| With the deepening of market-oriented reform,agriculture began to move towards modernization,scale and marketization.In the process of marketization,agricultural listed companies,as an important subject of agricultural development,have attracted much attention.Many scholars have done a lot of research on agricultural listed companies from the aspects of investment efficiency,business performance,financing channels and credit risk,and found that agricultural listed companies have problems such as insufficient investment,excessive investment and unreasonable investment structure.Agricultural listed companies are very important for the development of China’s future agricultural industry,and there are too much investment,insufficient investment or unreasonable investment structure in the investment process of agricultural listed companies,which will inevitably affect the investment efficiency of agricultural listed companies and can not achieve the purpose of obtaining the maximum output with the minimum input.The in-depth research on the investment efficiency of agricultural listed companies can provide some theoretical support and practical guidance for agricultural listed companies to make rational use of capital,make effective use of resources,improve investment efficiency and accelerate development.As a part of agricultural listed companies,the investment efficiency of small and medium-sized agricultural listed companies is not necessarily low because of their small scale.They should have their particularity,which is worthy of our special research and discussion.Referring to the relevant standards,this paper finds out two companies that meet the standards of small and medium-sized agricultural listed companies in the 33 agricultural listed companies in the A-share main board market,namely Xiangli Co.,Ltd.and Chinese funded industry.Then it compares the relevant financial data of the two companies in two steps,finds out the companies with low investment efficiency,analyzes the existing problems of the company and the reasons for low investment efficiency,and puts forward targeted suggestions.The first step is to make a comparative study of the two companies from three aspects:investment income,solvency and profitability.It is found that the poor development of the two companies is Chinese funded industries.Combined with the two indicators of corporate governance structure and product market competitiveness of Chinese funded industries,it is found that the development of Chinese funded industries is poor compared with the average level of the industry,at the medium level compared with large agricultural listed companies,and the comprehensive benefits of various indicators are not prominent.The second step is to take new fixed asset investment,new long-term investment,new working capital,new depreciation and amortization as input indicators,take the growth rate of total assets,return on net assets and enterprise value as output indicators,adopt DEA analysis method for dimensionless treatment,and establish a model to compare the investment efficiency of the two companies.According to the calculation of LINGO software,it is concluded that the investment of Xiangli shares is effective for three consecutive years,In 2020 and 2021,the investment efficiency of Chinese funded industries is far lower than the average level of the industry,and the level of investment efficiency shows a downward trend.Through the analysis and summary of the problems of low investment efficiency of Chinese funded industries,it is found that China’s small and medium-sized agricultural listed companies have some problems,such as poor overall financial situation,low debt ratio,moderate debt,unreasonable equity structure,low investment enthusiasm,small scale and low competitiveness,but they have a good development foundation as a whole,which can be seen from profitability,capital structure Make corresponding improvements in corporate governance and operator incentives. |
PDF Full Text Request