Analysis Of The Investment Efficiency And Influencing Factors Of China Agricultural Listed Companies

Good solutions of the problems facing agriculture, rural areas and farmers are important for China's modernization. At this stage, agricultural investment efficiency of listed companies in China is still relatively low, and the size of the overall investment is relatively small. There are two core research purposes of this article. The first is to help China's agricultural listed companies to improve the investment efficiency through the research. The second is to put forward measures to improve the investment efficiency and solve complex problems facing agriculture, rural areas and farmers.The second chapter is the theoretical basis. The first is the definition of basic concepts, such as listed company, listed company in agricultural, investment efficiency. And then this paper introduces the basic theories.The third chapter is to analyze the present situation of the agricultural listed companies by getting the basic information. This article introduces the distribution of industry, plate, time of agricultural listed companies; analyses the current situation of the industry through some indicators, including yearly income, yearly total market value, price earnings ratio; analyses the operating conditions of agricultural listed companies through some financial ratios; analyses input and output status from the perspective of input and output, and then, evaluates the investment efficiency.The fourth chapter is the measure of investment efficiency of agricultural listed companies by using stochastic frontier approach. The sequence from low to high of the average investment efficiency value is: animal husbandry(0.6298),agriculture(0.6587), the forest industry(0.6606)?fishery(0.7258). The overall efficiency of the agricultural listed companies is generally relatively low.The fifth chapter is to analyze impact factors of agricultural listed companies. This article analyses the effect of seven factors(capital structure, profitability, growth capacity, ownership concentration, board governance, remuneration system, the role of intellectual capital invested) on investment efficiency of China listed agricultural companies at different levels of investment efficiency by using QR quantile regression model.The sixth chapter is the conclusion of previous research. And on the basis of these analyses and conclusions this paper puts forward suggestions to increase investment efficiency of China's agricultural listed companies and realize the healthy and benign development. These suggestions include perfecting the governance structure, establishing a sustainable development style, moderate scale expansion, perfecting capital structure and improving its profitability.