Benefit Allocation,Value Chain And Corporate Performance

China's agriculture-related listed companies,as a link linking the agricultural market and the capital market,are a special group developed along with the agricultural industry.Their level of development determines whether the “three rural issues” can be properly resolved and whether China's agriculture can achieve modernization.The decisive factor of industrialization.However,with the development of corporate economy and people's deep understanding of the company's production and business activities,it has been found that the overall performance of listed companies involving agriculture is poor,which seriously affects the sustainable development of agriculture.This paper combines China's institutional background,based on modern corporate governance theory,income distribution theory,principal-agent theory,and value chain theory.It uses the comprehensive performance level of listed companies in agriculture,the distribution of benefits among members,and the value chain as the main research object.The four indicators of corporate profitability,debt repayment ability,operational ability,and development ability are discussed from the perspective of the distribution of shareholders' interests,the distribution of employee benefits,and the value chain of a listed company in agriculture.This article focuses its research on the relationship between the profit distribution of agricultural listed companies and the relationship between value chain and corporate performance.Finally,193 CSI-listed companies are selected as research objects,and sample data for 2013-2016 is selected.To grasp the basic conditions of the development of listed companies involving agriculture.The results of the study found that:(1)The distribution of shareholder interests in China's listed agriculture-related companies is significantly negatively related to corporate performance.The effect of employee benefit distribution on firm performance is not significant.However,from the perspective of long-term changes in trends,the changes in the distribution of benefits to agricultural enterprises are significantly negatively correlated with changes in corporate performance.(2)Based on the theory of value chain and basic resource theory,an analytical model was constructed.The results showed that: the value chain has a negative regulatory effect on the relationship between corporate performance and profit distribution,and the expansion of the value chain of agribusiness companies will reduce to some extent.The level and efficiency of asset management in agricultural enterprises,and the performance level of enterprises also have a downward trend,and studies have found that many agribusiness companies have carried out value chain expansion.That is,the expansion of the value chain of a company does not increase its performance level.Instead,the resources that infringe on the core business of a company reduce its performance.This paper provides a new perspective for researching the performance of agriculture-related listed companies,and provides some suggestions for the direction and expansion of the decision-making on the expansion of the value chain of agriculture-related enterprises in the future.It also provides a theoretical basis and reference for enterprises to formulate a reasonable interest distribution system and the government to introduce guiding policies.