Evaluation Of Operational Efficiency Of Listed Companies In The Feed Industry Research On Influencing Factors

The feed industry,as a comprehensive industry,is a very important link in China’s agricultural industry chain and plays an important role in the development of the national economy.According to statistics,there are currently tens of thousands of feed product processing and production enterprises in China’s feed industry,among which many listed companies rank among the top in total output.With the intensification of market competition,the operating pressure of listed companies in the feed industry is becoming increasingly apparent,and various enterprises are pursuing diversified development.However,there is currently relatively little literature in the academic community on how to improve the operational efficiency of listed companies in the feed industry,and no research has focused on the operational efficiency and influencing factors under different business classifications.In view of this,analyzing the current situation of listed companies in the feed industry,constructing an evaluation index system,calculating the operational efficiency and changes of listed companies in the feed industry under different business classifications,and identifying influencing factors can help listed companies in the feed industry find breakthrough points in operational efficiency and strengthen their core competitiveness.On the basis of reviewing relevant literature at home and abroad,this article takes 24 listed companies in the feed industry as the object and classifies them according to their business types.Based on a financial perspective,a business efficiency evaluation index system is constructed.The DEA-BCC model and DEA-Malmquist index are used to calculate the business efficiency and changes of listed companies in the feed industry from 2015 to 2021 under each business classification.The Tobit model is then used to classify and analyze the influencing factors through regression analysis.The main conclusion drawn is:(1)The operating efficiency of listed companies in the feed industry is showing a rapid upward trend,but there is an imbalance in the development of enterprise operations under various business categories.(2)The production enterprises of feed additives and feed products have a serious problem of insufficient business investment,which has resulted in unnecessary losses of business factors;Feed product processing and production enterprises have failed to fully utilize their own operating resources,resulting in idle enterprise resources.(3)Feed additives and feed production enterprises with relatively backward operational efficiency levels are more prone to technological progress,while feed product processing and production enterprises with higher operational efficiency levels have slower technological progress.(4)Enterprise size,R&D investment,and enterprise age are important factors that affect the operation of listed companies in the feed industry.(5)The improvement of equity concentration ratio will help to improve the operating efficiency of feed product processing and production enterprises,feed production and livestock and poultry breeding enterprises.Based on the above conclusions,this article proposes suggestions from a financial perspective on the investment level of listed companies in the feed industry for various business categories,in order to promote the improvement of operational efficiency for each enterprise.The innovation of this article lies in:firstly,from a financial perspective,considering the diversified development of listed companies in the feed industry,categorizing and calculating the operational efficiency and changes of listed companies in the feed industry,and identifying key factors that affect the operational efficiency of listed companies in different business classifications,supplementing research in related fields;Secondly,this article uses the DEA Malmquist index method to calculate the changes in operational efficiency of listed companies in the feed industry from 2015 to 2021 based on the actual technological frontier of the research sample,and obtains more realistic data results,making the research results more representative.It can provide new ideas for promoting the operational efficiency of listed companies in the feed industry,and also provide reference and reference for other related feed enterprises to improve their operational efficiency.