Study On The Influencing Factors Of Total Factor Productivity Of Agriculture-related Listed Enterprises

The no.1 document of the Central Government in 2020 proposed that local governments should be supported to build the entire agricultural industrial chain with their own characteristics based on their resource advantages,establish and improve the mechanism for farmers to share the value-added benefits of the industrial chain,form competitive industrial clusters,and promote the integrated development of the primary,secondary and tertiary industries in rural areas.Agriculture-related listed enterprises are the leaders in promoting the development of the whole agricultural industry chain,helping ordinary farmers to link up with agricultural development organically,and promoting the joint high-quality development of rural three industries.They are also the leaders in the standardized development of agricultural production and operation.The state has issued relevant policies to support the listing of agriculture-related enterprises for 10 consecutive years.At the same time,the report to the 19 th CPC National Congress stated that "in building a modernized economy,we must put quality first and give priority to performance,take supply-side structural reform as our main task,promote changes in the quality,efficiency and driving force of economic development,and raise total factor productivity." China’s 14 th Five-Year Plan also mentions "scientific and technological innovation to improve total factor productivity".Productivity is the source of firm heterogeneity and the measure of firm comparative advantage.Therefore,it is very important to study the influencing factors of total factor productivity of listed agriculture-related enterprises and put forward practical suggestions for improvement for the efficient development of agriculture-related enterprises and regional economic revitalization.Therefore,this paper analyzes it from the following aspects:First of all,review and summarize agricultural listed companies total factor productivity related research,based on agricultural listed companies and the total factor productivity concept definition and endogenous growth theory,production frontier theory and the theory of input and output analysis,then on the basis of industry classification standard for agricultural listed companies divide and the present situation analysis.Secondly,the total factor productivity of 102 agriculture-related listed companies was measured by LP method,and the development trend of total factor productivity was explored by δ convergence analysis and β convergence analysis.The measured data shows that agricultural listed companies total factor productivity rose steadily from2015 to 2020,average annual total factor productivity of innovative enterprises and state-owned enterprises is higher than the innovative enterprises and non-state-owned enterprises,but growth is reduced,the state-owned enterprises appear even negative growth,rather than innovative enterprises and non-state-owned enterprises is still in a state of low steady growth.According to the estimated trend,innovation-oriented enterprises and state-owned enterprises show a trend of δ divergence,reflecting that the total factor productivity gap between enterprises keeps widening.Under the guidance of national innovation,enterprises with higher productivity level still maintain rapid growth,and the overall gap increases instead of decreasing.The overall convergence of all enterprises,non-innovative enterprises and private enterprises means that the enterprises with low TFP catch up with the enterprises with high TFP at a fast speed,and the gap is gradually narrowing.β trend results show that innovation-oriented enterprises and state-owned enterprises converge faster to their own steady state,requiring a shorter half-life cycle,while non-innovation-oriented enterprises and non-state-owned enterprises converge slower to their own steady state,requiring a longer half-life cycle.Finally,the selection of factors affecting TFP and panel regression analysis are carried out.The results showed that the educational background of employees and government subsidies did not pass the significance test.The educational background of employees was determined by the characteristics of agriculture-related industries.The proportion of grass-roots employees was large and the educational background requirement was low.Ownership management structure has a significant negative impact on total factor productivity,while research investment,marketization level,executive compensation and employee compensation level have a significant positive effect on the improvement of total factor productivity.Therefore,suggestions are put forward from the four aspects of technological level improvement,enterprise knowledge construction,institutional environment optimization and management skills improvement,so as to promote the total factor productivity of listed agriculture-related enterprises and promote the healthy development of agriculture-related industries.