An Empirical Study On The Relationship Between Non-grain Management And Corporate Performance Of China's Grain And Oil Listed Companies

Grain and oil processing is an important circulation link connecting grain production and consumption and an important part of the national grain industry economy.For now as a representative of the advanced productivity of China's grain and oil processing industry,grain and oil listed companies had achieved great achievements.But on the one hand,their performance is not good,the level of specialization is not enough,and lacking core competitiveness.The proportion of“non-grain” management of listed oil and grain companies continue to rise,and the main business was squeezed.Grain and oil companies can not get deep into the grain and oil industry every year although they have obtained a large amount of subsidy income.They also do not meet the needs of the supply-side structural reform of the grain and oil industry,which may adversely affect security in the grain distribution.Therefore,the study of relationship between grain and oil listed “non-grain”management and business performance of enterprises has great significance for development strategies by grain and oil companies and the formulation of relevant policies by the government to guide the healthy development of grain and oil enterprises.Based on the above,this paper first reviews the “non-grain” business background of China's grain and oil listed companies,and studies the theoretical and realistic origins of “non-grain” management based on past literature and theory.Then it analyzes the status quo and motivation of the “non-grain” management of listed oil and grain companies,and decomposes the motivation into two levels:internal and external.Then it is the descriptive statistical analysis of the status of China's grain and oil listed companies.The index evaluation system was constructed,and the factor analysis method was used to estimate the listed company's managing performance,and the asset return rate was included as a reference index.Relevant analysis and F-test were used to select appropriate variables and models for relevant empirical analysis.Establish a fixed-effects model and use the relevant measurement software to demonstrate the hypothesis of this paper,and analyze the influencing factors of the degree of “non-grain” management,the non-grain level's non-linear effect on performance,and the role of firm size in regulating the relationship between non-food level and firm performance.The main conclusions of this paper are as follows: the performance of enterprises is negatively related to the degree of “non-grain” management,that is,the worse the performance is,the higher the level of “non-grain” management;there is a negative relationship between the operating levels of “non-grain” management and government subsidies.That is,the higher the amount of government subsidies,the lower the“non-grain” managing level of listed companies in grain and oil companies;the“non-grain” managing level of China's grain and oil listed companies and the performance of enterprises have the U-type nonlinear relationship,that is,the impact of the “non-grain” management level on the performance of the enterprise is first reduced and then improved;the size of the grain and oil listed company has a regulatory effect on the relationship between the performance of the enterprise and the“non-grain” management level.It means the difference in the size of the grain and oil company will affect the relationship between the level of “non-grain” management and the performance of the company.Finally,it puts forward feasible methods and suggestions for the “non-grain” management phenomenon of listed companies in grain and oil products,in order to explore the development direction of China's grain and oil listed enterprises,and also plays a certain role in improving the diversified management theory of listed companies.