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Performance Evaluation of Agricultural Listed Companies

Author: ChenJunYing¡¡LuoHuaWei From: www.yourpaper.net Posted: 2009-06-29 15:22:19 Read:
Abstract: The use of principal component analysis extracted from a number of financial indicators in agricultural listed companies profitability, capital expansion capacity, growth capacity factor of all levels, using factor analysis to analyze and evaluate the competitiveness at all levels of the enterprise. The results showed that, overall operating results of the agricultural listed companies are not optimistic about the part of the one-sided emphasis on individual ability. Therefore, we can dig performance improvement in the direction of agricultural listed companies. ª¥
Keywords: factor analysis; performance improvement; performance evaluation ª¥ ª¤

0 Introduction ª¥

Agricultural listed companies is a leading agricultural enterprise in China, and its healthy development, is not only an important part of the securities market, is also related to the overall development of the national economy as a whole. Therefore, a comprehensive evaluation of the real viability of agricultural listed companies have certain guiding significance. ª¥
For the study of the performance aspects of the agricultural listed companies, many scholars have done a useful attempt. Bike Long used the section analysis methods to study the relationship between capital structure and performance; the Rui Shichun using factor analysis method to study the relationship between the shareholding structure of the Company and operating performance; song Jianhua, the DEA model using only the output of the agricultural listed companies operating efficiency evaluation; XU Xue higher level analytical methods and efficacy coefficient analysis of the operating results of listed companies in agriculture. Said research has a strong practical practical operating results of the study of agricultural listed companies from different angles. This paper use factor analysis, from the investor's point of view to the operating results of the empirical analysis of agricultural listed companies. ª¤

Methods, data ª¥

(1) factor model. ª¥
In this paper, the factor analysis method, based on factor score matrix form factor model defined as: F = AX ¦Å. Where x is the sample data, F is a common factor, ¦Å is a specific factor, A is the factor loading matrix. ª¥
(2) sample selection and variable indicators. ª¥
The "agricultural listed companies" refers to the A-share listed companies of the China Securities Regulatory Commission defined according to the the listed companies Industry Classification Guidelines agriculture, forestry, animal husbandry and fishery. Incomplete company removed the the ST plate and a small part of the data, the empirical analysis of the performance of 31 agricultural sample of listed companies in the 2006 year-end financial data. Because of the different indicators of the nature and the amount of steel, standardized processing, factor analysis using the SPSS13.0. ª¥
This article standing on the point of view of investors to select the earnings per share, return on equity, total asset turnover, accounts receivable turnover ratio and inventory turnover rate, the growth rate of total assets, net profit growth, net assets per share per share provident fund nine indicators. ª¤

2 Factor analysis results ª¤

2.1 KMO and Bartlett's test ª¥
Factor analysis (Factor Analysis) as a dimensionality reduction of multivariate statistical analysis method can not only multi-dimensional performance of listed companies in agriculture, evaluation, and effectively compensate for indicators measure law and Metrology and Inspection Act insufficient. After processing the original index, and then the structure factor model, the common factor is estimated and analyzed. Bartlett test value of 227.165, P (sig., = 0.000) <0.05, the KMO inspection measure value 0.650. Show that there is a strong linear relationship between the variable selected indicators is suitable for factor analysis. ª¤
2.2 Solving factor model eigenvalues ??and the contribution rate ª¥
First to get the average score of the sample at all levels, we are all indicators of factor analysis, in accordance with the principle of greater than 0.80 cumulative contribution rate, factor selected, see Table 1: ª¥

As can be seen from Table 2, a high degree of association: (1) listed on the company's performance evaluation scores and overall profitability. Agricultural listed companies for 2006 performance evaluation score top 10, its profitability is basically ranked in the top 10. Since overall profitability weight up to 46.078% of the consolidated results of the evaluation, the main aspects of the consolidated results of the evaluation. Agricultural listed companies to improve their overall performance ranking, must improve its overall profitability. (2) one-sided emphasis on a single agricultural listed companies the ability to affect the operating results of its overall real. From the ranked companies, some of them individual capacity ranking is still the front, but because of several other capabilities are ranked, thus affecting its composite score. Ronghua Industry and profitability in Wuchang fish in the entire agricultural listed companies ranked No. 6 and 13, but ranked is ranked No. 25 and 31. Therefore, the the enterprise overall ability to improve is to establish the basis of each individual ability to improve above, in the course of business can not be one-sided pursuit of individual ability. (3) the performance of listed companies is obvious differentiation. 2006 data using factor analysis model, the exclusion of objective factors, subjective efforts the results reflect the performance of enterprises. Our consolidated results of the evaluation can be seen that the performance evaluation score highest the Erie shares (1.568), the lowest score and the performance is Wuchang fish (-0.708) with the difference is obvious. ª¤

3 Conclusion and policy recommendations ª¤

3.1 Analysis Conclusion ª¥
In this paper, the factor analysis and cluster analysis, the operating results of the empirical analysis of agricultural listed companies, the analysis shows: (1) agriculture overall operating performance of listed companies is not optimistic. (2) evaluating the performance of listed companies have a high degree of association composite score and overall profitability. (3) one-sided emphasis on a single agricultural listed companies the ability to affect the overall real operating results. ª¤
3.2 Policy recommendations ª¥
Through empirical analysis of agricultural listed companies consolidated results of operations for the management of agricultural performance of listed companies has a very important practical significance. ª¥
(1) Consolidated profitability is still the focus of investor attention. How to improve the profitability of operators and managers to improve the main direction of the Company's operating results, but at the same time can not ignore the other individual the ability to improve and strengthen the assessment of the overall strength of the company can not be ignored. ª¥
(2) changes in the direction of clear performance. Managers in determining the performance of a breakthrough, considering the performance improvement space, and at the same time consider the enterprise in the market environment, internal resources and capabilities. ª¥
(3) Agricultural profitability of listed companies the right weight on the overall performance as key indicators of the Group, a subsidiary of the department manager to conduct test
Nuclear. ª¥

References ª¤
[1] ¤@ the Ruishi Chun agriculture structure and operating performance of listed companies Empirical Study [J]. Rural economy of China, 2006, (10). ª¤
[2] the ¤@ Song Jianhua, Cui Yan, Ying Ji. Agricultural listed companies operating efficiency DEA evaluation [J]. Agricultural Library and Information Sciences, 2007, (1). ª¤
[3] ¤@ Xu Snow high. Comprehensive evaluation of the underlying operating performance of agricultural listed companies [J]. Agricultural Economics, 2007, (1). ª¤
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