中国农业上市公司多元化经营与企业绩效

发布时间：2018-07-12 13:17

本文选题：农业上市公司 + 多元化经营　；参考：《农业经济问题》2017年12期

【摘要】：本文利用58家农业上市公司2008—2013年的非平衡面板数据,借鉴新制度经济学理论,运用三阶段最小二乘法,在考虑多元化内生的基础上,对于中国农业上市公司多元化经营与企业绩效的关系进行了实证分析。主要结论有:(1)农业上市公司存在"多元化陷阱",非农化与经营绩效之间呈显著的U型关系,底部在赫芬达尔指数位于70%左右,此时非农收入约占总收入的20%;(2)Hausman检验表明,中国农业上市公司多元化战略具有内生性,其与企业的上市年限呈显著的正向关系,与最大股东持股占比呈"U"型关系,而与高管持股占比与托宾Q值无显著关系。
[Abstract]:Using the non-equilibrium panel data of 58 agricultural listed companies from 2008 to 2013, using the theory of new institutional economics and the three-stage least square method, this paper takes into account the diversity of endogeny. The relationship between diversification and enterprise performance of agricultural listed companies in China is analyzed empirically. The main conclusions are as follows: (1) there is a "diversification trap" in agricultural listed companies, and there is a significant U-type relationship between non-agritization and operating performance, the bottom of which is about 70% in the Hefendal index, and the non-agricultural income accounts for about 20% of the total income at this time; (2) Hausman test shows that, The diversification strategy of Chinese agricultural listed companies is endogenetic, which has a significant positive relationship with the listed life of the enterprises, a "U" type relationship with the share ratio of the largest shareholders, but no significant relationship with the proportion of the senior management shares and the Tobin Q value.
【作者单位】：浙江大学公共管理学院/中国农村发展研究院;浙江大学管理学院;广东省农业科学院;碧桂园集团浙江区域公司;西南财经大学中国西部经济研究中心;
【基金】：国家自然科学基金项目(编号:71503212);国家自然科学基金项目(编号:70673088) 国家社会科学基金重点项目(编号:07AJY019) 浙江省自然科学基金(编号:Y13G030004) 清华大学农村研究博士论文奖学金的支持
【分类号】：F302.6;F324;F832.51

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