Research On Financing Efficiency Of Listed Companies In Feed Processing Industry Chain

With the increasing global demand for sustainable development and efficiency,the feed processing industry chain is facing a deep-seated conflict between economic development and resource utilization efficiency.Therefore,the development and innovation of feed processing industry chain has become an important issue at present and in the future.And at present,the enterprises in the feed processing industry chain are in deep financing difficulties due to their own and external environment.Therefore,this thesis conducts a study on the financing efficiency of feed processing industry chain in order to explore the problems and influencing factors in its financing and capital allocation,with a view to providing reference suggestions for enterprises in the industry chain to improve their financing efficiency and capital allocation efficiency,etc.This paper synthesizes the relevant literature,defines financing efficiency and presents new insights by combining the characteristics of each enterprise in the feed processing industry chain.At the same time,the factors affecting the financing efficiency of listed companies in the feed processing industry chain are summarized and empirical analysis is carried out using three methods:Super-SBM model,Malmquist model and Tobit model.The empirical study through the Super-SBM model concludes that the financing efficiency of listed companies in the feed processing industry chain in China is low from 2017 to 2021;on the whole,the center of gravity of financing efficiency gathers toward the interval of [0.4-0.8],and the upstream,middle and downstream all show an M-shaped fluctuation trend.The results of the empirical study of dynamic financing efficiency using Malmquist model show that: the total factor productivity of the feed processing industry chain basically shows a rising trend year by year,but still does not reach full efficiency;the mean value of technological progress is mainly low in the upstream plantation industry,while the midstream feed processing industry is mainly poor in pure technical efficiency,and the downstream is relatively balanced in all aspects.Tobit model regression analysis concludes that: each province The five indicators of GDP per capita,enterprise size,net profit rate of total assets,growth rate of operating income and capital appropriation of major shareholders passed the significance test;among them,except for the two indicators of enterprise size and capital appropriation of major shareholders,which have a significant negative correlation with financing efficiency,the other three indicators of GDP per capita,net profit rate of total assets and growth rate of operating income have a significant positive correlation with financing efficiency.In summary,the findings of this paper are of great practical significance and guidance for the improvement of financing efficiency and sustainable development of enterprises in all segments of the feed processing industry chain.It provides important theoretical and practical support for promoting a more harmonious,healthy and sustainable development of the feed processing industry chain.