Research On Innovation Efficiency And Influencing Factors Of Agricultural Listed Companies

Agriculture as an important part of modern economy,agricultural modernization is very important to the comprehensive construction of a modern socialist country.Although our country has always emphasized the important position of agricultural industry development,our agricultural development is still very important to go far.The COVID-19 pandemic has had a wide and farreaching impact on the world economy and social life,and agriculture,as a sensitive and vulnerable industry,has been particularly impacted.Agriculture must actively innovate,accelerate transformation and upgrading,and promote high-quality and high-efficient development.Therefore,it is of great significance to evaluate the innovation efficiency of agricultural listed companies and analyze its influence factors.This paper based on the theory of innovation value chain,the innovation process of agricultural listed companies is divided into technology research and development(R&D)stage and achievement transformation stage,and the innovation efficiency evaluation index system of agricultural listed companies is established.Then,61 Chinese agricultural listed companies are taken as the research object,and the centralized two-stage DEA-Malmquist model is adopted.The overall innovation efficiency and two-stage decomposition innovation efficiency of the sample companies are analyzed in combination of static and dynamic.Finally,the index system of influencing factors on innovation efficiency of listed agricultural companies was constructed,and Xttobit regression analysis was conducted on panel data of sample companies in a total of 5 periods from 2015 to 2021.In addition,Tobit regression was conducted on the data of the two phases before and after the epidemic to discuss the differences in influencing factors of innovation efficiency before and after the epidemic,so as to indirectly understand the impact of the epidemic on the innovation efficiency of listed agricultural companies.The results show that: the innovation efficiency of listed agricultural companies is generally low,and the overall innovation efficiency and the two-stage innovation efficiency both rise first and then decline.The average innovation efficiency in the technology R&D stage is obviously lower than that in the stage of achievement transformation.The resource redundancy of listed agricultural companies is aggravated,the technological innovation frontier is backward,and the innovation efficiency is first gradually higher than the frontier,and then gradually lower than the frontier.The factors that affect the overall innovation efficiency of agricultural listed companies include enterprise size,enterprise age,ownership concentration,operating ability,profitability and digital transformation degree.The factors influencing innovation efficiency at the stage of technology R&D include enterprise size,enterprise age,ownership concentration,operating ability,profitability,digital transformation degree,and government subsidy.The factors influencing the achievement transformation stage include enterprise size,enterprise age,property right nature,operating ability,profitability,capital utilization ability and government subsidy.Factors influencing innovation efficiency before and after the epidemic are significantly different: before the epidemic,enterprise size significantly negatively affects the overall innovation efficiency and two-stage innovation efficiency,while enterprise age and digital transformation degree significantly positively affects the overall innovation efficiency and technology R&D innovation efficiency.After the epidemic,some new factors have been added.Capital utilization capacity negatively affects the overall innovation efficiency and the innovation efficiency of technology R&D stage,but positively affects the innovation efficiency of achievement transformation stage.Ownership concentration,profitability and government subsidies positively affect innovation efficiency in the achievement transformation stage.Operating ability negatively affects the overall innovation efficiency and the innovation efficiency of technology R&D stage.