Research On The Financing Efficiency Of Agriculture Listed On The Neeq Market

As the foundation of China’s national economy,agriculture plays an extremely important role.As an important carrier of agricultural industrialisation,agricultural enterprises play an important role in promoting the modernisation of agriculture and rural areas.While large agricultural enterprises are listed on the main board market to obtain the necessary capital for development,small and medium-sized enterprises have more financing opportunities on the NEEQ market.Measuring the financing efficiency of agricultural enterprises listed on the NEEQ market and Company A,a representative agricultural SME,and analyzing the factors affecting its financing efficiency and making recommendations will not only enrich the research in this area,but also facilitate the development of agricultural listed enterprises and Company A.In this paper,we take 107 agricultural enterprises listed on the NEEQ market,as research sample.The models used in previous studies have certain limitations.This paper innovatively uses the super-SBM and Malmquist index models to examine the financing efficiency of 107 agriculture-listed The static and dynamic financing efficiency of 107 agriculture-listed enterprises from2017-2021 is measured,followed by Tobit regression analysis with static financing efficiency results as the Interpreted variable and eight financial indicators as explanatory variables which may influence the financing efficiency of the companies in the selected sample.The study shows that:(1)From a static perspective,the overall financing efficiency level of the agricultural listed enterprises on the NEEQ market is low,with only about 20%of the enterprises reaching an effective state of comprehensive technical efficiency.(2)From a dynamic perspective,there were fewer years in which the financing efficiency level of agricultural listed enterprises achieved positive growth,although there is currently a trend of growth,with changes in the technical level of enterprises being the main reason for this phenomenon.(3)There are seven financial indicators that have an impact on the financing efficiency of agricultural listed enterprises,of which the gearing ratio and total assets show an opposite trend to the financing efficiency of enterprises,while the liquidity percentage,revenue growth rate,all accounts turnover ratio,management expense ratio and return on net assets change in the same direction as the financing efficiency.Among them,financing efficiency is mainly influenced by the total asset turnover ratio.The analysis of Company A’s financing efficiency and the factors affecting its financing efficiency led to the conclusion that Company A’s static financing efficiency has not been effective for the last five years and is below the industry average.The company’s total factor productivity has continued to decline due to changes in technological progress.The inefficiency of the company’s financing is associated with the increasing size of the company and the declining growth rate of total asset turnover and operating income.Finally,the paper makes corresponding suggestions to improve the financing efficiency of Company A and agricultural listed enterprises.