Research On Financing Efficiency Of Agricultural Listed Comp Anies Based On DEA Method

Agricultural enterprise is the main force of agriculture modernization construction, whose development have a great effluence on agriculture even national economy.The topical subject of central number one file have been an integrated approach to agricultural development for four successive years.In the aspects of effecting a corporation's sustainable development,financing efficiency is one of the key factors,which can measure enterprise's ability of using capacity and the efficiency of enterprise's finance activities.To some extent, higher financing efficiency is the key to achieve success in fierce competition.Based on the DEA measures, this paper analyzes the financing efficiency of listed agricultural enterprise in China, and whether they reach the goal of DEA effective status,then analyzes the elements affecting financing efficiency,thus offering proposals of how to enhance Chinese agricultural enterprise's financing efficiency.Firstly,this paper defines the meanings of listed agricultural enterprise and financing efficiency,and set forth relevant financing theories. Then analyses the elements affecting financing efficiency from two points of view,the one is macroscopic,including financial market efficiency,developing level of economy,policy environment,legal environment,and the other angle is microcosmic, including enterprise's scale,financing structure,and financing costs.And then on the basis of those element,this paper set up evaluation index system to estimate the financing efficiency of Chinese agricultural enterprises,choosing total assets,asset-liability ratio and cash net inflows of financing activities as input indicators,and MBRG,EPS,total assets turnover as output indicators.On the research of static state, this paper uses Chinese agricultural corporations financial index in 2014 year as cross-section data, utilize C2 R model and B2 C mode to analyze the samples' average technical efficiency(TE),PTE(pure technical efficiency),and average SE(scale efficiency). Then according to the slack variable, this paper calculated the non-DEA effective DMUs' refined value.On the research of dynamic state,this paper applied Malmquist index method to analyze the sample corporation's financing efficiency variational trends.Finally, using the case analysis,this paper draw a conclusion that Chinese agricultural enterprise's average PTE(pure technical efficiency)was 0.920, average SE(scale efficiency) was 0.617,and average technical efficiency(TE) was 0.580,which means Chinese agricultural enterprises total financing efficiency is low,and the poor efficiency resulted from the low scale efficiency. The results of Malmquist index method indicate that while these enterprises' integral financing efficiency were still low, they have been improved to some extent. In the last part of this paper, some proposals about enhancing Chinese agricultural enterprises' financing efficiency were put forward from the angles, namely the financing environment and corporation own financing strategies,the concrete content include but not limited to the followings,perfecting relevant legal system,providing better financial services,reforming financial system,increasing input to science and technology,perfecting corporation governance structure, specificating capital raising and use,and optimizing financing structure by adopting multi-channel financing methods,wishing these proposals can be contributed to promoting China's development of agricultural economy.