Operation Efficiency and Influencing Factors of Listed Companies of Swine Industry:Empirical Analysis Based on Data of 16 Listed Companies in 2010-2014

Listed companies of the swine industry,as an important form of agricultural industrialized operation,are typical representatives of large-scale production and the level of their operation efficiency exerts a direct influence on the healthy development of the swine industry.Using the DEA-based Malmquist method,this paper made a static and dynamic evaluation of the operation efficiency of 16 listed companies in China's swine industry in 2010-2014. It obtained following results:( i) The overall efficiency of listed companies of China's swine industry remained at high level and the development trend was excellent.( ii) Different types of enterprises had difference in the overall efficiency,pure technical efficiency and scale efficiency. In general,pig feed processing companies had the best performance,followed by slaughtering and deep processing companies,and swine breeding companies were the worst.( iii) The total factor productivity characterized by the Malmquist index declined year by year in 2010-2013 and was improved in 2014,mainly due to technological progress.( iv) The total asset turnover ratio,equity concentration,and R & D management level had a significantly positive impact on the operation efficiency of listed companies in the swine industry,while the human capital had a significantly negative impact.

Efficiency Analysis of Listed Power Companies Based on Malmquist Index

This paper improved the known study for technical progress in Malmquist productivity index calculating. In the method, all the possible movements for decision making units （DMUs） are listed, and the condition that several DMUs lie on the productivity frontier is analyzed. The dynamic efficiencies of Chinese listed power companies from 1997 to 2006 were evaluated. The empirical results indicate that the improved method is effective.

Performance Evaluation of China's Agricultural Listed Companies Based on DEA Model

In order to evaluate the performance of China's agricultural listed companies,we analyze the overall efficiency,pure technical efficiency and scale efficiency of China's agricultural listed companies on the basis of input-output data concerning 34 agricultural listed companies,using BCC model in data envelopment analysis ( DEA) model. Then we analyze input-output redundancy situation using the slack variable derived from the model. The results show that the overall efficiency of China's agricultural listed companies is good,and the gap in efficiency between sub-industries is small; there is significant difference in performance between listed companies engaged in the same sub-industry,and the reason for invalid DEA in companies within the industry is complex; total assets and asset-liability ratio are high,and the effective output is not fully realized. Finally corresponding recommendations are put forward for promoting the performance of agricultural listed companies as follows: strengthening brand awareness; promoting the level of production technology; adjusting the input structure; transforming the agricultural growth mode.

The analysis of capital structure of Chinese real estate listed companies

Capital structure is the basis for assessing the efficiency of enterprise financing activity. The rational capital structure could reduce the cost of capital and plays an important role in managing a company. Thus this paper, based on the real estate listed companies on Shenzhen and Shanghai stock markets, analyzes the factors which influence capital structure, such as profitability, size, collateral value of assets, growth, stockholder’s equity, concentration degree of control power, ownership attribute, and applied statistics tools used to help the real estate listed companies optimize the structure of capital.

Investment Risks of Agricultural Listed Companies from Visual Angle of Natural Disasters

The essential feature of agriculture is the interweave- ment of natural reproduction and economic reproduction.In recent years,the natural disasters have become more frequent and badly affect the production management and investment benefits.This problem has been an important risk in managing agricultural listed companies and cannot be ignored.It is of great importance to evaluate and prevent the risks of the natural disasters to enhance the competitive ability and increase the profits of those listed companies,thereby keeping the sustainable development of agri- cultural companies.

Analysis of Pecking Order Theory on Chinese Listed Companies

This study tests the order of firms’financing choices based on a sample consists of 150 Chinese listed companies.And it indicates that China’s listed companies did not follow the theoretical‘Pecking Order’(Myers,1984),but a‘new order’—internal fund,equity,and debt—to make their financial choices.This is because firm’s gearing ratio and solvency did not show a high degree of correlation in China’s capital market,which leads to the preference of using equity.Besides,there are some other reasons:low cost of issuing equity,ineffective financial management,immaturity of capital market,not well developed bond market,and lack of an effective credit rating system。

Study on the Reasons and Countermeasures for Loss of Listed Companies in Manufacturing Industry

In combination with the data of loss-making listed companies in manufacturing industry at capital market in 2008-2010,this paper analyzed the characteristics of loss of listed companies.Major reasons include the blind investment of management personnel,low operation and management level,blind pursuit of diversified operation,improper stock right structure,weak supervision of government,and imperfect delisting system.Finally,it came up with some countermeasures,including improving quality of management personnel,management personnel selecting proper investment projects,strengthening internal management of enterprise,implementing effective asset rearrangement,setting up effective incentive and restrictive mechanism,bringing into play regulation function of banks,improving delisting mechanism,reducing centralization of state owned stock right,and establishing and improving market information disclosure system.

