Empirical Research on Growth of Listed Companies in Food Industry

摘要

This study uses empirical research method to analyze the growth of listed food companies in order to provide a new analytical method for the theoretical study of company growth. Meanwhile, this study offers valuable references about strategic development decisions for the listed food companies as well. As one of the main components, the food industry supports the growth of China's national economy. This study focuses on the characteristics of food industry. It studies the relationship between capital structure and growth of listed companies in food industry through financial ratios and empirical approaches. Firstly, listed companies from the A-share and none special treatment market in Shanghai and Shenzhen stock exchange within year 2011 to 2013 are chosen as research subjects. Next, nineteen test indexes, from seven factors, such as profitability, debt-paying ability, operating capacity, cost management ability, development capacity, Marketing capability and innovation capacity, are selected to construct the enterprise appraisal model based on factor analysis. The dependent variables of the model are seven test indexes picked from aspects of profitability, debt-paying ability and operating capacity. Finally, this study draws the conclusion that the listed food companies' profitability and debt-paying ability have a negative relationship with the firms' growth ability. However, there is a positive relationship between their operating capacity and growth ability.