新三板农业公司多元化经营与企业绩效关系的实证研究

发布时间：2018-09-13 15:44

【摘要】：多年来较国外资本市场而言,我国资本市场一直处于初级阶段,并且其中存在诸多问题。虽然各界学者不断对已有问题进行研究和探索,但是就我国以往的资本市场实践来看,资本市场的发展不能满足中小企业的发展,资本市场必须进行深入改革。因此,为了适应和促进我国中小企业的快速发展、完善资本市场,国务院2013年正式批准设立中小企业股份转让系统,该系统自进入公众视野以来得到了高速发展,并且已经在我国资本市场中占有一席之地。通过总结不难发现,目前关于新三板的研究大部分都集中在中小企业挂牌条件和难度、法律法规、新三板挂牌企业的融资效应等方面,而对有关挂牌农业公司绩效考察的研究很少涉及,更没有涉及绩效与多元化经营两者间关系的研究。中国作为世界上泱泱农业大国,农业的健康发展一直是我们的立国之本,同时其对我国的社会稳定和经济发展问题而言都是至关重要的。在以往的研究中存在大量关于农业上市公司绩效的研究,这些研究大部分选取一板和二板中的上市公司作为研究对象。然而三板市场中农业挂牌公司作为行业的佼佼者同样值得我们研究,但是有关新三板企业的研究目前仍然主要集中在法律规范、挂牌条件、制度和融资效果等方面,针对某一类型企业的绩效研究鲜有涉及。于是本文试图探究新三板挂牌农业企业多元化经营与其绩效关系。本文第一章回顾了国内外研究学者对多元化经营、企业绩效和两者相关关系的研究,在以往的研究成果中发现了主要存在农业公司界定标准不统一、指标选取没有结合中国国情等缺陷,因此在本论文研究中试图避免发生类似研究问题,使研究结果更有实践意义。第二章简单介绍了两者关系的基本理论和各个理论对后文实证研究的意义,使得后文的实证研究具有一定的理论基础。第三章结合新三板市场的发展现状对挂牌农业企业经营成果进行了描述分析,除了介绍现阶段整个交易市场中农业上市公司的数量、每股收益和净资产收益外,更重点介绍了选取的45家农业上市公司主要经营业务。结果发现:新三板挂牌企业多元化经营程度较严重,但是经营效果不理想。为了探析两者间的复杂关系,仅仅进行描述分析过于片面,因此本文试图通过多元回归分析等实证分析进行进一步研究。第四章介绍了本文实证研究中需要使用的样本来源和变量的选择,分别选择多元化变量作为自变量、绩效变量作为因变量和5个控制变量。第五章为论文的实证部分更是全文的重点。介绍文章选取了2014-2016年挂牌企业作为研究对象,采用了因子分析、对比分析、相关分析和实证分析四种分析方法。首先简单介绍因子分析方法的核心思想是降维,通过因子分析法将本文多个变量提取公因子对提取的5大公因子进行研究。其次进行简单的描述性统计分析,罗列出2014年开始3年中所有上市公司对应变量的均值和标准差。文章在进行因子分析前还应该进行因子分析检验,判断文章中所选变量是否适合因子分析,只有通过检验的变量才能进行因子分析。按着因子分析的步骤通过主成分分析法确定文章公因子数目,之后利用方差极大法进行旋转得到旋转后的因子载荷矩阵,根据矩阵对提取的公因子进行命名,然后根据回归方程计算因子得分得到因子得分方程和综合绩效得分方程。文章通过因子分析法将企业绩效分为5大因子,对各个因子、综合绩效分别进行打分和评价。在得出企业综合绩效得分后对45家上市公司进行排名和对比分析。通过排名和得分可以对文章提出的7大假设进行初步检验,值得关注的是由于公因子提取的局限性和变量的随机性,假设7的有关结论暂时无法判断。在进行回归分析前我们利用相关分析对变量是否存在多重共线性等问题进行检验,同时在得出企业综合绩效得分后进行相关分析的前提下进行回归分析,研究多元化经营与绩效关系,结果表明:新三板挂牌农业企业多元化经营与绩效是负相关关系;同时就其对企业5种能力的影响而言,多元化经营对企业的偿债能力、资产管理能力都会产生负面影响,但是对股本扩张能力等其他方面能力却具有一定优势。根据结论可以解释对应假设3和假设7不成立,其他假设均成立。第六章结合新三板农业市场的特征,我国全国中小企业股份转让系统起步时间晚、发展时间短、市场机制不够完善,并且在新三板挂牌的农业企业绩效差距较大,在各个方面与主板、中小创中的农业上市公司都存在巨大差距,但是却在成长能力方面展现出具有的潜力和优势。本文给出了2点建议,首先在市场方面希望相关部门能够正确监管、使得市场能够健康发展;同时在企业自身方面希望农业挂牌企业能够适度经营、提升企业绩效。
[Abstract]:Over the years, compared with foreign capital markets, China's capital market has been in the primary stage, and there are many problems. Although scholars from all walks of life have been studying and exploring the existing problems, but in view of China's past capital market practice, the development of the capital market can not meet the development of small and medium-sized enterprises, the capital market must enter. Therefore, in order to adapt to and promote the rapid development of small and medium-sized enterprises in China and improve the capital market, the State Council officially approved the establishment of a small and medium-sized enterprises share transfer system in 2013, the system has been rapidly developed since entering the public view, and has occupied a place in China's capital market. At present, most of the research on the new Third Board focuses on the conditions and difficulties of listing small and medium-sized enterprises, laws and regulations, financing effects of new third board listing enterprises and so on. However, the research on the performance evaluation of listed agricultural companies is seldom involved, not to mention the relationship between performance and diversification. The healthy development of agriculture has always been the foundation of our country in a large agricultural country, and it is very important to the social stability and economic development of our country. However, the agricultural listed companies in the third board market as the industry leader is also worthy of our study, but the study of the new third board enterprises is still mainly concentrated in the legal norms, listing conditions, system and financing effect, etc., for a certain type of enterprise performance research is rarely involved. The first chapter reviews the research on diversification, enterprise performance and their correlation by domestic and foreign