农业上市公司多元化经营测度、影响因素及绩效研究

发布时间：2018-03-19 07:17

本文选题：农业上市公司　切入点：多元化经营　出处：《沈阳农业大学》2013年博士论文　论文类型：学位论文

【摘要】：农业处于我国国民经济的基础地位,农业上市公司是我国农业和证券市场有机结合的一种方式,在发展农业产业组织、实现农业产业化方面具有举足轻重的作用。但是肩负重任的农业上市公司多元化经营现象比较普遍,致使其业绩大幅下滑,过度追求短期利益,有些农业上市公司甚至逐渐淡出至完全退出了农业领域的生产和经营,长期下去,将会影响农业产业化的健康发展,对于农业上市公司自身的发展也十分不利。因此本文以农业上市公司多元化经营为切入点,对农业上市公司多元化经营现象、影响因素以及对绩效的影响进行深入研究,这对于促进我国农业上市公司发展,制定相关的产业政策,具有十分重要的理论和现实意义。本文以公司多元化经营的理论和研究方法为基础,结合我国农业的弱势地位,对我国农业上市公司多元化经营理论进行了详细的梳理分析；然后测度了我国农业上市公司多元化经营情况,并进行了多元化经营的现状分析、对比分析和趋势分析；从公司治理角度和农业上市公司经营风险角度实证研究了农业上市公司多元化经营的影响因素；并运用面板数据模型和因子分析法揭示了农业上市公司多元化经营对绩效的影响,最终提出相关对策建议。遵循上述思路,本文内容结构如下：首先分析公司多元化经营的内涵,阐述多元化经营基本理论与研究方法；其次在界定本文所指农业上市公司基础上,对其多元化经营进行指标测度,找出农业上市公司多元化经营的状况；将农业上市公司同A股上市公司多元化经营的程度进行对比分析；对农业上市公司六年多元化经营趋势进行分析,从中发现规律。第三,理论分析了多元化经营的影响因素,构建了公司治理和公司经营风险指标,采用面板数据模型实证研究了公司治理和农业上市公司面临的经营风险对农业上市公司多元化经营的影响。最后,研究了农业上市公司多元化经营程度对绩效的影响：(1)利用样本公司2006-2011年间的面板数据模型实证分析多元化经营对传统绩效指标ROA、ROE的影响；(2)利用2006-2011年六年的数据平均值采用因子分析,选择了17个从不同方面反映财务绩效方面指标,将其转化为5个公共因子,按每一公共因子对农业上市公司进行排名,并进行相应的分析,得出农业上市公司多元化经营的综合绩效,并研究了多元化经营程度对综合绩效的影响。从行业整体分析,2006-2011年农业上市公司所涉及的行业数目最多的为5个行业,最小为1个行业,中值为2；农业上市公司多元化经营带有一定的盲目性,在进行多元化经营行业选择时,大多数农业上市公司首先选择的是和农业行业不相关、进入壁垒比较低、行业利润高、回报快的高风险行业,例如化工、房地产、生物制药、餐饮、贸易、金融证券、创业投资、电子通讯等,以期待短期经济利益；同A股上市公司相比,我国农业上市公司表现出了更大的多元化经营倾向；从多元化经营的趋势来看,多元化经营程度逐年下降。通过对多元化经营的影响因素进行研究发现：第一大股东持股比和股权制衡同多元化经营呈现“U”型关系；而独立董事比例、董事长总经理是否两职合一及高层管理人员的持股比例对多元化经营没有显著影响；国有股比例同多元化经营程度负相关。通过研究多元化经营对绩效的影响得出结论：无论是以传统的ROA和ROE作为绩效还是构建的农业上市公司综合绩效,农业上市公司多元化经营的程度同绩效的关系是反向变动关系,即随着多元化经营程度的提高,农业上市公司的业绩是下降的。因此得出结论多元化经营在现阶段是有损于业绩的,长此以往将会削弱农业主业的健康发展。在上述研究基础上,提出了如下政策建议：由于我国农业上市公司多元化经营不利于其绩效的提高,目前的情况不适合进行过多的多元化经营,因此农业上市公司应当首先专注农业,在多元化的选择上要慎重；此外要完善农业上市公司公司治理机制,改善公司股权、董事会、监事会等组织结构,发挥外部董事的作用；国家应当在产业政策上进行积极引导,改善农业投资环境、加大对农业上市公司补贴力度、引导农业上市公司理性选择多元化战略等。
[Abstract]:Agriculture is the foundation of our national economy, the agricultural listed company is our country agriculture and organic combination of the securities market in a way that the development of agricultural industry organization, has an important role to realize agricultural industrialization. But the responsibility of agricultural listed companies, diversification is a common phenomenon, resulting in a sharp decline in performance, the excessive pursuit of short-term interests, some agricultural listed companies even gradually fade out to completely withdraw from the field of agricultural production and operation, go down for a long time, it will affect the healthy development of agricultural industrialization, the development of agricultural listed companies is also very unfavorable. Therefore, agricultural listed companies as a starting point, the phenomenon of diversification of agricultural listed the company, in-depth study of the influence factors and the influence on the performance, which is to promote the development of agricultural listed companies in China, development phase The industrial policy is of great theoretical and practical significance.
This paper is based on the theories and methods of corporate diversification, combined with China's agriculture on the weak position, the theory of diversification of agricultural listed companies in China are analyzed in detail and then measure the comb; diversification of agricultural listed companies in China, and analyzed the current situation of diversification, comparative analysis and trend analysis; from the perspective of corporate governance and risk management of agricultural listed companies empirical study the factors influencing diversification of agricultural listed companies; and use panel data model and factor analysis method to reveal the effect of agricultural diversification on the performance of the company, finally put forward relevant countermeasures and suggestions.
