The Dynamic Study On Financing Effciency Of Agro-food Processing Industry

In recent years, with the increasing national food safety supervision, the agro-foodprocessing industry which is closely related to "the tip of the tongue of the safety" havereceived more and more social attention and vigilance. As one of the core departments ofChinese food processing, the food processing industry plays an important role in ensuring thefood production levels, absorbing rural surplus labor force, and achieving absorption of foodsecurity and economic development. However, the short board seriously restricts thesustainable development of agro-food processing industry, in that scale enterprises is limited,the management system is not perfect, cost control is not timely and asset allocation is notreasonable evils ingrained. For the fundamental, the fund is the key problem. In the currentinformation society with highly developed economy, capital is not only a basis of the industrydevelopment, but many enterprises in the fierce market competition are also quipped with keyweapons for "occupying a leading position".Therefore, according to the standards for different life cycle,the innovation point of thisarticle is classifying the life cycle of listing Corporation in agro-food processing industry, andusing the DEA-malmquist total factor model to make the stage-period-divided analysis ofdevelopment situation and reasons. Last but not least, the article draws corporate financingstrategies in different life cycle. Meanwhile, the innovation is analyzing the effect mechanismof many influence factors to financing efficiency in each stage by two-dimension financingefficiency evaluation index system, in order to promote the products processing industry’soverall financing efficiency.Based on the the life cycle theory, the paper defined the concept of "agro-foodprocessing industry" and "financing efficiency", and then briefly introduced the life cycletheory, efficiency theory and the modern capital structure theory, laying a solid theoreticalfoundation for the empirical analysis of carding and powerful literary ideas later. After that,the paper analyzed the function mechanism between affecting factors and four kinds of effects,and get the relationship of different periods of enterprise financing efficiency and factors.Then, it is the key part of this article, which is namely stage-period-divided empirical researchof agro-food processing industry. By constructing a DEA-malmquist model, the input indexmainly includes the enterprise scale, financing cost, financing structure of two level input andsales scale, the scale of fixed assets, operating costs, assets and liabilities rate of four leveltwo inputs. According to two dimensions of financing costs saving and asset allocation, theoutput is mainly including two level output indicators and financial expense ratio, turnover oftotal assets, rate of return on total assets three secondary output index. Selecting the listedbefore2007, the paper took30agricultural non-staple food processing enterprises as samplesfrom listing Corporation, analyzing the financing efficiency of agro-food processing industry of two dimensions from2007to2012, and finally established two-dimension financingefficiency evaluation index system. The following is the most important part of this paper,which used two dimension evaluation efficiency measurement and dynamic analysis model,analyzed the differences between the deep cause of the financing efficiency of agro-foodprocessing enterprises of different life cycle, and drew four kinds of enterprises effectivefinancing paradigm strategy for improvement. At the end of this chapter, the last chapter is theconclusions and policy prospects of the above analysis. As to agro-food processing industry instart-up period, it should strengthen their own credit construction, actively get into the socialcredit system, strengthen the endogenous financing, and improve the internal capitalutilization rate; The enterprises in growth period should restrain the "superiority","weighinside control, weigh R&D,weigh risk prevention", and introduce a new financing way todisperse financing risks; Mature enterprises should establish the "mature" strategic alliance,industrial economic zone and other cooperative business model, through the establishment oftechnological innovation to strengthen the enterprise "ripe for the work" of new ideas to getrid of "small, private, home" non-traditional challenges; Recession enterprises should via thegovernment special funds, financial institutions and private capital investment, activelypromote the merger and reorganization of enterprises in order to promote the technologicalrevolution and update-speed.