Research On The Relationship Between Agricultural Listed Companies Corporate Social Responsibility And Capital Allocation Efficiency

Agricultural listed companies as the basic unit,play an important role in national economy,The official national statistics show that gross agricultural production get to 59,419.25 million,in 2015,increase by 8.49% than last year,take up 8.2% of the GNP,that is vital to the national economic stability.Agricultural industry is closely related to our life,especially the problems of the quality and safety of agricultural products,the overuse of fertilizers problem and agricultural waste emissions problem,all of these influence ours healthy and the environment directly,so the agricultural listed companies should actively take up the social responsibility,to achieve the sustainable development of economy,society and environment.With the background of supply-side reform policy,we pay more attention to the problems of agricultural listed companies’ resource allocation efficiency.Faced of the agricultural listed companies’ social responsibility and the problem of resource allocation efficiency,it is necessary to coordinate the relationship between them.Firstly,this article analyzes the stakeholder theory,capital allocation efficiency theory and the sustainable development theory,making a research on the relationship between agricultural listed companies’ corporate social responsibility and capital allocation efficiency,in order to find out the different influences of taking up different stakeholders’ corporate social responsibility in agricultural listed companies,knowing which is the most important interest groups,so that improve the level of agricultural sector resource allocation efficiency,and the initiative of undertaking corporate social responsibility.Secondly,based on the specific industry of agricultural,this article defines the content of agricultural listed companies’ corporate social responsibility,analyzing the current situation of agricultural listed company corporate social responsibility.In the end,use the rate of social responsibility contribution to measure company social responsibility and Wurgler model to measure resource allocation efficiency,as the explained variable and the explanatory variable,making a regression modle to study the relationship between agricultural listed companies’ social responsibility and capital allocation efficiency.In addition,this article divide agricultural listed companies as planting fishery industry,forest fishery industry,fishery industry,agricultural byproducts processing fishery industry,fishery industry,so that find out the resource allocation efficiency differences.The results prove that: agricultural listed companies fulfill the social responsibility to the investors and the government and the environment are significantly positively correlated with capital allocation efficiency,fulfill the social responsibility to weak and public interest groups are significantly negatively correlated with capital allocation efficiency,for other stakeholders and total social responsibilities,there is no significance correlation between them and capital allocation efficiency.In addition,the overall level of the capital allocation efficiency in agricultural sector is low,and the difference between each sector is obvious.