涉农上市公司的实际态势:内源融资博弈外部融资

融资约束问题已经成为制约农业上市公司规模扩张和产业带动作用的重要因素。以现代企业融资理论为基础,通过将农业上市公司与非农业上市公司进行横向比较,从内源融资与外源融资两个方面分析我国农业上市公司面临的融资约束问题发现,农业上市公司得到了一定的政策扶持,但依然面临较强的内部融资约束与信贷配给;农业上市公司在股权市场上的融资比重并没有显著增加,与承担的风险相比,股东收益率明显偏低。

The Real Status of the List Company of Agriculture:Internal Financing vs External Financing

Financing constraints has become the important factor which has hindered the expansion of agricultural listed companies,eventually slacking down its leading role in the industrialization of agriculture.Based on the theory of modern corporate finance,this paper explores the financing constraint of the agricultural listed companies.By comparing with non-agricultural companies,we find that the agricultural listed companies have got some tax concessions and credit supports,they still face strong internal financ...