A Study On The Operating Efficiency And Influencing Factors Of Leading Listed Enterprises In China’s Agricultural Industrialization From A Financial Perspective

As the transitional year between the "13th Five Year Plan" and the "14th Five Year Plan",2022 is of great significance for promoting the construction of agricultural modernization.Building a leading agricultural enterprise based on the new stage of development also provides important support and guarantee for promoting the development of China’s agricultural modernization.Therefore,studying the operational efficiency of leading enterprises in agricultural industrialization and exploring how to rationally allocate resources and enhance the competitiveness of enterprises are of great significance for accelerating the construction of agricultural industrialization and promoting the construction of agricultural modernization.This paper analyzes the development status of 89 agricultural industrialization leading listed enterprises,and finds that agricultural industrialization leading enterprises are widely distributed and have a high concentration ratio,showing the characteristics of agglomeration in the central and eastern regions,and there is a polarization of operating efficiency between different enterprises.Then,a three-stage DEA model was used to analyze the operational efficiency of the enterprise.In the first stage,the input variables selected were operating costs,number of employees,period expenses,and total assets,while the output variables selected were operating income and net profit.The analysis found that the operational efficiency of the agricultural industrialization leading listed enterprises was at a high level.In the second stage,environmental variables,economic development level,opening up,consumption level,industrial concentration ratio,listing years,equity nature and government subsidies were selected,and SFA regression was used to eliminate environmental factors and random errors.In the third stage,use the adjusted input variables to recalculate efficiency.After adjustment,it was found that the comprehensive technical efficiency value decreased,and pure technical efficiency had a significant impact on the comprehensive technical efficiency.At the same time,using the Malmquist index to calculate the dynamic operating efficiency of leading agricultural industrialization listed enterprises from 2017 to 2021,it was found that over 70% of enterprises had an increase in total factor productivity,and technological progress efficiency was the main reason for its growth.Finally,we select the influencing factors of operating efficiency from the financial perspective and use Tobit to conduct regression analysis.The results show that equity concentration ratio,total Asset turnover,capital intensity and social responsibility are positively related to operating efficiency,while asset liability ratio is negatively related to operating efficiency.