Research On R&D Efficiency Of Agricultural Listed Companies In China Under Financing Restriction

At present,China's economy has entered a new normal state,agricultural development urgently need to adjust the industrial structure and change the mode of development.However,the key factor in the development of agricultural transformation lies in technological innovation.At the sametime,the state promulgated a series of policies and measures to promote the transformation and development of agriculture,agricultural science and technology departments also thoroughly implement the innovation-driven development strategy and accelerate the pace of agricultural science and technology progress.Agriculture-related enterprises are an important force in agricultural science and technology innovation and bear the mission of promoting scientific and technological progress in agricultural industry.However,R&D efficiency is a key factor in measuring the technological innovation capability of agriculture-related enterprises.Therefore,it is necessary to evaluate R&D efficiency of China's agriculture-related enterprises and find out the restrictive factors,then fill the shortcomings of agricultural science and technology innovation.R&D investment is an important factor affecting R&D efficiency.However,R&D investment is a key factor in financing activities,Agriculture-related enterprises is facing a greater financing constraints in the R&D activities.In view of this,this paper will further verify the relationship between financing constraints and R&D efficiency on the basis of R&D efficiency evaluation and further improve the efficiency of R&D enterprises,then enhance the ability of agricultural science and technology innovation.This paper take the static level of R&D efficiency and R&D total factor productivity as the breakthrough point by using the research results of domestic and foreign research,then evaluates the R&D efficiency of China's agricultural listed companies by using the method of combining the three-stage DEA model with the Malmquist index model.Based on the evaluation of R&D efficiency,this paper will validates the influence of financeing constraints on R&D total factor productivity,The conclusions are as follows:(1)The low R&D efficiency of China's agricultural listed companies are caused by low purely technical efficiency and scale efficiency,scale expansion is an important bottleneck in R&D efficiency.(2)The environmental variables have a significant impact on the R&D efficiency of China's agricultural listed companies.Among them,the rapid expansion of macroeconomic and the increase of equity concentration will lead to R&D costs and R&D personnel into the increase in redundancy,while government subsidies are conducive to the improvement of R&D efficiency.(3)From the industry type of view,there is a significant difference in R&D efficiency between traditional agricultural listed companies and listed companies in agricultural and sideline food processing industry and R&D efficiency of listed companies in agricultural and sideline food processing industry is higher than that of listed companies.From the various companies,R&D efficiency is significantly different and most companies have low technical efficiency and scale efficiency.(4)The increase of technical efficiency has led to the growth of the R&D total factor productivity of China's agricultural listed companies and most companies grow more moderately.Some sample companies have high level of R&D efficiency but R&D total factor productivity is declining,some companies have low level of R&D efficiency but the development of total factor productivity is a high-efficient way of growth.At the same time,financing constraints have a positive effect on R&D total factor productivity.Finally according to the theoretical analysis and empirical research results,this paper puts forward the corresponding suggestions to improve the R&D efficiency of agricultural listed companies.Enterprise levelincrease enterprise R&D investment,enhance the technical level;enhance the degree of corporate franchise,achieve economies of scale;optimize the ownership structure of enterprises,enhance the management level;strengthen the awareness of scientific and technological achievements protection,increase R&D output.Govemment level:improve the effectiveness of policy subsidies,stimulate enterprise R&D vitality;broaden R&D financing channels,alleviate corporate financing constraints;vigorously cultivate leading enterprises,enhance the role of radiation;strengthen the industry classification guidance,promote the orderly development of enterprises.