The Study On Agricultural Companies' Financing Efficiency Of New Four Board Market

Agricultural companies due to the growth of the constraints and the particularity of the industry,in addition to a small number of listed large-scale agricultural companies can be issued by way of stock or bonds for direct financing,most of the small and medium-sized agricultural companies mainly rely on their own accumulation or private lending,resulting in a narrow financing channels and high financing costs.And the threshold of regional equity trading market(commonly known as the "new four board")is lower than the main board,the small and medium-sized board,gem board and the small and medium-sized enterprise stock transfer system(commonly known as the "new three board"),which market focus lies in the county of direct financing,financing object is small and medium-sized enterprises.On the basis of reviewing and commenting on the domestic and foreign literatures on the selection of corporate financing methods,the concept of financing efficiency,the evaluation index of financing efficiency,the construction of evaluation methods and index system and the research methods of financing efficiency in recent years,utilize the 2011-2014 financial data of Tianjin equity exchange and Shanghai equity exchange center as the representative of the regional equity trading market's agricultural companies,from the financing input and output perspective,using the DEA model,we establish the sample enterprise's total assets,asset to debt ratio,main business cost three input indicators,return on equity,main business revenue growth rate,total assets turnover and the increasing rate of fixed assets four output indicators,comparing the 2013 financing and follow-up financing efficiency.The empirical results show that the technical efficiency,including the pure technical efficiency and scale efficiency,is improved to some extent before and after the listing of the company in 2013,pure technical efficiency and scale efficiency reached the approximate effective state,projection analysis of the 2013 financing efficiency shows that there is a lack of investment in inefficient or inadequate production.This paper further compares the efficiency of listing financing between the two regional equity trading companies in 2014 and 2013,found that the narrow of scope of their own business,macroeconomic situation and the trading patterns of exchange affect the utilization of funds.Make recommendations accordingly,at present,we should vigorously develop the new four-board market,pay attention to improve the financial operation of agricultural companies,improve the trading mechanism of the regional equity trading market,strengthen the guidance and innovation mechanism,so as to enhance the financing efficiency of agricultural companies in the whole of the new four board market.