农业类上市公司投资行为影响因素研究

发布时间：2018-08-27 09:57

【摘要】：目前,我国农业类上市公司的投资面临着严峻的现实困难,即由于在农业行业投资的利润率普遍偏低,农业类上市公司往往选择对非农行业进行投资,从而造成农业资金的外流,同时对非农行业的投资又受到各种因素的制约,从而致使农业类上市公司处于进退两难的状况。因此,本文在此背景下对农业类上市公司投资行为进行研究,以期提高农业类上市投资的效率,促进其持续健康发展。本文首先对农业类上市公司、企业投资、股权结构和融资约束等概念进行了阐述,之后以企业投资、委托代理、融资约束等理论为基础,分析了我国农业类上市公司投资的现状和投资行为的特征,由此构建了一个以股权和融资情况为主,辅以企业规模和公司治理相关情况的计量模型,对农业类上市公司投资行为的影响因素进行实证分析,同时以星河生物、登海种业、新希望和罗牛山四家农业类上市公司为例进行了案例分析,最后得出以下结论：大股东往往能够决定农业类上市公司的投资行为,融资途径限制是现实的难题,融资约束和企业治理在不同方面和程度上影响到农业类上市公司的投资行为。由此,本文提出以下政策建议：建立大股东监督与制衡机制；扩展融资渠道,破除融资途径限制；加强财务管控,降低企业融资约束；加强内部控制,提高企业治理水平。
[Abstract]:At present, the investment of agricultural listed companies in our country is facing severe practical difficulties, that is, because the profit margin of investment in agricultural industry is generally low, agricultural listed companies often choose to invest in non-agricultural industries. As a result, the outflow of agricultural funds and the investment in non-agricultural industries are restricted by various factors, which makes agricultural listed companies in a dilemma. Therefore, in this context, this paper studies the investment behavior of agricultural listed companies in order to improve the efficiency of agricultural listed investment and promote its sustainable and healthy development. In this paper, the concepts of agricultural listed companies, enterprise investment, equity structure and financing constraints are first expounded, and then based on the theories of enterprise investment, principal-agent, financing constraints, etc. Based on the analysis of the present investment situation and the characteristics of investment behavior of agricultural listed companies in China, an econometric model based on equity and financing is constructed, which is supplemented by enterprise size and corporate governance. This paper makes an empirical analysis on the influencing factors of the investment behavior of agricultural listed companies. At the same time, it takes Xinghe Biology, Denghai seed Industry, New Hope and four Agricultural listed companies in Luo Niushan as examples. Finally, the following conclusions are drawn: large shareholders are often able to determine the investment behavior of agricultural listed companies, and the restriction of financing channels is a difficult problem in reality. Financing constraints and corporate governance affect the investment behavior of agricultural listed companies in different aspects and degrees. Therefore, this paper puts forward the following policy suggestions: to establish the mechanism of supervision and balance of large shareholders; to expand the financing channels, to break down the restrictions on financing channels; to strengthen financial control and reduce the financial constraints of enterprises; to strengthen internal control; to improve the level of corporate governance.
【学位授予单位】：湖南农业大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F324;F302.6

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