A Research Into The Corporate Finance Of Listed Companies On Agriculture

Based on financial analysis and associated with normative analysis. system analysis and correlation analysis, this thesis is researching the process and performance of corporate finance activity by agricultural listed companies, researching factors affecting sustainable development of those companies, and suggesting strategies to improve the sustainable development of those companies. This research is organized around those companies' main operational business. investment activity. merge & acquisition and firm's social cost and responsibility, indicating that substantial factors affecting sustainable development is related to the defects of corporation governance. biased inclination in securities market and misleading in dual-objective of industrialized agricultural business. Therefore, the sustainable development of agricultural listed companies depends on improving above-mentioned defects systematically and creating a healthy environment for the development.The first chapter "Preface" discusses a direct observation that agricultural listed companies have slow developments while with increasing funds, and put forward possible impact to agricultural listed companies by their external market environment and internal system. The corporation governance defects of listed companies have been verified by a lot of other researches, but the impact by the biased inclination in security market and misleading in industrialized agricultural business has not been properly investigated.The second chapter constructs the theoretic frame for researching corporate finance of listed companies. As a modern enterprise, an agricultural listed company must follow the principles of modern corporate governance to create wealth for share holders, not for others. As a listed company, an agricultural listed company has a kind of operation that is different from traditional one, corporate finance to some extent substitutes and enriches the products operation. As an agricultural company, its development is affected by social economic environment and government industry policies. Therefore, the modern corporate governance theory. corporate finance theory agricultural industrialization theory and the social responsibility theory of agricultural enterprise comprise the main theoretic frame for analyzing movement and result of corporate finance activity of agricultural listed companies.The third chapter introduces and analyzes historical and current development of industrial listed companies, for the purpose of indicating that agricultural listed companieswere coming from a special historical background of china and that their current situation is related to their innate defects. Because of the favorite share-issuing inclination to state-own agricultural companies . huge amount of untradable state-own shares. small size of agricultural listed companies and their vulnerability to be manipulated, the resource optimization can hardly be the outcome even though the equity fund raising reaches a reasonable size. Therefore the overall market position of agricultural listed companies is relatively low.The fourth. fifth and sixth chapters carry out analysis from main operation investment complementary income and other revenues and expenses, following the routine of "operational revenue - cost of operation = income from operation - three major expenses = profit from operation + investment income + complementary income + other income(net of other expenses) = pretax profit - tax = net profit". When the core business is declining, agricultural listed companies turn to investment, in which security investment is a major way for them to acquire investment income. When the investments fail, agricultural listed companies have complementary income to supplement their profit. Analysis indicates that the core business of agricultural listed companies is affected by cost of competition within the industry, investment activity faces huge risk especially when the company prefers the security investment, complementary income is irrelevant to normal operations...