Investment Efficiency Of China Agricultural Listed Companies

The overall investment scale of China agricultural listed companies’is small and the level of the investment efficiency is still low at present. The purpose of this paper is to improve the investment efficiency of the China agricultural listed companies with some useful measures. The Improvement will be helpful to get rid of some "agriculture, rural areas and farmers" problems and that is the final goal of this paper.According to the purpose and the truth of China "three rural" problems, the paper does some investigation about the agricultural listed companies and its investment, analyzes and gives the valuation of the investment efficiency, digs the affecting factors and finds the right way to improve the investment efficiency.Chapter2is the theory basis. After giving the "agricultural listed companies","investment" and "investment efficiency" etc. definitions and based on the investment theory of financial management&the agricultural integration theory of the agricultural economics, here are the contents, methods and results of the research.Chapter3is the current situation. Form the combination angle of Accounting, Financial Management and Economics’ input-output view, Chapter3investigates and describes the "people, money, matter",3kinds of capital operating information by the sorting data in the annual reports after2007when the implementation of the accounting standards for enterprises was began, and finds out that there are some problems of the investment on the results, pattern and the direction.Chapter4is the investment efficiency analysis. By the Richardson model, regression and the DEA-Malmquist index analysis, the paper valuates the investment efficiency from all the aspects in the Chapter4, and finds out that it is common for these companies to have inefficiency investment. The cultivation companies get the highest investment efficiency and the forestry companies get the lowest. The fixed assets are not the engine of the investment efficiency improvement, but the key points are the intangible assets which represent the new technology and the biological assets which are distinguishing feature of the agricultural company.Chapter5looks for the outside factors which affect the investment efficiency of the China agricultural listed companies form the macro economic situation, industrial development, region conditions and the government policy. It is found that the running of domestic economic, the consumption level of urban and rural residents, the demand of foreign net export, the industrial output value and its change rate, the region clear environment resources and the tax&subsidy are the factors which play a part in the investment efficiency.Chapter6also looks for the inside factors which affect the investment efficiency form the company controllable&uncontrollable aspects, by determining the natureand, the Chapter6tests16factors by the Quantile Regression approach in different level of the investment efficiency. The result is that whether the investment efficiency level is high or low, the last year’ investment efficiency, capital structure, the age and the value of the company, and the operating risk are the notable impact factors to the investment efficiency of the agriculture listed companies.Chapter7is the route selection. The diversification is very common in the agriculture listed companies, so after checking the different investment efficiency by HLM model, Chapter7gets the conclusion that the heterogeneous diversification investment does not have a positive influence on the earnings before the interest and tax. Then the homogeneity diversification path, which is beneficial to the China agriculture listed companies and helpful to solve the "three rural" problems, is given by the Cardinal company case analysis under the Green Development Pattern.Chapter8is the conclusion and suggestion. After the above research, this paper gets the conclusion. To improve the investment efficiency of the agricultural listed companies, the government has to cultivate the suitable environment for the benign development and the companies have to excavate each kind of the capital, integrate the controllable resources and expand the ultimate demands. The fundamental way to improve the investment efficiency of the China agricultural listed companies is to open up the green development pattern with the "people, money, matter"3key factors. Just like that, the garbage disposal business is a very good homogeneity diversification investment field to the country, the industry and the people and it will contribute the great agricultural combination industry system. Furthermore, it will improve the investment efficiency if the agricultural listed companies take uncertainty options into consideration flexibly in the investment management during the implementation.