身和宏观政策角度,提出了农业上市公司未来发展的建议。
The agriculture-listed company is a kind of comparatively advanced organizational form in certain stage. The agriculture-listed company is the international mainstay of the agriculture in China under the competitiveness of WTO and one of the main way of capitalizing our agriculture. The' agriculture-listed company can organize agricultural resources of product effectively, realize large-scale production and embody famous-band advantage fully, promote the adjustment of agricultural structure and improve of the industrialization level. While different structure of financing has different influence to the agriculture-listed company. So, the study to the structure of the agriculture-listed company has some real significance.Enterprise' s financing structure theory is an important component of modern company' s financial economics. Modern enterprise financing structure theory consider that under the asymmetrical information condition, enterprises prefer inside financing to outside financing, and if enterprises seek outside financing, then enterprises will choose the financing way of the bond namely bank loan, choose the financing way of the stock finally. The theory was verified convincingly in western developed countries and some developing countries.The text analyzed the current situation of the financing structure of the 36 agricultural listed companies of China and made
conclusion that the agricultural listed company of our country express a concentrated expression of the partiality of exterior financing which embody on the high asset-liability ratio and big proportion of stock financing. However, according to the structure theory of modern financing, we conclude that the agricultural financing structure of listed company of our country is unreasonable, but it is very difficult to confirm debt financing or stock financing cost take what proportion in order to optimize the structure of agriculture listed companies. Therefore, the paper analyzed 36 agriculture listed companies in the asset-liability ratio, the net asset-liability ratio and verified the unreasonable structure of the agricultural listed company of our country and draw the ideal block of asset-liability ratio under the state at present and proved again financing structure of our countries is unreasonable. The paper analyzed the reasons of difference between the structure of agriculture-listed companies and the structure of modern financing structure and effect of structure of present agriculture-listed companies on future development of agriculture-listed companies. Finally, the paper analyzed some reasons which would affect the structure of financing using SPSS software and drawed the conclusion that there are five reasons which include the risk of manage income, the degree of state-owning, pay of the mortgage assets, sheltered revenue of the non-debt tax and the company' s growth. Base the reasons above, concerning the financing structure theory, the paper made suggestion of the development of the agriculture-listed companies. The suggestion was from the point of the main factors to the financing structure, perfecting the stock market and the macroscopic policy.
引文
[1] 丁伟.我国农业上市公司业务发展问题研究[博士学位论文].辽宁沈阳.沈阳农业大学 2003.6.1
[2] 汤新华.农业上市公司融资结构研究[J].福建论坛·经济社会版,2003(12):20-22.
[3] 尹亚红.西方资本结构理论及对我国的启示[J].经济师,2004,(11):89-90.
[4] 黄瑶,曹东新.农业上市公司股票融资问题研究[J].经济师,2004,(10):122-123.
[5] 王勇,刘清芝.发展农村专业合作经济组织,促进农业产业化经营[J].农村合作经济经营管理,2002。(8):19-20.
[6] 何晓群主编.现代统计分析方法与应用[M].北京,中国人民大学出版社,1999.
[7] 刘先勇等主编.SPSS10.0统计分析软件与应用[M].北京,国防工业出版社,2002.
[8] 沈艳华.我国上市公司融资问题研究[硕士学位论文].东北农业大学.2003.6.1
[9] 程书萍.中国上市公司融资结构研究[博士学位论文].河海大学.2001.6.1
[10] 陈钟洪.我国上市公司融资结构问题研究[硕士学位论文].东华大学.2004.1.1
[11] 张海涛.融资结构和资本结构与公司治理的关系探讨[J].中国乡镇企业会计,2002(5):26-27.
[12] John G Gurley and Edward S. Show, " Financial Development and Economic Development" ED&CC, Vol15, No3, April 1967.
[13] 方晓霞.中国企业融资:制度变迁与行为分析[M].北京,北京大学出版社,1999(31).
[14] 马建堂.关于直接融资和间接融资关系的几点意见[J].金融研究,1992,(9):20-21.
[15] 郭树华.企业融资结构理论研究[M].北京,中国社会科学出版社,1999(62-63).
[16] 李义超主编.中国上市公司资本结构研究[M].北京,中国社会科学出版社,2003.5.
[17] 田振宇.我国上市公司融资结构分析[硕士学位论文].北京工商大学.2001.4.1
[18] Alderson, M.J. and Betker, B.L. Liquidation Costs and Capital Structure. Journal of Financial Economics, 1995(39):45-69.
[19] Bradford, William. The issue decision of manager-owners under information asymmetry. Journal of Finance, 1987(42):839-862.
[20] Williamson, Oliver. Coporate finance and corporate governance. Journal of Finance. 1998(43):567-591.
[21] Modigliani, Franco and Merton H. Miller. The cost of capital, corporation finance, and the theory of investment. American Economic Review, 1958(48):261-297.
