Research On The Performance Of Capital Agriculture

As a primary industry,agriculture is related to the issue of our people's livelihood.The party and the state also attach great importance to the development of agriculture.The 17 th National People's Congress of the Party proposed to develop agricultural modernization.At the 18 th National Congress of the Communist Party of China,the Party Central Committee further made new instructions on China's agricultural development path.China must follow the path of agricultural modernization with Chinese characteristics.At the 19 th National Congress,the leadership team with General Secretary Xi Jinping as the core put forward the “Village Revitalization Strategy”.Due to the attention of the party and the state,many scholars have also made suggestions for China's agricultural development.Among them,Xu Yong,a famous professor at Central China Normal University,put forward the theory of capital agriculture.In order to enrich the content of this theory,this paper studies the relationship between agricultural enterprise mergers and acquisitions and capital agriculture from the perspective of enterprise mergers and acquisitions,and provides some theoretical basis for the development of capital agriculture.This paper firstly studies the existing literature on capital agriculture,and combines domestic and foreign M&A performance and China's research on mergers and acquisitions in the agricultural industry to clarify the relationship between capital agriculture and corporate mergers and acquisitions.From the perspective of mergers and acquisitions,the financial performance of capital agriculture is studied.The empirical study takes the 2012-2015 China A-share listed agricultural companies as a sample,and uses the factor analysis method to construct a factor score model.According to the factor score model,the performance scores of each year before and after the merger are calculated,and the merger and acquisition of agricultural companies is analyzed.The impact of financial performance.The study found that the performance of agricultural companies in the year of mergers and acquisitions has been greatly improved,which may be due to the growth of the company's business scale and total assets;but one year after the merger,corporate performance declined,because the company The synergy effect of asset integration after the merger has not yet been realized;in the second and third years after the merger,the decline in performance has been curbed and flattened,because the company has internal coordination for a long time,integrating management and manpower.As a result of the synergy effect of materials and materials,the performance of the third year after the merger has not yet reached the performance level of the year of merger and acquisition,and the performance of the listed companies after the merger is not satisfactory.Further analysis of the factors of the mergers and acquisitions,and the factor comprehensive score as the explanatory variable,and adding other appropriate variables for regression analysis,found that the occurrence of the merger and the company's performance is positively correlated in the year of merger and acquisition,The occurrence of mergers and acquisitions and the performance of the company are negatively correlated with the performance of the company one year after the merger.The M&A performance also has a certain correlation with the scale of the enterprise.There are still many problems in the actual development of capital agriculture that need to be resolved.In the process of M&A expansion,enterprises should strengthen the integration of agricultural enterprises' mergers and acquisitions,play a good synergy effect,establish appropriate agricultural enterprise executive compensation mechanism,pay attention to the characteristics of the agricultural industry itself,improve the rural financial environment,and strengthen the government's support for capital agriculture.With supervision,capital agriculture can develop healthily.The theoretical significance of this paper is that it enriches the theory of capital agriculture and enriches its content from the perspective of mergers and acquisitions to the theory of capital agriculture.The practical significance lies in specifying the path of realization for capital agriculture and providing theoretical guidance for the improvement of its performance,especially the specific policy recommendations for improving the performance of mergers and acquisitions in the agricultural industry.