Research On Property Structure Impact On Operational Performance Of China’s Agricultural Listed Companies

With rural economic development, the state is concerning the issue of three rural in creasing degree, To provide a broad space for China’s listed agriculture companies to development, Agriculture listed companies could raise efficiency while having reduced transaction cost and transaction risk. Besides they can bring wealth to the farmers, and they also the ties of agriculture industrialization,can promote a virtuous cycle of economics. However, The listed agriculture companies in the development have also shown many problems, among which is especially in property rights structural defects. Exactly speaking, the ownership structure is unvaried and the subjects responsible for property rights are vacant. So by studying the property rights structure of Chinese listed agriculture companies has important practical significance to improvement of their operating performance.From the quantitative point of view, this essay conducted empirical analysis against China’s listed agriculture companies, and it also explored the relationship between the structure of property rights and operating performance. In order to overcome the defect that the performance is measured by a single indicator, this paper selects12indicators to measure business performance, including net profit margin, main business’s increasing rate of income, earning per share, working capital ratio, quick ratio, assets-liabilities ratio, receivable turnover ratio, turnover rate of inventory, turnover rate of total assets, net profit growth rate, net assets growth rate, total assets growth rate, and then this paper proposes a synthesized operating performance with factor analysis. In this paper, only4of those12factors have been extracted, but they keep almost all the information that the12original indicators have, therefore objectivity and comprehensiveness of such synthesized performance are both achieved. And the above synthesized performance calculated according to the above method are considered as an explained variable and this paper made a regression analysis against the former explained variable and the explanatory variable that reflects the property rights structure. The result of this analysis indicates that State-owned property and the circulating shares are inversely proportional to synthesized business performance, legal property rights are proportional to such synthesized performance.Property rights structure is the foundation of corporate governance, Determining the company’s operating performance. Thus, Reasonable structure is the premise of improvement of the company’s operating performance. This paper concludes with some proposals concerning ways to improve performance of listed agriculture companies, such as:Gradually reduce the proportion of state-owned shares, To achieve diversification of ownership structure;An appropriate increase in the proportion of corporate shares; Establishment of corporate ownership structure is relatively; Protect the interests of small and medium investors to enhance mobility options.