| The development of modern agriculture demands the listed agricultural companies act as the leader and the delegate of advantaged technology and working power to organize the manufacture of farmers, build up the agricultural producing chain and promote the traditional agriculture to transfer to modern mode. Thus the listed agricultural companies, as the leading enterprise in agriculture, bear the hope of agriculture industry adjustment and upgrade. However, listed agricultural companies have invested in non-agricultural area for a long time. Especially in recent years, investment in non-agricultural area is increasing year by year, which demonstrates the expansion of listed companies in non-agricultural area is severer. Even some listed agricultural companies exited the agricultural operating industry, which is against the original wish of our country supporting the listed agricultural companies to drive the development of the whole agricultural industry. Therefore, the text takes the investment in non-agricultural of listed agricultural companies as the entry point to research the changing direction of raised fund by listed agricultural companies. There is comprehensive analysis and detailed research for the situation and consequences followed by suggestions based on the actual research conclusions.I. the main content(1) Firstly, the thesis makes the conclusion in raised fund of listed agricultural companies through Descriptive Statistic Analysis, and points out the pervasiveness of operation deviation of listed agricultural companies by analyzing the composition of income and the profit structure.(2) The thesis does the empirical research to find out whether the listed agricultural companies has changed the investing direction of raised fund through Data Envelopment Analysis and Regression Analysis, figures out the efficiency value of different samples to know how the impact on changing the investing direction and the degree, to the efficiency value, will be, and brings invisible change of raised fund into empirical research system for analysis.(3) The thesis makes the empirical research and analysis on the changing direction of fund which is the leading factor by Multiple Regression Analysis, brings the inherent risks and market risks of the listed agricultural companies, scale of the companies and capital structure into decision making factor system, and will use the parametric test, the non-parametric testing procedures and the descriptive statistics analysis to analyze the investing decision factors of the listed agricultural companies. The thesis will take the Shortsighted Loss Aversion Psychology in finance into the decision making action of management to analyze the bounded rationality of management on the impact of changing fund's direction in order to deeply analyze the mechanism of action.(4) Based on the results and analysis of empirical research, I will give suggestions on the norm of the changing fund direction of the listed agricultural companies, and discuss the meaning of the adjustment realization of the agricultural structure to the usage of the raised fund by the listed agricultural companies. And I will raise the issue of using the 'corp+corp'industrial organization style, the newly creative method, to create vertical industrial chain in the rural area in order to improve the development of our countries'agricultural industry.Ⅱ. Conclusions(1) Through theoretical analysis, we can find the key factor to cause the change of investing direction is the designated defection of listed agricultural company. As a specific economic organization, it asks for realizing the object of maximizing the profit, and also it should bear certain social responsibility such as leading other agricultural enterprises and organizations to produce and accomplish trade in the market, even finishing some investment of agricultural infrastructure. At the same time, agriculture has obviously serious risk and need to be confronted with possibility of big loss. Thus the listed agricultural company must purse profit but the nature of agriculture industry may be not a profitable industry, so this contradiction originated from the designation of system is the root of phenomenon that the listed agricultural company invest other industry than agriculture. (2) From the simple statistic analysis, we find the phenomenon of investing other industries is common. And many of the listed agricultural companies also choose to keep the money collected from the stock market in the enterprises or save in the banks, and the extent of change is different. But the analysis of data shows that the listed agricultural companies always invest their money to the industries which have characters of high risk and high revenue, and the percentage of these companies is more than50percent.(3) After the DEA analysis and the aggression analysis, the efficiency of our listed agricultural company is obviously influenced by the investing direction, if the listed agricultural company invest in other industries, the efficiency of companies in short run will be improved. If we depict the efficiency from three aspects such as ability of gaining profit, developing and value of the companies, we can draw conclusions like this, if companies change investing direction, the value of companies and short-term profitability will be improved, and the extent of change is not relevant. But regarding the long-run operation, the listed agricultural company change investing direction will bring negative influence to the latter profitability. And if the listed agricultural companies choose not to use money collected from the stock market, the outcome will be more serious because the value, profitability and future progress of these companies will become worse.