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Food securities: where Wall Street meets Main Street

机译：食品证券：华尔街与主街交汇的地方

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Capital market imperatives can have as much impact on agricultural producers as the weather or commodity prices. Agriculturalists need to understand that when Wall Street coughs, Main Street ought to try the chicken soup. Like it or not, developments in global equity capital markets affect the well being of domestic agricultural producers and the rural communities in which they live. Publicly-held behemoths like ConAgra, Sysco, Kroger, and McDonald's, in their quest to maximize shareholder wealth,routinely make decisions to gain the favorable opinion of Wall Street investment bankers. While closing a rural agricultural processing plant, or sourcing raw commodity inputs from abroad, may help bolster a food company's faltering stock price, these strategies may also adversely affect local farm production and marketing practices. These changes need not always be harmful. Divestments in one geographic area may be offset by expansion in another. Moreover, nothing precludes residents of rural communities from becoming shareholders in publicly-held food companies and earning economic rents through capital gains and dividends. The study of securities markets is neither new nor novel, but carefully reviewing the financial data of publicly-held food, beverage, and tobacco companies may yield new insights into the direction, magnitude, and speed of structural change during an era of increased agricultural industrialization. For example, the relative price of securities is often an indicator of impending merger and acquisition (M&A) activity. Observers may deduce corporate secrets on the adoption of just-in-time supply-chain management (SCM) by analyzing a firm's inventory activity.
机译：资本市场的必要性对农业生产者的影响与天气或商品价格一样大。农业学家需要了解，当华尔街咳嗽时，大街应尝试鸡肉汤。不管喜欢与否，全球股权资本市场的发展影响着国内农业生产者及其所居住的农村社区的生活。像ConAgra，Sysco，Kroger和McDonald's这样的公众巨兽，为了最大程度地提高股东财富，通常会做出决策，以获得华尔街投资银行家的青睐。在关闭农村农业加工厂或从国外采购原料商品可能有助于加强食品公司摇摇欲坠的股票价格的同时，这些策略也可能对当地农场的生产和销售方式产生不利影响。这些变化不一定总是有害的。一个地理区域的撤资可能会因另一地理区域的扩张而抵消。此外，没有什么可以阻止农村社区的居民成为上市食品公司的股东并通过资本收益和股息赚取经济租金。对证券市场的研究既不是新奇的，也不是新颖的，但是仔细审查公众持有的食品，饮料和烟草公司的财务数据，可能会在农业工业化不断增强的时代对结构变化的方向，规模和速度产生新的见解。 。例如，证券的相对价格通常是即将进行的并购（M＆A）活动的指标。观察员可以通过分析公司的库存活动来推断采用及时供应链管理（SCM）的公司机密。

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