An Empirical Study On The Impact Of Holding Commodity Futures On The Value Of Agricultural Listed Companies

The issue of "agriculture,rural areas and farmers" has always been the focus of our government.In order to solve the problems of agriculture,rural areas and farmers,China proposes to change from the traditional agricultural model to futures agriculture,so the agricultural listed companies act as the intermediary between farmers and futures market,and develop into the production and management mode of "company+peasant household",that is,order agriculture.At present,the research results on the impact of commodity futures on the value of agricultural listed companies are still rare.The research results of commodity futures are mainly focused on the non-ferrous metal industry,and there is little research on the agricultural industry.From the current situation of China's agricultural listed companies holding commodity futures,although China's agricultural futures market has made great progress in scale and variety,the number of agricultural listed companies holding commodity futures is still relatively small.It accounts for only 1%of agricultural listed companies.The focus of this paper is empirical research,selecting a total of 51 agricultural listed companies from 2014 to 2017,a total of 196 sample data.In the analysis,SPSS23.0 statistical software is used to make an empirical study on the impact of commodity futures held by agricultural listed companies on corporate value.This paper mainly studies whether the holding of commodity futures by agricultural listed companies can improve the value of the company,and the larger the scale of futures held,the greater the value of the company.The empirical results show that the holding of commodity futures by agricultural listed companies can significantly improve the value of the company,indicating that the order agriculture based on futures agriculture can protect the income of the company and then increase the income of farmers.It has become an important way to solve the problems of agriculture,rural areas and farmers.But the larger the size of the futures held,the more the value of the company.Finally,according to the current situation of agricultural listed companies holding commodity futures and the results of empirical research,this paper puts forward some suggestions for agricultural listed companies to hold commodity futures from the agricultural futures market and companies.