According to the above thinking, the contents of this paper are as follows: firstly, analysis of structure of corporate diversification connotation, elaborated the diversification of the basic theory and research methods; secondly in this article refers to the definition of agricultural listed companies based on the diversification of index, find out the diversification of agricultural listed companies; agricultural listed companies with the A shares of listed companies the diversification degree were analyzed; the agricultural listed companies six years diversification trend analysis, find the rules from it. Third, theoretical analysis of the influence factors of diversification, the corporate governance and business risk indicators of corporate governance and agricultural listed companies using panel data model to empirical risk management the effect of diversification of agricultural listed companies. Finally, the process of diversification of agricultural listed companies. Impact on Performance: (1) analysis using panel data of Sample Firms 2006-2011 years of empirical model diversification on the traditional performance index ROA, the influence of ROE; (2) using 2006-2011 to six years the average of the data by factor analysis, 17 selected from different aspects to reflect the financial performance indicators, will be transformed into 5 common factors, each factor of public ranking of agricultural listed companies, and the corresponding analysis, the comprehensive performance of the listed agricultural company diversification, and study the impact of diversification on the comprehensive performance.
From the overall analysis of the industry, the number of 2006-2011 years of agricultural listed companies involved in the industry, most of the 5 industries, for a minimum of 1 industries, value of 2; agricultural listed companies with a certain blindness, the diversification of industry selection, the first choice of most agricultural listed companies is not related to agriculture and industry relatively low barriers to entry, industry, high profit, high risk industry, quick return of real estate, such as chemical, pharmaceutical, food, trade, financial securities, venture capital, electronic communications, in order to short-term economic benefits; compared with listed A shares, listed agricultural companies showed diversification the greater the tendency; from the diversification trend, the degree of diversification decreased year by year. Through the influence factors of the diversification of the study found that the largest shareholder equity ratio and system With the scale of diversification presents "U" type; while the proportion of independent directors, chairman and general manager whether the shareholding ratio of the two level one and senior management team has no significant influence on diversification; the proportion of state-owned shares the same degree of diversification is negatively related to diversification. Through the study of the influence on the performance and draw the conclusion that both the traditional the ROA and ROE as the comprehensive performance of the agricultural listed companies performance or construction, the relationship of diversification degree and performance is inversely related to the degree of diversification, with the improvement of agricultural industry, the performance of listed companies is down. So we can come to the conclusion that diversification is detrimental to the performance at the present stage. The healthy development of agricultural industry will weaken if things go on like this.
Based on the above research, put forward policy suggestions as follows: the diversification of agricultural listed companies in China is not conducive to the improvement of performance, the current situation is not suitable for too much diversification, so the agricultural listed companies should first focus on agriculture, we must be cautious in the choice of diversification; in addition to improve the corporate governance of listed agricultural companies the mechanism, improve the equity in the company, the board of directors, board of supervisors and other organization, play the role of outside directors; countries should actively guide in industrial policy, improve agricultural investment environment, increase the agricultural listed companies subsidies, guide the agricultural listed companies rational choice of diversification strategy.

【学位授予单位】：沈阳农业大学
【学位级别】：博士
【学位授予年份】：2013
【分类号】：F272.3;F324

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