scholars, and finds that there are some defects in the previous research results, such as the inconsistent definition standards of agricultural companies, the selection of indicators does not take into account China's national conditions, and so on. Chapter 2 briefly introduces the basic theory of the relationship between the two and the significance of each theory to the empirical study in the future, which makes the latter empirical study have a certain theoretical basis. In addition to the number of listed agricultural companies, earnings per share and net asset income, the paper also introduces the main business of 45 listed agricultural companies. The results show that the new three-board listed enterprises have a serious degree of diversification, but the operating effect is not good. Ideal. In order to explore the complex relationship between the two, only descriptive analysis is too one-sided, so this paper attempts to use multiple regression analysis and other empirical analysis for further research. Quantity is a dependent variable and five control variables. The fifth chapter is the empirical part of the paper, which is the focus of the full text. Five major factors are extracted by factor analysis. Secondly, a simple descriptive statistical analysis is carried out to list the mean and standard deviation of the corresponding variables of all listed companies in the three years from 2014. According to the step of factor analysis, the number of common factors in the article is determined by principal component analysis, and then the factor load matrix after rotation is obtained by the method of variance maximization. According to the matrix, the common factors extracted are named, and then the root is determined. According to the factor score of regression equation, the factor score equation and the comprehensive performance score equation are obtained. The paper divides the enterprise performance into five major factors by factor analysis, and scores and evaluates each factor and the comprehensive performance separately. Scores can be used to test the seven hypotheses proposed in this paper. It is worth noting that the limitations of common factor extraction and the randomness of variables make the relevant conclusions of Hypothesis 7 impossible to judge temporarily. On the premise of regression analysis, the relationship between diversification and performance is studied. The results show that diversification and performance of agricultural enterprises listed on the new third board are negatively correlated. At the same time, as far as the impact of diversification on the five capabilities of enterprises is concerned, diversification has a negative effect on the solvency and asset management of enterprises. According to the conclusion, we can explain that hypothesis 3 and Hypothesis 7 are not valid, and other hypotheses are all valid. Chapter 6, combined with the characteristics of the new three-board agricultural market, China's small and medium-sized enterprises share transfer system started late, the development time is short, and the market is open. The market mechanism is not perfect, and the performance gap of agricultural enterprises listed on the new third board is large. There is a huge gap between the new third board and the main board, small and medium-sized listed companies in agriculture, but it shows potential and advantages in the growth capacity. This paper gives two suggestions, first of all in the market hope that the relevant departments can be positive. It is hoped that the listed agricultural enterprises can operate appropriately and improve their performance.
【学位授予单位】：长江大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F324;F302.6;F832.51

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