Research On Financing Efficiency Of LFS Agriculture And Animal Husbandry Corporation

Agriculture,as the fundamental industry of the national economy,is the foundation and lifeline of China’s economic construction and development.To consolidate the position of agriculture and ensure that China’s development is not affected by insufficient agricultural development,it is necessary to synchronize the development of relevant agricultural enterprises.But when developing agricultural enterprises,an unavoidable issue is their inherent weakness and a poor external environment for survival.The lack of funds caused by immaturity in capital operation and financing directly determines the development prospects of agricultural enterprises.Therefore,how to raise funds and efficiently utilize the funds has become a key issue in solving the development of agricultural enterprises.In this context,and due to the limitations of the length of this article,this study only selects LFS Agriculture and Animal Husbandry as a case study,and compares 15 domestic agricultural enterprises listed on the New Third Board with the same main business as comparative analysis samples to explore the analysis of financing efficiency.This article first sorts out the financing status of LFS agriculture and animal husbandry from the perspectives of internal and external financing,and then conducts a general analysis of the financing efficiency of LFS agriculture and animal husbandry from the perspectives of financing costs,financing performance,and financing risks.On this basis,collect the financial data of LFS Agriculture and Animal Husbandry and 15 new three board listed enterprises in the same industry in each reporting period from 2015 to 2021,and use Data envelopment analysis to quantitatively evaluate the financing efficiency of LFS Agriculture and Animal Husbandry and sample enterprises.In the study,it was found that the SBM efficiency measurement model was used to evaluate the static financing efficiency of sample enterprises.The pure technical efficiency and comprehensive technical efficiency of LFS Agriculture and Animal Husbandry performed similarly,with a lower ranking in the sample compared to the comprehensive technical efficiency and pure technical efficiency.The efficiency value of LFS Agriculture and Animal Husbandry financing scale showed a great contrast and performed well,indicating that the root cause of the low technical efficiency of LFS Agriculture and Animal Husbandry static financing lies in the low pure technical efficiency,That is to say,the financing operation management efficiency of enterprises is low,therefore,the level of financing operation management of enterprises urgently needs to be improved.Using DEA Malmquist to evaluate the dynamic financing efficiency of sample enterprises,it was found that the Effch values of LFS Agriculture and Animal Husbandry were basically the same as those of the sample enterprises as a whole,but there was also a significant decline,indicating that the financing quality of both LFS Agriculture and Animal Husbandry itself and pig breeding enterprises decreased from 2015 to 2021 due to external environmental factors.However,the Tfpch and Effch values of LFS Agriculture and Animal Husbandry significantly lagged behind the overall sample,This shows that in addition to the adverse changes in the external environment faced by the industry as a whole,the Effch value is the main reason for the decline in the dynamic financing efficiency of LFS Farming and Animal Husbandry.Therefore,LFS Farming and Animal Husbandry should carefully analyze and improve the Dynamic efficiency of enterprises’ financing,focusing on operation management,in combination with the financing environment of enterprises and the problems they face.Finally,based on the influencing factors of financing efficiency and the selected input-output indicators,further analysis is conducted on the problems and reasons of LFS agricultural and animal husbandry financing efficiency from aspects such as profitability,financing costs,capital structure,fund allocation,internal management,and mortgage guarantee ability.Relevant suggestions are provided based on the actual situation of LFS agriculture and animal husbandry.