Research On Financing Efficiency Of Agricultural Listed Companies Based On DEA Model

In recent years, although the grain yield is increasing year by year in China, but due to the growing of population, the demand for food increases gradually, the food self-sufficiency rate showed a downward trend, coupled with China's cultivated land area reduced year by year, this pressure of food supply and demand increasing. The government attaches great importance to agriculture, from 2004 to 2014, the No.1 central document always concern in the "three rural issues". But the power is limited only by government forces to solve agricultural problems, so the government began to support the industrialization of agriculture, and to encourage leading enterprises listing and financing.But the money is a special kind of scarce resources, having financing cost and opportunity cost.Therefore, how to finance by minimize cost and risk and rational use of funds to obtain the maximum benefit, becomes an urgent problem of enterprise and government.This article is based on this topic, and attempt to conduct empirical research on agricultural listed corporations' current efficiency of financing.DEA method have absolute advantage in the treatment of multi input and output problem, It will be reference to evaluate the financing efficiency of the agricultural listed Corporation.Then selecting 69 companies that have been listed two years and has significance as a sample,to build financing efficiency evaluation system by input and output indicators. Then doing empirical analysis of the 69 sample firms' financing efficiency by DEA method,Then according to the empirical results making overall evaluation, industry and regional comparative analysis, trend analysis of financing efficiency, return to scale analysis and single factor analysis.The results of the analysis is: The level of financing efficiency of agricultural listed corporation is not ideal in China, only 18.84% of 69 companies achieve the financing efficiency.94.2% company scale efficiency value is greater than 0.75, and the pure technical efficiency value of 57.97% company's is less than 0.75, the pure technical inefficiency is a serious problem of agriculture listed corporation. The highest financing efficiency is Guangdong Province and Shandong Province, and the distribution of industries, the highest value of financing efficiency is agriculture and agricultural food processing enterprises. Trend analysis showed, the level of financing efficiency was up and down,did not improve significantly from 2009 to 2013. Between the total assets,the ratio of debt, financial costs and financing efficiency existence a negative correlation, there is a positive relationship between financing efficiency and output indicators.Finally, this paper combines the results of empirical studies, puts forward the direction and magnitude of improvement of the financing efficiency of 56 non DEA effective enterprise.At present, research literature related to the financing of agricultural listed Corporation in our country is less, and focused on the financing structure and financing preference. In this paper, on the basis of the existing research on the financing structure of the corresponding development, more emphasis on analysis of the financing efficiency and do a more detailed analysis and evaluation, in order to provide reference for the evaluation of agricultural listed Corporation their financing efficiency level.