Chinese Agricultural Listed Companies Working Capital Operation Efficiency

Agriculture as the primary industry is the foundation of the national economy,especially in China, has a special significance, tranquility, stable support of the peopleof fundamental and strategic industries, to ensure that the good momentum of thedevelopment of agriculture and the rural, the sustained and healthy development ofChina’s economy to maintain and lasting social stability is of immense significance inrelation to the nation and socio-economic stability and long-term development.Agricultural listed companies in China’s current stage of manifestation of advancedagricultural productivity, the birth and development of China’s agriculture and capitalmarket development, combined with the inevitable result of agricultural listedcompanies has developed into an important sector in the Chinese capital on the stockmarket. The working capital as the basis for an enterprise fund management plays therole of the liquidity of companies the largest and most revolving funds, the financialrisks faced by the enterprise to reflect the operational status of the working capital, thehealthy operation of the working capital of the enterprise financial the most importantpart of the event. Agricultural listed companies as the leading enterprises ofagricultural development, how it works its working capital, how to create maximumvalue for its working capital for agricultural listed companies do this to make asuperficial study of the papers from the Chinese Agricultural Listed Companiesworking capital run effect measure aspects Preliminary Study.Summary of previous research on agricultural listed companies in China,working capital and efficiency measure based on the use of non-parametric DEA theBC2model under variable returns to scale study from the input perspective, workingcapital of China Agricultural Listed Companies operating efficiency for the study, as the starting point of working capital, the operating efficiency of the measure andanalysis of Shanghai and Shenzhen, China Agricultural Listed Companies workingcapital, judge their operations and explore ways to improve the operational efficiencyof Agricultural Listed Companies working capital. Studies are as follows:First, this paper three areas of articles involved a detailed review and simpleCommentary agricultural listed companies in China, working capital and efficiencystudies;Second, this paper described in detail overview of the development of theagricultural listed companies in China. And then a brief description of the status quoon the basis of review of the course of development of agricultural listed companies inChina from1993to2011, and then introduced the basic characteristics of the ChineseAgricultural Listed Companies from the regional pattern, industry, distribution andoperating performance;Third, the operating efficiency of the Chinese Agricultural Listed Companiesworking capital measure. First introduced the model set, index selection and data andempirical analysis. In three main areas for efficiency analysis of the efficiency of theoverall analysis, the efficiency of the sub-sectors and sub-regional efficiency analysis.Concluded that the working capital to run DEA non-effective improvements;Fourth, summed up the article conclusions and make policy recommendations.Conclusions are drawn: First, the distribution of agricultural listed companies EastDorsey, comprehensive management of agricultural listed companies, the pureagricultural operations, the performance of agricultural companies are not high;Second, the overall operating efficiency of working capital on Chinese AgriculturalListed Companies not high; subregion basic operating efficiency is proportional to thelevel of regional economic; operating efficiency of the sub-sectors, fisheries andlivestock-based agricultural listed companies working capital to run high level, theother main items listed agricultural companies operating level is low; Finally, the theDEA effective decision-making unit in the production efficiency frontier projection analysis can measure the adjustment of the direction and magnitude of the workingcapital to run inefficient companies. The policy recommendations focused on theworking capital operation and management of the China agricultural listed companiesoverall inefficiency, scale inefficiency and the presence of non-DEA effectivedecision making units input redundancy and output deficiency.