Empirical Analysis Of The Macroeconomic Environment For Growth Ability Of Chinese Agricultural Listed Companies

As we all known, agriculture keeps the foundation status in the entire national economy for thousands of years in China. Agricultural listed company, as a combination of agriculture and securities market, accelerates the realization of the agricultural industrial organization and exerts a great influence on the agricultural industrialization. The establishment and development of agricultural listed companies have significant meanings in promoting the agricultural industrial structure adjustment, enhancing the industrialized operation of agriculture, and accelerated the modernization agriculture. As the main body of active market, agricultural listed companies have always been influenced by the macro economic factors. Under the impacts of macro economy, traditional income method, market method and cost method need to make corresponding adjustment to evaluate the enterprise value of agricultural listed companies, including the assessment method, the basic theory and conditions.Based on existed studies, there are few researches in evaluating macro economic factors and agricultural listed companies'growth ability both at home and abroad. When referring to agricultural enterprises'growth ability assessment, most of the researches focus on governance, asset quality and diversification. For this reason, evaluation community should make new adjustment in order to adapt rapidly changing economic market environment and meet new developing demands. The Growth ability of agricultural listed companies has significant influence on the development of company and the investment value. There are many factors that can influent the growth ability, not only including enterprise scale, profitability and other internal factors, but external economic environment. The growth of agricultural listed companies is a description of the change of company's performance during a certain period. It can be used as a reference for investors' decision-making, and can offer help to the securities market regulators, investors, company managers and macroeconomic decisions. An agricultural listed company is an important component of China's securities market. This paper will give an index system of agricultural listed companies'growth analysis. The macroeconomic effect on the growth of the listed agribusiness will be assessed, and this paper will provide a basis for enterprise management and investors'decision-making. Based on the reasons above, this paper will focus on "studies on the influences of macroeconomic factors to China's agricultural listed company's growth ability". The relevant data of 64 agricultural listed companies from 2009 to 2013 has been studied and the 64 listed companies are of A shares. Pearson correlation test and multiple linear regression models will be used to analyze the impacts on the growth ability of agricultural listed companies according to the perspective of economic growth, government financial expenditure, market sentiment, real interest rates. This paper aims to find out macroeconomic factors which have an important impact on the value of listed agribusiness, and furthermore, to put forward suggestions on the macroeconomic factors. This paper is meaningful and of practical utility.It indicates that CPI and benchmark lending rates, as influenced factors, exert weak influence on the growth ability of agricultural listed companies. It is probably because agricultural listed companies are supported by national policy, and there are always been subsidies and preferential policies, so changes of these two factors have few influences on its capital structure. Macro-economic climate index and commodity retail price index are more important than the CPI and the benchmark lending rate, especially the macro-economic climate index, which plays a significant role in the model. It means that agricultural listed companies should pay more attentions to the growth of the national macro economy and the foreign exchange rates. Otherwise, CPI and benchmark lending rates have a limited influence on the growth ability.