Study On The Discriminant Analysis Of Financial Core Competencies Of Agricultral Listed Companies Based On DEA-DA Model

Agricultural industry is the basic industry of China's national economy. Agricultural listed companies as an outstanding representative of excellence, whether it sustained, steady and healthy development is not only an important aspect of security markets, but also a bearing on the overall situation of the development of the entire national economy. However, after joining the WTO, it has become urgent concerns which include performance of agricultural listed companies in the end and how should they develop sustainable. Any development and expansion of a business cannot be separated from the core competitiveness of enterprises; agricultural listed companies in agriculture are no exception. For listed companies, the financial core competence is the core competitiveness of its effectively reflect. In this paper agricultural listed companies identify core competencies of financial research.The full text is divided into six chapters:Preface Chapter IThe core of this chapter on the financial capacity of the main relevant theories are reviewed, analyzed the competitive edge at home and abroad about the theory of core competence theory of corporate finance, as well as the analysis of this paper to select the instrument DEA-DA Model Research. And combination of these theories and the development of agriculture and the status of agricultural listed companies made this paper the meaning and purpose of this study established the content and technical route.ChapterⅡStudy on Corporate finance core competencies theory: At the basis of previous studies, summarized and put forward the corporate finance core competencies features: heterogeneity, goal consistency, value, dynamic, integrated system uniformity, relevance. According to the financial control, financial resources, information processing capacity, financial warning capacity and the relationship between the effects of the elements, the paper finally determine the core competencies of enterprise financial connotation: profitability, solvency, viability and growth capacity of the agricultural market for the target company's financial system to make the theoretical groundwork to develop.Chapter IIIAnalysis on the status of the operation of Chinese agricultural listed companies: First of all, this chapter defines the concept of agricultural listed companies and the network data of 38 selected listed companies in agriculture, these types and regions of listed companies in the agricultural industries are classified. And this chapter summed up the development process and characteristics of the listed companies in Chinese agriculture.Chapter IVThe build of index system of the agricultural listed companies'financial core competencies:The key to analysis and measure the agricultural listed companies'financial core competency is to build the index system. Chapter II of this article on the core competencies of the corporate finance elaborates mainly from four aspects to reflect: profitability, solvency, operational capacity, growth capacity, so the build of index system must also depend on these four. First, from a financial index of this chapter related to the concept, the paper introduces its definition and nature of the defined index and financial principles of classification. In accordance with the principles, the paper selects a representative sample of 20 financial indicators, and introduces the relevant index's specific meanings, as well as the relationship between the impacts of financial capability. Selection of index data will be taken into account and the authenticity of the empirical analysis of this paper provides a detailed index system.Chapter VStudy on dicriminant approach and empirical research of the agricultural listed companies'financial core competence based on DEA-DA model: It creates the DEA-DA model according to combine DEA and dicriminant analysis, so the model could classify sample units.This chapter introduces the additive DEA model and methods, outlines the evolution of DEA-DA model, focusing on the introduction that Sueyoushi in 2001 generalized DEA-DA model, and select the model as a tool for data analysis in this article.Cited in this chapter in accordance with Appendix 38 of the agriculture category listed companies the third quarter 2008 financial data, first of all, the basis of whether the ST companies included in the first listed companies in agriculture is divided into two discriminant groups, and the application of the generalized DEA-DA model discriminant analysis, the results have been calculated.Chapter VIConclusion and Outlook:(1) At the process of theoretical research of the enterprise's financial core competence, according to financial control, financial resources, information processing capacity, financial capacity, such as early warning aspects of the enterprise's financial ability, the paper establishes core competencies and the relationship between the effects of the elements and finally gets the meaning of core competencies: profitability, solvency, operational capability and capacity to grow. The paper summarizes the propose and build of the enterprise's financial core competence from the three aspects: motive, power and spread mechanism(2) The paper mainly focuses on an analysis of the basic status of listed companies of agriculture in China. 38 finally selected agricultural categories of financial data of listed companies were chosen to apply for the application of DEA-DA model.(3) In the he process of formulation of financial indicators, combined with the financial system the principle of the index system, the paper gets the final index system.(4) The generalized DEA-DA model is selected as basic financial instrument to identify core competencies of agricultural listed companies. The results of the analysis, the application of DEA-DA model of discriminant value of the 38 listed companies in the agricultural category sort selected four typical enterprises, combining with the company's recent operating conditions the model verifies the validity of discriminant analysis.(5) When this paper uses the generalized DEA-DA model, it directly select the d and d +1 as the boundaries between the two sets of data, so it lacks accuracy of in-depth consideration. Follow-up studies to try to change the boundaries determine the effect of further testing and comparison.(6) During the process of selection of variables in the model, the research for the selection of variables is limited to financial ratios does not consider existing impact of changes in systems and policies for enterprise production and operation status, and also not consider the effect of all kinds of index on financial core competence. This article suggests that the course of the study follow-up could consider non-financial indicators which could be quantified and then discriminate according to it in order to determine the reliability of the results and to carry out deeper research.