Study On Phenomenon Of "Deviation From Agriculture" Of China Agricultural Listed Companies

Agricultural listed companies are an outstanding one among agricultural enterprises and are"lead"of agricultural development. Because agriculture is faced with the nature and the market risks and the problem of"agriculture, rural and peasant"is talked much, development of agricultural listed companies is paid attention more and more. To support development of agricultural listed companies, preferential policies, such as tax, subsidy, are given continuously. Thus, it can make agriculture more strong and become "the development point" of the entire agriculture. However, the report that agricultural listed companies does not make agriculture with the sign of agriculture appearances repeatedly. The theorists have given the certain analysis in view of this question from the investment angle, and discovered that agricultural listed companies have invested in other field really and some even thoroughly reformed or left agriculture.It is proved that agriculture is an advantage for the development of agricultural listed companies with comparative advantage theory, competitive advantage theory and asset specificity theory as basic theory in the paper. The indicator of operating income, investment income, allowance income, main business profit, main operating income and agricultural income (in a narrow sense)are used to analyze from profit and income two sides. Through statistical analysis and model analysis with those indicators, it is found that contribution of agriculture for the development of agricultural listed companies is small and agriculture can not be regarded as an important industry for agricultural listed companies. The analysis of reason is given to the phenomenon of " deviation from the agriculture" for agricultural listed companies from industry character, the government and the stock market and the proposal is put forward from the different angle so as to help agricultural listed companies making agriculture and realize the of agricultural listed companies.