Research On Operating Efficiency Of Agricultural Listed Companies In China

Operating efficiency has always been a hot topic in practice and theory field of the enterprise management.lt reflects not only the company’s own operating conditions, but also the operating efficiency of the whole national economy to some extent.Agricultural listed companies acts as an important form of agricultural industrialization, which represent the advanced stage of agricultural productivity but also organically combine the capital markets and modern agriculture.Agriculture and its related sectors have already become an important sector of the stock market.However, China’s agricultural listed companies have exposed a series of problems in recent years,such as a low operating performance, small overall scale and low-tech products, etc.Therefore,faced to the domestic and foreign increasingly competitive market environment how are firm performance of China’s agricultural listed companies?How to evaluate enterprise operating efficiency accurately?Which factors influence on the operating efficiency of these companies? Those problems need to be resolved.Based on the background,this paper chooses DEA and constructs a two-dimensional input and output index system to analysis China’s 56 agricultural listed companies operating efficiency in 2009-2013 on three aspects which are technical efficiency,scale efficiency and pure technology efficiency. Analysis shows that China’s 56 agricultural listed companies operating efficiency are not high generally and polarized evidently, which scale efficiency led to the low operating efficiency directly.Based on those analysis results,this paper entries enterprise operation and management as starting points by using random effects panel data model to analysis the factors which influence the operating efficiency of China’s 56 agricultural listed companies.The results are shown as follows,Listed age, firm size and operating capacity positively correlated to operating efficiency of agricultural listed company;concentration of ownership, the controlling shareholder of the nature negatively correlated to operating efficiency of these enterprises.Finally,in order to improve Agricultural listed companies’operating efficiency, this paper proposed some feasible suggestions on the level of government and enterprise.