Research on Efficiency and Factors of Firm Performances
|Keywords||agricultural listed companies DEA firm performance index system|
As the major sections in China’s stock market, agricultural listed companies which are important for China’s agricultural technological progress and the industrial structure’s upgrading. However, China’s listed companies revealed some problems in recent years, such as non-agricultural operations, performance decline. Then, based on fierce market competition and the global financial crisis how are firm performance of agricultural listed companies? How to accurately evaluate firm performances of agricultural listed companies? Which factor affects firm performances of agricultural listed companies? Those problems need to resolve.Based on this background, this paper chooses 36 agricultural listed companies entering into the market before 2005(included 2005) as research sample. Based on reviewing Literature, we Builds two-dimensional index system of agricultural listed companies, uses DEA to evaluate firm performances of agricultural listed companies from 2005 to 2008. Further, based on those evaluation results, we analysis the reason of it. The results are shown as follows. Firstly, agricultural listed companies have series of problems, such as operating efficiency and scale efficiency are low. Secondly, there is a positive correlation between the level of senior managers’ education and firm performance. And there is a positive correlation between senior managers’political relations and firm performance. Finally, based on those results, we propose some research proposals for relevant departments, combining China’s institutional context.