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In this paper, the efficiency of regional listed agricultural companies of economic nature in China is analyzed based on financial data of 39 regional agricultural companies of economic nature listed at Shanghai and Shenzhen Stock Markets (A-share) in 2015 in combination with both constant returns to scale DEA model (CRS-DEA) and variable returns to scale DEA model (VRS-DEA). And on the basis of DEA analysis, Tobit model is applied to analyze the effects of pure technical efficiency and scale efficiency on overall efficiency; then, financial considerations (latest guarantee amount, financial status indicators, latest loan amount, total equity) influencing operating efficiency of regional agricultural companies of economic nature are analyzed and dummy variables are introduced to analyze technical efficiency of forestry, animal husbandry, fishery and mixed industry. The empirical results show that pure technical efficiency and scale efficiency together lead to low efficiency of regional listed agricultural companies of economic nature in China, while the weakness of regional agriculture of economic nature itself, deficient ability to avoid risk as well as blindly following of diversified strategy are major factors influencing pure technical efficiency and scale efficiency. Keywords—DEA model; Tobit model; regional listed agricultural companies of economic nature; technical efficiency Introduction

Analysis on Technical Efficiency of Regional Listed Agricultural Companies of Economic Nature in China Based on DEA-Tobit Two-Step Method