Research On Financing Efficiency And Influencing Factors Of Agricultural Listed Companies

Agriculture is the foundation and pillar of the national economy,and the cornerstone of national food security.In recent years,the country has highly valued the development of the agricultural industry and continuously tilted policies and financial subsidies towards it.The development of agriculture can also drive the development of other industries,form a diversified industrial structure,and promote economic development and social progress.Agricultural listed companies are an important manifestation of agricultural industrialization and a leading enterprise in the agricultural industry.However,the agricultural industry has long been affected by natural environment and growth cycle factors.Agricultural enterprises face problems such as long return on investment cycles,high financing costs,and high risks,leading to low financing efficiency,weak market competitiveness,and slow development of agricultural enterprises.These issues not only hinder the operation and development of agricultural enterprises but also affect the national agricultural industrialization process.Therefore,research on the financing efficiency of agricultural listed companies is urgent.To explore the ways and methods to improve their financing efficiency,this paper conducts research on the financing efficiency and influencing factors of agricultural listed companies.The aim is to discover the specific reasons for their low financing efficiency and key influencing factors and mechanisms,and to propose corresponding policy recommendations for company development and agricultural industry optimization.The research methods are as follows: firstly,using literature analysis,relevant domestic and foreign literature and theories are sorted and analyzed to provide theoretical support for this research.Secondly,through analysis of the development status of agricultural listed companies,capital market performance,and financing status,the problems and reasons for their financing are identified.Thirdly,the DEA model and SFA model are used to calculate the financing efficiency of the sample agricultural listed companies after eliminating the interference of environmental factors.It is found that there is an unreasonable phenomenon and reason for their financing efficiency,and improvement paths are proposed.Fourthly,the factors influencing the financing efficiency of agricultural listed companies are analyzed,and the Tobit model is used to empirically analyze the impact of various factors on financing efficiency,with heterogeneity analysis of different sub-industries and different economic regions.The differences in the influencing factors are observed,and targeted policy recommendations are proposed for companies and macro policies to improve the financing efficiency of agricultural listed companies,providing a reference for their sustainable development.The research results show that:(1)Agricultural listed companies are small in scale and often face many risks such as unstable market demand and large price fluctuations,which may weaken their competitiveness in the financing market and make it difficult to compete with enterprises in other industries for more financial support.(2)There is an unreasonable phenomenon in the financing structure of agricultural listed companies,especially excessive external financing,which poses a significant financing risk.Secondly,the proportion of equity financing is slightly small and has not been fully utilized,and there is still room for improvement.(3)After eliminating the interference of environmental factors,the average financing efficiency of agricultural listed companies is generally not high,and most of the financing efficiency values of agricultural listed companies are less than 1,indicating that they have not reached effective financing,mainly due to the low efficiency of scale.(4)The financing efficiency of agricultural listed companies is mainly affected by five factors,namely economic level,enterprise scale,equity structure,operating efficiency,and enterprise liquidity,all of which have a positive impact on the financing efficiency of agricultural listed companies.(5)The financing efficiency of agricultural listed companies in different sub-industries and different economic regions is different.Therefore,targeted policy recommendations are proposed for different sub-industries and different economic regions.