| In the process of the development of China's economic system,the development of real enterprises is increasingly inseparable from the support of finance.With the continuous reform of China's financial system,it has become a major trend to serve the real economy with finance.According to relevant theories and empirical analysis,the combination of industry and finance is conducive to reducing transaction costs between real enterprises and financial institutions,eliminating information asymmetry,and realizing endogenous financing and diversified development of enterprises.However,the combination of industry and finance is still in the primary stage in China,and its development needs to be improved.In addition,the problems of ”agriculture,rural areas and farmers” in China have been in urgent need of solution.The optimization and modernization of agricultural industrial chain need a large amount of financial capital to support.Therefore,based on the research results of the combination of industry and finance,this paper takes agricultural listed enterprises as the research object to explore and analyze the impact of the combination of industry and finance on the business performance of agricultural enterprises.Through the study of meaning,motivation,pattern,the relevant theoretical basis and the current situation of the implementation of the combination of industry and finance in agricultural listed enterprises and the mechanism of the influence of the combination of industry and finance on the management performance of agricultural listed enterprises,this paper finds that the combination of industry and finance has many specific forms.Based on the action mechanism of the combination of industry and finance affecting the business performance of listed agricultural enterprises,part of the financial data of 50 industrial and finance combined agricultural enterprises listed in Shanghai and Shenzhen from 2013 to 2017 were selected to construct the input-output index system reflecting the profitability,development ability and debt paying ability of enterprises,the DEA method and rough set(RS)analysis methodcombining RS-DEA model is established.By calculating the operating efficiency value of agricultural listed enterprises,this paper empirically analyzes the influence of the combination of industry and finance on the operating performance of agricultural listed enterprises,discretizes the overall efficiency value of enterprises by RS analysis method,and obtains the evaluation rules for adjusting the effectiveness of DEA,and puts forward corresponding suggestions for agricultural enterprises with different characteristics under each rule.According to the empirical results,it can be obtained that: first,the combination of industry and finance is an effective means to improve the operating performance of agricultural listed enterprises;secondly,it is an efficient choice for agricultural listed enterprises to participate in and hold banking financial institutions.At the same time,non-bank financial institutions show a trend of catching up gradually.Thirdly,according to the evaluation rules obtained after the discretization of rough sets,the development of listed agribusiness with integrated production and finance is unbalanced,which is affected by regional advantages and different business operations,showing four characteristics: ”low investment and high yield”,”high investment and high yield”,”low investment and low yield” and ”high investment and low yield”.In view of the above results and in combination with the actual situation of our country,finally put forward the policy suggestions of implementing the combination of industry and finance,which has certain practical significance for improving the business performance of agricultural enterprises and promoting the further implementation of the combination of industry and finance in China's agricultural enterprises. |
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