Listed agricultural companies are the representative of China's agricultural advanced productive forces. As the bibcock of agricultural industrialization, listed agricultural companies are important carrier to solve the "small farmers" and "big market" contradictions, and to realize the industrialized operation of agriculture. However, in recent years, not only the number of listed agricultural companies does not match with the status that agriculture relates to the people's livelihood, but also their qualities are not good. The overall operation performance of these companies is declines. Lack of core competitiveness making agriculture sector become the weak one in China's stock market, and more and more listed agricultural companies gradually faded out of agriculture. Along with solving the "agriculture, rural farmers issues" measures step by step, the continuous exposure of agricultural products quality and people's concern on the ecological environment and sustainable development, the social responsibility and ecological environmental protection of agricultural listed companies is being questioned. Therefore, the systematic and comprehensively evaluation the performance of agricultural listed companies and the thorough analysis of the key determinants of their comprehensive performance are theoretical and practically significant to grasp the development trend of the listed agricultural companies and improving their comprehensive performance. Based on these ideas, the paper conducts its study.The logic of this study is to bring social performance and ecological performance into the comprehensive performance evaluation index system of listed agricultural companies, and use the Analytic hierarchy process (AHP) to evaluate the comprehensive performance of listed agricultural companies. Using regression analysis, mean analysis and correlation analysis, this study analyzes three level important determinants of comprehensive performance, namely the macroscopic level of national tax subsidies, the medium level of agricultural industry feeble constitution which cause " deviating from agriculture" and micro level of shareholder structure of listed agricultural company. According to the above analysis to put forward the corresponding policy. The study is composed of the following seven sections:Section one is the introductory part. It expounds the background, purpose and meaning of this study, defining two important concepts, constructing the main contents and research methods, clearing about the research technical route and research idea, the innovation points and the insufficiency were summarized.Section two mainly reviews the relevant theoretical basis and methods of comprehensive performance evaluation of listed agricultural companies. Through reviewing and evaluating the domestic and foreign literature about the listed agricultural companies and their comprehensive performance to specify the direction of this research.Section three evaluates the comprehensive performance of the listed agricultural companies. Firstly constructs comprehensive performance evaluation index system including social performance and ecological performance of listed agricultural companies. Using AHP to confirm the weight of each index, and then select 2007-2009 listed agricultural companies as a sample, it evaluates the annual differences of these sample companies. Finally the reasons of these changes were analyzed.Section four explores the impact of tax subsidies preferential policies for listed agricultural companies on their comprehensive performance. Firstly introduces various tax preferential policies of listed agricultural companies. And then briefly reviews the domestic and foreign relevant researches. Based on analyzing theory of tax subsidies preferential policies, it further exams empirically the effects of the exited preferential financial policies from two aspects, namely tax preference and Subsidies income, on the comprehensive performance and its decomposition variables of listed agricultural companies. And eventually draws the conclusion and enlightenment.Section five discusses the relationship between deviating from agricultural operation and comprehensive performance of listed agricultural companies. It expounds the background and current situation of deviating from agricultural operation of listed agricultural companies, analyzes the reason for deviating from agricultural operation from theoretical and practical explanation. It also presumes that deviating from agricultural operation will affect the comprehensive performance of listed agricultural companies, and tests the hypothesis empirically.Section six explores the effect of ownership structure on comprehensive performance of listed agricultural companies. From the enterprise management perspective it analyzes the influence of ownership structure on comprehensive performance. Based on the reviewing of related domestic and foreign researches, it describes the current situation and its changes of ownership structure of listed agricultural companies statistically. And then states the mechanism that how ownership structure affect the comprehensive performance. Finally, using the empirical date from 2008 to 2009 to test the theoretical hypothesis from the ownership structure and ownership concentration, it draws the conclusions and policy implications.Section seven concludes the paper with policy implications. The results show that the overall comprehensive performance of listed agricultural companies is low, and has significant difference in economic performance, agriculture, rural and farmers driving, business ethics and environmental protection effect. The development of these companies disequilibrium and the good and bad are intermingled. The tax subsidies preferential policies not only can markedly improve comprehensive performance of listed agricultural companies, on the contrary, in many ways generate obvious negative influence, especially the negative effect of subsidies income and tax preference on the ecological performance and the lag negative influence on economic performance and comprehensive performance. On the whole deviating from agricultural operation lowers the comprehensive performance of listed agricultural companies. In the Chinese capital market whose legal protection for investors is weak, increasing the institutional investors, introducing management ownership incentive plan, appropriately reducing the proportion of the largest shareholder and nurturing 3-5 major shareholders to form an effective ownership check and balance mechanism can significantly improve the comprehensive performance of listed agricultural companies. Accordingly, suggestions had been put forward from the point view of government and enterprise. |