Internal Financing,Marketing Input And Firm Performance Of Minor Agricultural Enterprises

Agriculture is the basic industry of our country.The rise of modern agriculture has changed the production mode of agriculture in our country and improved the efficiency of agricultural production and promoted the development of agriculture in our country.Small and medium-sized agricultural enterprises in China is the representative of the vitality of agricultural development at present and its production and development of agricultural market and capital market is the inevitable result.Small and medium-sized agricultural enterprises have unpredictable development potential for China's agricultural industrial structure adjustment.On the one hand,they can provide fresh blood for the development of China's agricultural economy,on the other hand,they could promote agricultural industrialization management and improve agricultural efficiency.Compared with other types of enterprises,agricultural enterprises have a certain degree of particularity: such as the profit level is not high,more restrictive factors and so on.When the enterprise is seeking to expand its operation and scale,it tends to be external financing,and because of the particularity of the agricultural enterprises,the capital market is not dominant,so our agricultural enterprises should change the traditional way of thinking.According to the order of the theory of financing,corporates should put the internal financing first and take full use of internal financing efficiency.This paper takes the internal financing as the starting point,takes the enterprise performance as the end and join the marketing investment as a regulatory variable.Besides,the paper's research sample is taken from the data of the new three board listed agricultural enterprises in 2012-2015.Then the author puts forward some strategies about the internal financing aspects and marketing to improve the performance of small and medium-sized agricultural enterprises recommendations based on the empirical results.This paper can be divided into six parts,the research content is as follows: The first part is the introduction.This introduction introduces the research background,research purpose and significance,main research contents and research methods of this paper briefly.The second part reviews the new theory of pre-order financing and 4V marketing first and then analyzes the related literatures at home and abroad.The third part explains the sample selection and data source of this paper first,and then analyze the current situation of the performance,internal financing and marketing input of small and medium-sized agricultural enterprises in China though the sample data.In the fourth part,the author puts forward the research hypothesis,then uses the factor analysis method to extract the common factor to measure the enterprise performance,and selects the effective research index,and finally constructs the research model.The fifth part is the empirical analysis.The statistical analysis of the research variables is carried out.Then,the correlation analysis is carried out between the variables,and then the Granger causality test is used to analyze the internal financing,marketing input and enterprise performance.Finally,the author use regression analysis using multiple regression analysis.In the sixth part,the author summarizes the empirical results of the fifth part first,and then put forward strategies from the internal financing and marketing.This paper mainly draws the following conclusions:(1)Marketing investment has a significant positive impact on retained earnings,but there is no significant negative impact on fixed liability.(2)Retained earnings and fixed liabilities have significant positive effects on firm performance,but the effect of fixed liability is more obvious than the two.(3)Marketing investment on the relationship between internal financing and corporate performance there is a positive regulatory role.(4)Asset structure on the relationship between internal financing and corporate performance has a positive role,but the role is not significant.(5)The size has a positive effect on the relationship between endogenous financing and firm performance,but it is not significant.(6)NPGR of internal financing and corporate performance there is a significant positive adjustment effect.(7)There is a significant positive impact on the interaction between the quick ratio and the retained earnings,but the interaction with the fixed liability has a positive effect on the firm's performance.(8)The effect of enterprise age on internal financing and corporate performance is not obvious.Therefore,the author puts forward the following suggestions: The small and medium-sized agricultural enterprises should improve the utilization efficiency of internal financing and improve the performance level of enterprises;formulate the marketing strategy suitable for enterprise development and improve the internal financing level of small and medium-sized agricultural enterprises.In addition,they should keep up with the pace of development of Internet technology and e-commerce,take good use of the Internet platform to increase sales,and improve business performance,and then get rid of financing difficulties gradually.This paper may have some innovations:(1)The author study how China's small and medium-sized agricultural enterprises should get rid of financing difficulties from the relationship between internal financing and corporate performance.(2)when researching marketing investment and internal financing,the author join marketing investment as the regulation of variable.(3)The data cited by the author is reliable and has a certain representation.