Research On Financing Efficiency Of Agricultural Listed Companies Based On Three-stage DEA Model

Agriculture is the foundation of China's economic development and occupies a pivotal position in the national economy.Since China's reform and opening up,the state has given more policy inclination and industrial support to the development of agricultural industry.The No.1 Document of the Central Committee has continuously paid more attention to the issues relating to agriculture,rural areas and rural people.The state has also issued policies to support listed agricultural companies that meet the state's needs in order to enhance their own development strength.However,there are certain financing costs and opportunity costs for agricultural companies to obtain funds.Therefore,how to integrate funds with low cost and low risk,to achieve high efficiency in the use of funds and to improve the profitability of the company has become a problem that all agricultural listed companies pay close attention to.Based on this,this thesis studies the financing efficiency of agricultural listed companies.Considering the limitations of the traditional DEA method,this thesis uses the three-stage DEA method to study the financing efficiency of 33 agricultural listed companies from 2014 to 2018.The main difference lies in eliminating the influence of random errors and external environmental factors on the financing efficiency measurement.In the first stage,the financing efficiency of agricultural listed companies is measured by the original input-output value.In the second stage,the influence of environmental variables and random errors on input redundancy is analyzed by the stochastic frontier analysis(SFA),and the input index value is adjusted by the model regression result.In the third stage,the financing efficiency of agricultural listed companies is measured again by the adjusted input-output value,so that the financing efficiency result is more objective and accurate.On this basis,considering the static attributes of DEA measurement,this thesis also analyzes the dynamic changes of financing efficiency of agricultural listed companies in the past five years by Malmquist index method.The research found that,on the whole,the financing efficiency of China's agricultural listed companies has not achieved its effectiveness,and there left still much room for them to improve the financing efficiency.Compared with pure technical efficiency,scale inefficiency is the main reason leading to low company's financing efficiency,and environmental factors also play an important role in it to some extent.Malmquist index rising first and then falls mainly dues to the combined effect of the weakening of technological belt power and low technological efficiency,which is also under the influence of scale inefficiency.Finally,based on the results of empirical research,the paper puts forward policy suggestions to improve the financing efficiency of agricultural listed companies from the two aspects of the company itself and the macro environment.From the company's own side,I suggest to steadily and reasonably expand the company's scale;Optimize the capital structure of the company in all aspects;Constantly improve the company's solvency and profitability;Pay attention to scientific and technological investment and enhance core competitiveness.In terms of macro environment,it is suggested to adjust and perfect the corporate governance structure system.Provide effective policy support and increase special financial investment;Enact laws and regulations and create a good environment for fair competition.Constantly reform and develop the financial system.