The Evaluation And Factors Analysis For The Performance Of Agricultural Listed Companies

Agricultural problem has been the focus issue of the state and the government in our Country.However, in the past few years, due to the challenges of natural disasters, the financial crisis and foreign competitors, the development of agriculture is ups and downs. Summary of the experiences and lessons of a decade accession to the WTO and the period of11th Five-Year Plan, achieving the stable development of agriculture is the important task for the coming years.Agricultural stable development is mainly due to the stable development of agricultural enterprises. In agricultural enterprises, the development capability and profitability capability of the agricultural listed companies is at leading place, the technological innovation and profit improvement of agricultural listed companies can bring the whole agricultural industry to develop, and further, can promote Chinese agricultural development.How to develop the agricultural listed companies? The key is to find the influencing factors through the evaluation for the performance, then improve the factors. So, this research chooses26agricultural companies, which had listed on SH and SZ A-share stock market before2006, as the research objects, firstly uses factor analysis method to evaluate the performance of each company in the "The Eleventh Five-Year Plan" period, secondly looks for the influencing factors from the perspective of corporate governance, thirdly comes to conclusions according to the relavant theoretical and empirical analysis, and finally, puts forward some specific suggestions.This article constitutes of eight chapters:The first chapter introduces the research background, research purpose and significance, research hypotheses and content, research method and technology roadmap, innovation and inadequate of this research. The second chapter is divided into two parts, the first part reviews the relevant literature on on evaluation of corporate performance, and summarizes the current resesrch on evaluation for the performance of agricultural listed companies; the second part defines the concept of corporate governance structure at first, then review the domestic and foreign literature of governance structure affect the performance. The third chapter describes four theoretical basis for empirical analysis:Capital Preservation Theory, Principal-agent Theory, Stakeholder Theory, and Contingency Theory.The fourth chapter elaborates the development status of Chinese agricultural industry and agricultural listed companies, this chapter is the foundation of the fifth chapter. Chapter V and chapter VI are the empirical research section. The fifth uses the factor analysis method to calculate the performance score of each company from2006to2010, ranks the companies according to the performance score, and obtains the performance change situation of Chinese agricultural enterprises. The sixth chapter analysis the relationship between equity governance, board governance, executive governance and corporate performance, establishs regression model for regression analysis. According to the factor analysis, the seventh chapter comes to the first conclusion:in our country, half of agricultural listed companies’performance is at the average level, the other half of those companies’performance is developing towards the polarization direction. According to regression analysis, this chapter comes to other conclusions:concentration of ownership is in favor of the realization of the performance of the agricultural listed companies, state-owned shares, the board size, proportion of independent directors, and executive compensation have no significant effect on firm performance.