[22] Miller, Merton H. The Moligliani-Miller proposition after thirty years. Journal of Economic Perspectives, 1988(2):99-120.
[23] Miller, M.H. Debt and taxes. Journal of Finance, 1977(5):261-273.
[24] Smith, R.L. and Kim, J.H. The combined effect of free cash flow and financial slack on bidder and target stock returns. Journal of Business, 1994(4):281-310.
[25] Ross, Stephen. The determination of financial structure: The incentive signaling approach. Bell Journal of Economic, 1997(8):23-40.
[26] Weston. J.F, et al..Mergers, Restructuring, and Corporate Control, Prentie Hall Inc., 1996
[27] Jensen, M. And Meckling, W.,1976, "Theory of the Firm:Managerial Behavior, Agency Costs, and Capital Structure",Journal of Financial Economics 3, May.
[28] Grossman., J. and Hart, D., 1982, Corporate Financial Structure and Management Incentive, The Economics of Information and Uncertailty, Edited by John, J. Macall, The University of Chicago press.
[29] Aghion, P.,and Bolton, P. An "incomplete contracts" approach to financial contracting. Review of Economic Studies, 1992(52):473-494
[30] Aghion, P.,and Bolton, P. Contracts as a barrier to entry. American Economic Review, 1987(77):388-401.
[31] Ross, Stephen. The determination of financial structure:The incentice signaling approach. Bell Journal of Economics, 1997(8):23-40
[32] Myers, S.C. Deteminants of Coporate Borrowing. Journal of Financial Economics, 1977(11):147-176.
[33] Myers, Stewart C. and Nicholas S. Majluf. Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics, 1984(13):187-221
[34] Myers, Stewart C. The capital structure puzzle. Journal of Finance, 1984(39):575-592.
[35] Stulz, Rene. Managerial discretion and optimal financing policies. Journal of Financial Economics, 1990(26):3-27.
[36] 李向阳.上市公司需要付出什么?—论目前中国证券市场的功能缺陷[J].国际经济评论,1998(4):50-54
[37] 王娟和杨凤林.上市公司筹资结构的实证研究[J].经济理论与管理,1998(6):23-28
[38] 文宏.融资偏好与融资效率—对我国上市公司的实证研究[J].当代经济科学,1999(6):38-43
[39] 陈晓和单鑫.债务融资是否会增加上市企业的融资成本?[J],经济研究,1999(9:)39-46
[40] 冯根福、吴林江和刘世彦.我国上市公司资本结构形成的影响因素分析[J].经济学家,2000(5):59-66
[41] 晏艳阳.陈共荣.我国上市公司的资本结构与代理成本问题分析[J].会计研究,2001(09):32-35
[42] 李朝霞主编.中国公司资本结构与融资工具[M].北京,中国经济出版社,2004.1
[43] 金祥荣主编.转型期农村制度变迁与创新[M].北京,中国农业出版社,2002.9.
[44] http://www.csrc.gov.cn/cn/homepage/index.jsp
[45] http://www.sse.com.cn/sseportal/ps/zhs/home.shtml
[46] http://www.szse.cn/main/default.aspx
[47] 王开国.破解中国证券市场发展十大难题[J].瞭望,2002(12):36-39
[48] 刘红业.上市公司融资结构的实证分析.重庆工商大学学报(西部经济论坛版)[J],2003(5):69-71
[49] 阮素梅.我国上市公司融资偏好的实证分析[硕士学位论文].合肥.合肥工业大学 2002.4.18
[50] 甘慧华.我国上市公司融资方式及融资顺序的实证研究[硕士学位论文].杭州,浙江大学
[51] 陈柳钦.论金融制度创新[J].北京工商大学学报(社会科学版),2002(3):34-38
[2] 汤新华.农业上市公司融资结构研究[J].福建论坛·经济社会版,2003(12):20-22.
[3] 尹亚红.西方资本结构理论及对我国的启示[J].经济师,2004,(11):89-90.
[4] 黄瑶,曹东新.农业上市公司股票融资问题研究[J].经济师,2004,(10):122-123.
[5] 王勇,刘清芝.发展农村专业合作经济组织,促进农业产业化经营[J].农村合作经济经营管理,2002。(8):19-20.
[6] 何晓群主编.现代统计分析方法与应用[M].北京,中国人民大学出版社,1999.
[7] 刘先勇等主编.SPSS10.0统计分析软件与应用[M].北京,国防工业出版社,2002.
[8] 沈艳华.我国上市公司融资问题研究[硕士学位论文].东北农业大学.2003.6.1
[9] 程书萍.中国上市公司融资结构研究[博士学位论文].河海大学.2001.6.1
[10] 陈钟洪.我国上市公司融资结构问题研究[硕士学位论文].东华大学.2004.1.1
[11] 张海涛.融资结构和资本结构与公司治理的关系探讨[J].中国乡镇企业会计,2002(5):26-27.
