A Research On Financial Competitiveness Of Agricultural Listed Companies

In the post-financial crisis era, enterprises are facing increasingly fierce competition. Fostering and enhancing the competitiveness of enterprises is very important for enterprises to keep long-term competitive advantage. As the key component of competitiveness of enterprises, the importance of financial competitiveness becoming more and more prominent, and receives more and more attention. Considering the important role of agriculture in our national economy, researching listed companies which are regarded as the representative of advanced cultural technology not only can promote it develop fast, but also is good for upgrading agricultural industrialization and the healthy development of national economy. So this dissertation which makes the agricultural listed companies as the study object is very meaningful. The main contents and conclusions are as follow:Firstly, it has reviewed domestic and foreign related research from multiple levels of resources, knowledge, abilities, integration, etc, and also grasp different scholars’ understanding for its components and evaluation system. On this basis, it finds that the definition of the financial competitiveness of academia has not yet formed a unified understanding and Relevant theoretical system needs to be improved after reviewing domestic research related with financial competitiveness. Also, the research related with financial competitiveness is not so much and research method is single.Secondly, after elaborated the concept and characteristic of financial competitiveness, it classified its constituent elements into financial strategy, financial resources, financial capacity and financial execution, and then noted that the financial competitiveness is the organic integration based on the four elements. In addition, this paper has analyzed the formation mechanism of the financial competitiveness from the identification, acquisition and integration of financial resources and ability and the related theory.Thirdly, it has analyzed the development of agricultural listed companies in Shenzhen and Shanghai, found that the management is poor and the appeal for funds is not enough. Also the scale is small, so it is difficult for them to get benefit from scale. The geographical distribution is dispersion, only concentrate in small parts. What’s more, they operating a wide range of business, the phenomenon of "back farming" is serious. On this basis, it selected 18 financial competitiveness indexes to build a evaluation system combined design principles and based on the six dimensions of profitability, growth, operating capabilities, solvency, eligible now ability and Scale of strength. Basing on this evaluation system, with factor analysis and entropy method, this paper made empirical analysis with the listed companies in 2013 as the objects. And then the result the KENDALL test finds that results from different way is same, so it verifies the index selection is reasonable.Finally, empirical studies have found the following conclusion: the overall level of financial of agricultural listed companies is not strong, and the sense of financial competitiveness has not formed; a small number of agricultural listed companies, the strength of the overall size is smaller, and most companies can not effectively integrate enterprise resources and capabilities, operating capacity and ability to grow performance in general; to a certain extent, government subsidies and contingency income can affect the company’s profitability, and some companies’ profitability is poor; the comprehensive analysis of top5 and ranked last 5 agricultural listed companies found that eligible now ability and profitability is more important than other indexes. However, the others are also can’t be ignored. For the above conclusion, at the macro level, this paper proposes government to increase efforts to support agricultural listed companies and improve company’s development environment. At the micro level, this paper gives some specific measures to increase financial competitiveness combined agricultural listed companies’ present situation.The possible innovations of this paper are as following: the first one is that this paper selects appropriate index to build the evaluation system combined agricultural listed companies’ present situation. Financial competitiveness is a dynamic concept, the external environment and internal environment is different at different stages. It screens construct appropriate indicators for the evaluation system by analyzing current agricultural listed companies’ financial condition. The second one is that this paper enriches the research method for agricultural listed companies’ financial competitiveness evaluation. At present, only a few scholars entropy method has been applied to financial competitiveness evaluation, the evaluation method of agricultural listed company financial competitiveness is too simple. Therefore, this paper evaluates the financial competitiveness with factor analysis and entropy method, and use KENDALL to test the two different methods to make the results more credible.