China's Agricultural Listed Companies Engaged In The Performance Study

As a representative in the advanced agricultural production force in China, listed agricultural companies are born and developed as the result of China's development and merge of market-oriented agriculture and capital market, which also reflects the mutually benefited and promoted relationship between agriculture and securities market. The birth and development of the listed agricultural companies is quite important to the agricultural restructuring, industrialised management of agriculture, improving agricultural products quality and agricultural management, upgrading international competitiveness of agriculture and quickening the agricultural modernization in China. However, in recent years, a series of problems related to the transitional economic background and historical factors have led to the poorer operation performance, higher risks of the listed agricultural companies, which has consequently affected the competitiveness and sustained development of the companies. The operation performance of the listed agricultural companies can reflect their development. Therefore, the objective evaluation of the operation performance of the listed agricultural companies and the deep analysis of the determinants of their operation performance in the background of transitional economy in China are theoretically and practically vital to understand the development trend of the listed agricultural companies and improving their operation performance. Based on these ideas, the paper conducts its study.The logic of the study is to objectively evaluate the operation performance and related determinants of the listed agricultural companies through factor analysis, and score both the individual factors and the comprehensive performance. The study analyzes the determinants of the operation performance such as nonfarm operation, financial subsidy policies, share structure, entrepreneur motivation, capital operation and capital structure of the listed agricultural companies in the background of transitional economy. These determinants are furthered analyzed in three levels, i.e., the characteristics of the agriculture in China (discussed in the study of nonfarm operation factors), state supporting policies on agriculture and effects of the management on the operation performance. Corresponding policy implications are put forward based on the above analysis. The study is composed of the following sections:Section one introduces the background and significance of studying the operation performance of listed agricultural companies, defining the important concepts,...