(4) In order to find the factors that affect the direction of investing decisions, we use aggression method to research the reason why the decision makers choose to change investing direction and invest in other fields than agriculture, and the conclusions are listed as:First of all, the scale of company is one of the factors which affect investing direction, and these two factors are negative relevant. That means if the scale of the company is big, the decision makers always try to keep the fame of the company and will not tend to change the investing direction. Because our listed agriculture companies are always smaller than companies pursing other industry, so the listed agricultural companies are always tend to change the investing direction.Secondly, when the decision makers choose the suitable investing direction, risk becomes another key factor to affect the decision of the company. And the conclusion is the higher risk, the bigger possibility of changing investing direction.Thirdly, the structure of management of the company also affects the investing decision. Some important figures such as the percentage of shares that owned by the first leaded share-holder, the percentage of shares which managers have and etc. These figures are positive relative to the investing decision. That means if the inner managers and important share-holders have the absolute control privilege, these decision makers would like to choose invest money into other industries. And reasons which cause these phenomena are the consideration of maximizing the profit and incomplete message which cannot be grasped by the outer message users. Also the decision makers are always afraid of risk and try to avoid bear these risk, so these attitude will aggravate the trend of changing investing direction and becomes another reason to make decision makers neglect the long-term profitability and future development of the companies.Fourthly, the percentage of shares which the board own is negative relevant to the decisions whether change investing direction or not. A reasonable explanation is the existence of independent director will change the situation that all managers tend to choose investing direction according to short-term advantage not to future development. So if we add the shares of independent director, the phenomenon of commonly changing investing direction may be reduced from some extent.Fifthly, through game theory analysis, for the listed agricultural companies, relatively good selection is to invest in the upper aspects of agricultural producing chain such as building up source of raw materials not randomly invest in other industries and purse lateral diversification.Ⅲ. Policy proposal(1) From the aspect of system design, the emphasis of the policy should focus on giving subsidies to directly investing in agricultural industry chain, not to give it to the listed agricultural companies in order to reduce the capital pressure of the listed agricultural companies to invest in agriculture producing chain.(2) Because the listed agricultural companies has special products and long producing cycle, even the facilities that the farmers need also be provided by the listed agricultural companies. So if we check the financial position of these companies, we can find that the performance of the listed agricultural companies is worse in the stage of construction than operation. But the performance of the managers and companies is judged by the short-term operation, not the different stage of project construction or operation. So we may think of innovation of performance estimation, trying to access the financial stand by one period of project construction not a fiscal year. Thus we can help the decision makers avoid investing in other industries which output can be gained in short-run. (3) And another suggestion is the system innovation of the listed agricultural companies. Through organizing a company of farmers and make the listed agricultural companies invest in this company, the listed agricultural companies and the farmers form a community of interest which can reduce the pressure of both the listed agricultural companies and the farmers and trying to progressively realize the industrialization of agriculture.IV. Innovative viewpoints(1) We divided the listed agricultural companies into two groups, and use two kinds of researching method. DEA and aggression method, to compute and estimate the performance of different group and to make comparison. And we also think of the invisible changing of investing direction such as to save money in the banks or keep money in the companies. So the conclusion is more complicated than ever.When refer to the reason that cause changing investing direction, we take both the internal factors and external factors into consideration. For companies, the factors such as the situation of corporate of governance, scale of companies will influence the decision of the investment. And factors originated from outer economic circumstance and nature environment such as risk of weather change are other important aspects to affect the investing decision. Thus the analysis of affecting factors is more comprehensive and systematic.So the research rebuild a comparatively comprehensive framework of the investing decision of the listed agricultural companies.(2) We introduce new conception of psychology to explain why the decision makers always give importance to short-run operation and relative performance, myopic loss aversion is one kind of typical psychological factor and will seriously influence the selection of investing direction. It's a new view point.(3) We also suggest to make innovation in system designation. When we discuss the investment of agricultural producing chain, we found the listed agricultural companies always are not reluctant to invest in agricultural project. So we suggest to form companies of farmers and adopt a new organization of corporate plus corporate as a transition。V. Further researchDue to the limitation in resource, time and research capacity, there still much room left to be improved in this research project. Such as,(1) After the research of factors of influencing the investing decisions, we found the macro economic situation will have some effect on the decisions. If the macro economy runs well, the systematic risk will be not as obvious as risk of agricultural project, and the listed agricultural companies would like easily to invest in other industries, but in the periods which macro economy runs badly, systematic risk may hide some specific risk which agricultural projects have and then the decision makers would not likely to change investing direction. But because the quantity of observation is limited, so we need further research.(2) In present research, we didn't think of the system of supervision and the role of government, so in the application of game theory in analyzing the balanced selection of strategy, we have more room to discuss and research.So the further research is planned to develop through four aspects,Firstly, whether there is distinction in different stage of financing of listed company such as IPO or subsequent financing?Secondly, when the decision makers choose different investing fields, the performance of the listed agricultural companies will be affected or not?Thirdly, whether myopic loss aversion of decision makers will affect investing decision need more evidences, we can design experiment and check the conclusions of theoretical analysis.And the last one is to analyze the function and shortage of government in instructing and supervising action to give more suggestion to designation of system.
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