Evaluation of Growth of Agricultural Listed Companies Based on AHP Weighting Method

Agriculture is the foundation of national economy,and agricultural development is related to the rapid development of long-term stability of the society and economy. Agriculture includes farming,forestry,animal husbandry,and fisheries. Agricultural listed company as an agricultural enterprise " leader",which directly affects the development of the entire growth of the agricultural industry development and policy,so the study of agricultural listed company's growth is particularly important. This paper uses AHP weighting method to evaluate 2012 financial data on the growth of agricultural listed companies.

Comparative Analysis of the Development of Agricultural Listed Companies

On the basis of industrial division of China's Securities Regulatory Commission,listed companies in the processing industry of agro-products and food production industry have also been incorporated into agricultural listed companies.Developmental discrepancy of agricultural listed companies is analyzed.The main manifestations are small population quantity,slow development,weak growing capacity,relatively poor rationality and unbalanced regional distribution.The internal causes of this kind of situation lie in the weak quality and inadequate developmental driving force of agricultural listed companies,while the external causes are the capital chasing and unbalanced political support of the country.Therefore,the key of quickening the development of agricultural listed companies is inner power and external competition.Thus,the political thoughts of the development of agricultural listed companies are proposed.

Building the Cash Dividend Policy Identification Model for China’s Agricultural Listed Companies Based on 2007 to 2010 Data

The dual agency relation and lack of effective incentive and restraint mechanism make stock right structure of China's listed companies special.This special stock right structure will inevitably exert direct and profound influence on formulation of cash dividend policies.Based on the 2007 to 2010 data of China's agricultural listed companies and focusing on the stock right structure,this paper selected 6 indicators and the BP ANN to build the cash dividend policy identification model,in the hope of helping investors accurately predict influence of stock right structure on cash dividend policies,so as to reduce investment risk to some extent.

Dynamic Relation Mechanism between Cotton Future Price and Stock Price of Related Listed Companies

The Dynamic relation mechanism between ZCE cotton futures price and related listed company stock price has been studied based on the metastock historical data in January 1st,2007 to September 1st,2010,Johansen co-integration analysis,Vector error correction model,Granger causality test and variance decomposition method.The results indicated that:long-term equilibrium relationship existed between ZCE cotton futures price and Xinsai share stock price while which changed in the same tendency and speed in the long-term.Cotton futures price is the main reason for the changing of Xinsai share stock price.The lead-lag relationship in changing course had been confirmed that existed between ZCE cotton futures price and the Xinsai share stock price.Meanwhile,the forward pass mechanism of price changing information had been found only from the ZCE cotton futures market to the stock market while showing asymmetry.Conclusions of the study can be used for cotton and related corporate to hedge business risks by the cotton price changes.

Analysis on the Sustainable Development Capability of New Energy Listed Companies in China

From the aspects of profitability, debt paying ability, operational capacity, cash flow capacity, and innovation capacity, the sustainable development evaluation system of new energy listed companies in China was established, and then an empirical analysis was conducted. Finally, some policy suggestions were put forward. The empirical analysis shows that there are many problems in the sustainable development of new ener- gy listed companies in China.

Private Placement,Employee Ownership Plan and Mixed Ownership Reform--A Case Study of Wuliangye Listed Company

The reform core of state-owned enterprises is to develop mixed-ownership’s economy effectively,therefore there are so many large-and medium-sized state-owned enterprises using a variety of resources,adopting various ways to realize mixed-ownership reforms,enriching the theories of mixed-ownership reform,and creating a large number of practical samples.Wuliangye Company,as a very famous making liquor company in China,has issued a large of new stocks to excellent dealers,administrative staffs,and outstanding employees,so that the company can draw into massive private capital in 2016,so Wuliangye Company have made the first step about mixed-ownership reform among Chinese state-owned enterprises.Through comparing the quantity of monetary capital and asset-liability ratio of Wuliangye Company before and after directional issuing new stocks,the distrust about only adding money and welfare tool for relative benefit people can be eliminated.Moreover,the affection of directional issuing new stocks can promote Wuliangye Company dealers and employees to hold shareholdings,and optimize ownership structure.Wuliangye Company has got the exploration for optimizing equity structure to solid foundation for speeding up stated-owned enterprises reform paces,also providing some useful experiences of other mixed-ownership reform,and the ways and patterns are worthy of learning and studying.

