The Research On Investment Efficiency Of Agricultural Listed Companies And Its Empirical Influencing Factors

Any enterprise financial management goal is to maximize the value of their approach,fundamentally depends largely on the corporate investment behavior, and investment efficiency isdirectly related to the enterprise to realize the maximum value. The listed company investmentefficiency becomes one of the important reasons that scholars pay close attention to. With thedevelopment of Chinese capital market, the listed company appeared a lot of low efficiency of thebehavior, such as blind investment, capital is serious and unused, capital is occupied and thechange of controlling shareholders investment direction. They greatly affect the enterpriseproduction and operation ability and stake-holders.Agricultural listed company as a special company bears the national economic developmenttask, its basic role is self-evident, the development degree of agriculture in the sense we decidedthe modernization level. Accelerate agricultural development is particularly important, and thiscannot leave agricultural industrialization organization is built and perfect, cannot leave withmodern enterprise system with the characteristics of listed companies. Agricultural listedcompanies connected to the agricultural production and the capital market, help to promote theindustrialization of agriculture, raise level of agricultural science and technology, promote thedevelopment of agricultural productivity in China. In view of this, the state actively create afavorable policy on the development of agricultural listed companies. Under this background, theinvestment behavior of agricultural listed companies arouses the attention of scholars.Therefore, this article on China’s agricultural listed company profiles are analyzed, then thenon efficiency investment model to carry on the thorough analysis, and from the angle ofcorporate governance debt and in-depth analysis. Conclusions are as follows:(1) agricultural listed company’s basic situation analysis, on the basis of the AgriculturalListed Companies Empirical Analysis of investment efficiency, selected during2008to2010agricultural listed companies as the research samples, analysis of China’s agricultural listedcompany’s investment efficiency, study, listed companies generally have insufficient investmentand excessive investment, and further analysis of the causes.(2) from the principal-agent theory, information asymmetry theory and theory analysis ofdebt financing on investment efficiency, liabilities exist on one hand is easy to cause the conflictbetween shareholders and creditors, caused by insufficient investment and asset substitutionbehavior; on the other hand, go for the shareholders managers, shareholders and shareholders aconflict between the conflict caused by the inefficient investment behavior has some governancerole. In addition, different period and different types of debt on investment behavior is also not thesame. Empirical test of debt financing on investment efficiency influence, studies have found, debtfinancing is helpful to improve investment efficiency, proof of debt has strong governance role,further study found that long-term liabilities, current liabilities ratio of the role played by the muchmore effective than the commercial credit, bank loan is more significant role.(3) conducted an empirical research on the agricultural listed companies’ corporategovernance and investment efficiency, the results show that, the ownership structure, board of directors and external governance environment investment efficiency to produce certain effect.The proportion of the first shareholder on inefficient investment behavior affected significantly,with the proportion of the first shareholder of listed companies increased, to improve theefficiency of investment, found that when the shareholding ratio increased to a certain extent,restrained the investment efficiency; equity balance degree on improving investment efficiencyplay a positive role. The board of directors to improve investment efficiency also has certainpositive role, two right division, independent directors of listed companies can help improve theefficiency of investment, and the board of directors of the scale of investment efficiency and didnot have the reverse U shape relationship; from the external environment of corporationgovernance, market index increase, government intervention degree of reduction in the level of therule of law, to improve, to improve the efficiency of listed companies has obvious promotingeffect. Ownership concentration is helpful to enhance the listed company’s investment efficiency,has not achieved the loss of efficiency in the inflection point, balance mechanism of shareholdersbut also can effectively restrain large shareholders’ behavior; board management, improve theboard of directors the ability of strategic decision and strengthening the independence ofindependent directors is more helpful to enhance the efficiency of investment; two duty depart canmake the chairman and general manager of reasonable division of labor, make clear duty. Toreduce and avoid the bad government intervention is helpful to improve the agricultural listedcompanies corporate governance efficiency of investment, improving the external environment ofenterprises, investment efficiency to have apparent stimulative effect. Accordingly, need urgentlyto establish a relatively fair and free competition in the external environment, so as to create agood environment, more conducive to enhance the investment efficiency, realize the sustainabledevelopment of enterprise.Its theoretical significance, agricultural listed companies want to realize modernization, mustimprove investment efficiency, the only way to do greatly strong. How to improve the efficiencyof investment? The first agricultural listed companies should optimize the financing structure,because it provides a source of funds for investment, active play to the sources of funding andgovernance rationality. Secondly, the optimization of agricultural listed company’s governancestructure, in-depth study of corporate governance on investment efficiency, and not only fromequity structure, need from many aspects to strengthen corporate governance, which caneffectively improve the efficiency of investment, and to establish the effective corporategovernance structure provides scientific theoretical basis. In view of the current situation ofChina’s capital market and corporate governance structure of the actual situation, how to correctlyguide the enterprise to carry on the rational investment, maximize the use of investment funds, andregulate the internal investment behavior, these are so far in the two aspects of theory and practicethat did not make clear answer. Therefore, this paper studies the theory of meaning:(1) in the lightof our country the capital market is not perfect conditions, analysis of the agricultural listedcompany investment efficiency characteristics;(2) study of the debt financing of the listedagricultural companies investment efficiency;(3) the system analysis of the corporate governancestructure of the listed agricultural companies investment the influence of efficiency, from theaspects of investment efficiency influence mechanism, so as to actively promote the financingstructure, corporate governance structure and corporate investment research..The practical significance of this paper lies in:(1) according to the reality of capital market,to promote the agricultural listed company’s investment efficiency to a certain extent, has promoted. At the same time as the industrialization of agriculture development and related policyprovides empirical evidence;(2) optimizing the agricultural listed company investment decisionmechanism of corporate governance and financing structure, thereby to enhance the value of listedagricultural companies provide reference.This article has the following innovation may be:(1) Richardson (2006) classic investmentefficiency model for a certain revision, examination of Chinese agricultural listed companiesinvestment efficiency, thereby solving the when the sample size is small, how to use the modelproblem.(2) the agricultural listed company investment efficiency factors from the debt andcorporate management two angle consider, thus the comprehensive exploration of agriculturallisted companies investment inefficiency effects, for the practice of how to improve the inefficientinvestment provides theory support and experience evidence.Of course: based on the study of the agricultural listed inefficient investment, future still needfurther research areas:(1) not to the excessive investment and insufficient investment in testseparately, due to the fewer samples, leading to respectively study doesn’t meet the econometricregression analysis method, therefore, can be used for many years data to compensate for thisshortcoming.(2) this article only consider debt and corporate governance from two aspects of theinfluence factors, such as related to the nature of property right, managers and other externalmarket related situation did not consider.