[12] John G Gurley and Edward S. Show, " Financial Development and Economic Development" ED&CC, Vol15, No3, April 1967.
[13] 方晓霞.中国企业融资:制度变迁与行为分析[M].北京,北京大学出版社,1999(31).
[14] 马建堂.关于直接融资和间接融资关系的几点意见[J].金融研究,1992,(9):20-21.
[15] 郭树华.企业融资结构理论研究[M].北京,中国社会科学出版社,1999(62-63).
[16] 李义超主编.中国上市公司资本结构研究[M].北京,中国社会科学出版社,2003.5.
[17] 田振宇.我国上市公司融资结构分析[硕士学位论文].北京工商大学.2001.4.1
[18] Alderson, M.J. and Betker, B.L. Liquidation Costs and Capital Structure. Journal of Financial Economics, 1995(39):45-69.
[19] Bradford, William. The issue decision of manager-owners under information asymmetry. Journal of Finance, 1987(42):839-862.
[20] Williamson, Oliver. Coporate finance and corporate governance. Journal of Finance. 1998(43):567-591.
[21] Modigliani, Franco and Merton H. Miller. The cost of capital, corporation finance, and the theory of investment. American Economic Review, 1958(48):261-297.
[22] Miller, Merton H. The Moligliani-Miller proposition after thirty years. Journal of Economic Perspectives, 1988(2):99-120.
[23] Miller, M.H. Debt and taxes. Journal of Finance, 1977(5):261-273.
[24] Smith, R.L. and Kim, J.H. The combined effect of free cash flow and financial slack on bidder and target stock returns. Journal of Business, 1994(4):281-310.
[25] Ross, Stephen. The determination of financial structure: The incentive signaling approach. Bell Journal of Economic, 1997(8):23-40.
[26] Weston. J.F, et al..Mergers, Restructuring, and Corporate Control, Prentie Hall Inc., 1996
[27] Jensen, M. And Meckling, W.,1976, "Theory of the Firm:Managerial Behavior, Agency Costs, and Capital Structure",Journal of Financial Economics 3, May.
[28] Grossman., J. and Hart, D., 1982, Corporate Financial Structure and Management Incentive, The Economics of Information and Uncertailty, Edited by John, J. Macall, The University of Chicago press.
[29] Aghion, P.,and Bolton, P. An "incomplete contracts" approach to financial contracting. Review of Economic Studies, 1992(52):473-494
[30] Aghion, P.,and Bolton, P. Contracts as a barrier to entry. American Economic Review, 1987(77):388-401.
[31] Ross, Stephen. The determination of financial structure:The incentice signaling approach. Bell Journal of Economics, 1997(8):23-40
[32] Myers, S.C. Deteminants of Coporate Borrowing. Journal of Financial Economics, 1977(11):147-176.
[33] Myers, Stewart C. and Nicholas S. Majluf. Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics, 1984(13):187-221
[34] Myers, Stewart C. The capital structure puzzle. Journal of Finance, 1984(39):575-592.
[35] Stulz, Rene. Managerial discretion and optimal financing policies. Journal of Financial Economics, 1990(26):3-27.
[36] 李向阳.上市公司需要付出什么?—论目前中国证券市场的功能缺陷[J].国际经济评论,1998(4):50-54
[37] 王娟和杨凤林.上市公司筹资结构的实证研究[J].经济理论与管理,1998(6):23-28
[38] 文宏.融资偏好与融资效率—对我国上市公司的实证研究[J].当代经济科学,1999(6):38-43
[39] 陈晓和单鑫.债务融资是否会增加上市企业的融资成本?[J],经济研究,1999(9:)39-46
[40] 冯根福、吴林江和刘世彦.我国上市公司资本结构形成的影响因素分析[J].经济学家,2000(5):59-66
[41] 晏艳阳.陈共荣.我国上市公司的资本结构与代理成本问题分析[J].会计研究,2001(09):32-35
[42] 李朝霞主编.中国公司资本结构与融资工具[M].北京,中国经济出版社,2004.1
[43] 金祥荣主编.转型期农村制度变迁与创新[M].北京,中国农业出版社,2002.9.
[44] http://www.csrc.gov.cn/cn/homepage/index.jsp
[45] http://www.sse.com.cn/sseportal/ps/zhs/home.shtml
[46] http://www.szse.cn/main/default.aspx
[47] 王开国.破解中国证券市场发展十大难题[J].瞭望,2002(12):36-39
[48] 刘红业.上市公司融资结构的实证分析.重庆工商大学学报(西部经济论坛版)[J],2003(5):69-71
[49] 阮素梅.我国上市公司融资偏好的实证分析[硕士学位论文].合肥.合肥工业大学 2002.4.18
[50] 甘慧华.我国上市公司融资方式及融资顺序的实证研究[硕士学位论文].杭州,浙江大学
[51] 陈柳钦.论金融制度创新[J].北京工商大学学报(社会科学版),2002(3):34-38