Study of Efficiency of Agricultural Listed Companies Based on DEA Model

As leading enterprises supporting the agricultural development,agricultural listed companies play a great role,thus the study on their operating efficiency will have a strong demonstration effect. Using the data envelopment analysis( DEA) model,the operating efficiency of 20 agricultural listed companies was compared and analyzed. The results indicated that the overall efficiency of the agricultural listed companies is low. In agricultural listed companies with low or moderate overall efficiency,some agricultural companies are affected by the pure technical efficiency or scale efficiency,while other companies are affected by both factors,and accompanied with the increasing or decreasing efficiency along with the scale. Through in-depth analysis,it concluded that nine companies affected by pure technical efficiency have different degree of input redundancy or output deficiency. On this basis,it came up with pertinent recommendations for improvement.

Is China's agricultural enterprise growing steadily?Evidence from listed agricultural companies

Agricultural enterprises are integral for agricultural modernization,serving as a bridge between scattered small-scale farmers and modern markets.However,agricultural competitiveness is still weak in China.This paper uses the Technique for Order of Preference by Similarity to Ideal Solution(TOPSIS)method to measure the growth performance of China's listed agricultural companies and analyze its influencing factors based on Panel-Corrected Standard Errors(PCSE)to verify whether they are capable of achieving sustainable development.The findings confirm that first,listed Chinese agricultural companies have significantly increased profitability and scale in recent years but are still weak compared to other industries.The growth performance of such enterprises is generally stable,the difference between them is decreasing,and their growth ranking fluctuates greatly,with significant regional and industrial characteristics.Second,technological efficiency,scale,and age are positively related to the growth of listed agricultural companies.The diversification and expansion of business harm the profitability and development of enterprises.Currently,financial support can satisfy the short-term profit-seeking demands of enterprises but is inadequate to improve the ability of enterprises to grow.Third,China's listed agricultural companies need to devise policies through a forward-looking perspective and use them more effectively.Additionally,the transformation opportunities introduced by non agricultural capital into agriculture deserve attention.When agricultural enterprises realize technological progress via modern capital,they understand the importance of utilizing and integrating technological innovation and increase the efficiency of transforming new technology into productivity.Policy orientation should be attentive to the public welfare of these listed companies and take into account the demands of corporate profits to realize the long-term sustainable development of enterprises and regions.

The Relationship between Government Subsidies and Research & Development Investment of Chinese Agricultural Listed Companies

Based on the background of China's emerging and transitional market,government subsidies to enterprises are regarded as a " helping hand" of promoting economic structural adjustment. In this paper,using China's A-share agricultural listed companies from 2010 to 2015 as research samples,we discuss the influence of government subsidies on research and development( hereinafter referred to as R & D) investment,and the difference in the relationships between the two from the perspective of different nature of property rights. The results show that,on the whole,the increase in government subsidies does not promote the intensity of R & D investment of agricultural listed companies. And after distinguishing the nature of property rights,the results show that state-owned enterprises can get more government subsidies than private enterprises,and the increase in government subsidies boosts the increase in R & D investment in private enterprises,but there is a negative correlation between government subsidies and R & D investment of state-owned enterprises. This conclusion can broaden the research perspective of the influence factors of corporate R & D investment,and it is of practical significance to further clarify the role of government subsidies in R & D investment decisions of enterprises with different nature of property rights.

Use and Abuse of Privileged Information in Italian Listed Companies

Privileged information has significant importance to listed companies, given both the extent of the markets in which it is used and the relevant effects that it can produce on the prices of financial instruments. The term “privileged information” means information that has not yet been made known to the public, which, if disclosed, is able to affect significantly the prices of the securities of listed issuers. This article aims to prove that in many cases, the effects of privileged information can be adequately represented in financial statements, despite their “confidential” nature. For this purpose, this research proposes the existence of a relationship—which can be virtuous or vicious—between financial statements and privileged information. In order to demonstate this thesis, the author carried out an empirical survey concerning both the economic and the legal sector. For the first one, the research considered the price-sensitive information published by companies listed on the Italian Stock Exchange during the first half of 2018, and the result shows that a lot of privileged information is able to generate accounting effects;for the second one, the empirical survey analyzed some significant judgments passed by the Italian Court of Cassation in the 2000s which confirm the companies’ violation of the duty to present privileged information in financial statements.

Analysis of the Competitiveness of Growth Enterprise Market Listed Companies IPO in 2015 in China

Based on the 2016 annual data, the article studies the competitiveness of 87 listed companies, who initially went public on China’s GEM in 2015. Taking 12 financial indicators (current ratio, quick ratio, equity ratio, receivables turnover, current asset turnover, total asset turnover, operating margin, net profit margin, return on total assets, total asset growth rate, net profit growth rate, net asset growth rate) as research variables, using factor analysis, the article analyzes the solvency, operation performance, profitability, growth capability and overall competitiveness of these 87 listed companies.