农业上市公司“背农”经营对企业绩效影响的研究

发布时间：2018-10-05 11:33

【摘要】：农业上市公司作为农业产业化的龙头企业，享受了国家的财政税收优惠政策，是国家发展农业、利用证券市场支持农业产业化经营的排头兵。但是近年来，有些农业上市公司却打着“农”字招牌，在享受国家各项优惠政策的同时，将资金投放于高风险高收益且自身并不熟悉的领域，进行非农扩张，从事“背农”经营。但是，这种“背农”经营能否在提高企业的经营绩效？而且，农业上市公司作为农业产业化的“龙头”企业，还应对我国农业产业化发展起到积极的引导作用，而农业上市公司的这种“背农”行为是否有利于国家的农业产业化发展？基于这些问题，本文需要采用理论和实证相结合的方法来分析农业上市公司的“背农”经营的问题。本文首先进行文献综述和理论分析，阐述了企业多元化经营，农业上市公司“背农”经营和企业绩效的有关理论，并对学者们在这些方面的理论与实证研究进行了回顾。在此基础上，提出了本文的假设。然后，以2009—2011年沪、深两市的45家农业上市公司为样本，采用实证分析中的均值分析、因子分析、比较分析的方法来比较“背农”与“非背农”经营的农业上市公司的企业绩效；并采用描述性统计分析、相关分析以及回归分析的方法来分析农业上市公司“背农”经营与企业绩效、企业盈利能力、偿债能力、资产管理能力、股本扩张能力以及企业成长能力之间的关系。得出了以下结论：一是在企业绩效方面，“背农”经营的农业上市公司要明显优于“非背农”经营的农业上市公司；二是农业上市公司“背农”经营与企业绩效、股本扩张能力、资产管理能力呈显著的负相关关系。最后，根据实证分析的结论，从农业上市公司和政府两方面提出政策性建议。改善农业上市公司经营状况，提高经营绩效，不仅需要农业上市公司自身的努力，，还需要政府的大力支持。从农业上市公司方面来看，应该规范其公司治理结构，完善现代企业制度；立足于农业主营业务，提高农业上市公司的核心竞争能力；实行农业产业化经营，进行纵向多元化。从政府方面看，应该建立健全对农业上市公司的监管；改善农业优惠补贴的方式；并加大对违规农业上市公司的惩处力度。
[Abstract]:As the leading enterprise of agricultural industrialization, agricultural listed company enjoys the preferential policy of national finance and taxation, and is the vanguard of the country to develop agriculture and support agricultural industrialization management by using securities market. However, in recent years, some agricultural listed companies have carried the sign of "agriculture", while enjoying various preferential policies of the state, they have invested their funds in high-risk, high-income and unfamiliar fields for non-agricultural expansion. Engaged in "back farmers" management. However, can this kind of "backfarm" management improve the business performance of enterprises? Moreover, as the "leading" enterprises in agricultural industrialization, agricultural listed companies should also play a positive role in guiding the development of agricultural industrialization in China. And the agricultural listed companies'"back farming" behavior is conducive to the development of the country's agricultural industrialization? Based on these problems, this paper needs to adopt the method of combining theory and demonstration to analyze the problem of agricultural listed companies'"back farming" management. In this paper, first of all, literature review and theoretical analysis are carried out, and the related theories of enterprise diversification, agricultural listed companies'"back farming" management and enterprise performance are expounded, and the theoretical and empirical studies on these aspects are reviewed. On this basis, the hypothesis of this paper is put forward. Then, taking 45 agricultural listed companies in Shanghai and Shenzhen stock markets from 2009 to 2011 as samples, using the mean value analysis and factor analysis in empirical analysis, The method of comparative analysis is used to compare the enterprise performance of agricultural listed companies operated by "back farmers" and "non-back farmers", and the descriptive statistical analysis is used. Correlation analysis and regression analysis are used to analyze the relationship between agricultural listed companies'"back farming" management and corporate performance, profitability, solvency, asset management, equity expansion and enterprise growth. The main conclusions are as follows: first, in terms of enterprise performance, the agricultural listed companies operated by "back farmers" are obviously superior to the agricultural listed companies operating "non-back farmers", the second is "back agriculture" management and enterprise performance of agricultural listed companies. There is a significant negative correlation between the ability of equity expansion and the ability of asset management. Finally, according to the conclusion of empirical analysis, policy suggestions are put forward from two aspects of agricultural listed companies and government. To improve the management status and performance of agricultural listed companies, not only needs the efforts of agricultural listed companies themselves, but also needs the support of the government. From the point of view of agricultural listed companies, we should standardize their corporate governance structure, perfect the modern enterprise system, base on the main agricultural business, improve the core competitive ability of agricultural listed companies, carry out agricultural industrialization management and carry out vertical diversification. From the government's point of view, we should establish and improve the supervision of agricultural listed companies; improve the way of agricultural preferential subsidies; and increase the punishment of illegal agricultural listed companies.
【学位授予单位】：南京财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F324;F302.6

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