Research On Investment Efficiency Of Agricultural-listed Companies Of China

Agriculture is in the basic position in China's economic development,has an important role in economic development,only to raise the level of agricultural development,in order to realize the better development of our economy.At the same time,agricultural listed companies are in the leading position of agricultural development,have important guiding effect on agricultural development.only improving the development level of agricultural listed companies,in order to enhance the basic status of agriculture better.On the one hand,the growth and development of agricultural listed companies cannot be separated from the improvement of investment efficiency,on the other hand,many agricultural listed companiesexist in a general situation of inefficient investment,there are two types of excessive investment and insufficient investment,both cases affect thefurther development of agricultural listed companies.Therefore,itis of great significance to study the investment efficiency of agricultural listed companies.The research of this paper is based on asymmetric information,principal-agent,equity structure and financing constraint,summarizes the relevant researchachievements of domesticandforeign scholars on the scale of enterprise investment,and reviewsthe results of these researches.Then describe the related concepts,development level and agricultural policies of agricultural listed companies,this helps to better understand the content of the study.Then mainly based on asymmetric information and principal-agent theory,analyse the excessive investment and insufficient investment,and select the appropriate influential factors to propose the corresponding research hypothesis.In the Empirical research section,with the data of the agricultural listed companies in 2011-2015 as a sample of research,firstly,the investment efficiency of agricultural listed companies is measured by the Richardson investment model,the result is that the investment efficiency of the agricultural listed companies is generally inefficient,is characterized by excessive investment and inadequate investment,then build multivariate regression model,analyze the factors influencing the inefficient investment of the whole sample,excessive investment and insufficient investment.Finally,propose some countermeasures and suggestions on the excessive investment and insufficient investment in the inefficient investment of agricultural listed companies.The main conclusions of this study are as follows:1.Theagricultural listed companies in 2011-2015 is generally inefficient investment,the main manifestation is excessive investment and insufficient investment,of which the amount of excess investment accounted for 45.88% of all samples,insufficient investment accounted for 54.12% of all samples,the proportion of insufficient investment is higher than that of excessive investment.2.Inefficient investment in all samples of the agricultural listed companies is significant negative correlation with the proportion of assets and liabilities,the cost rate of management and the proportion of executive shareholding,and significant positive correlation with the stock of cash,the growth opportunity,and the internal cash flow.3.Excessive investment of the agricultural listed companies is significant positive correlation with the growth opportunity and the internal cash flow,and is no significant correlation with the proportion of assets and liabilities,the stock of cash,the cost rate of management,and the proportion of executive shareholding.4.Insufficient investment of the agricultural listed companies is significant negative correlation with the cost rate of management,the proportion of assets and liabilities,and the proportion of executive shareholding,is significant positive correlation with the stock of cash,and is no significant correlation with the growth opportunity and the internal cash flow.5.Based on previous empirical results,from maintaining a good investment environment,extending financing channels,increasing the proportion of liabilities appropriately,enhancing information disclosure and market supervision,strengthening the cash stock and internal cash flow management,and establishing effective enterprise management shareholding mechanism,propose countermeasures and suggestions to reduce inefficientinvestment,to improve the investmentefficiencyof agricultural listed companies.