农业上市公司财务可持续增长能力研究

发布时间：2019-04-27 08:24

【摘要】：农业上市公司是农业产业的龙头公司,也是我国上市公司中的特殊公司。农业上市公司的财务增长(含价值)提升直接影响与之相关的农业产业。为此,国家对农业上市公司制定了一系列的支持政策,人们对这类公司的财务可持续增长能力和价值评价给予厚望。但现实状况是不容乐观,一方面国家财政政策、货币政策不断支撑,另一方面农业上市公司按照自利原则利用上市公司和支农政策的优惠补贴从事非农经营,力图摆脱“弱质”产业低产出效率现状,结果却是经营业绩和财务增长能力均未得到明显改善。本文以此为研究切入点,分析农业上市公司成长中存在的问题,并提出政策建议。本文在梳理相关专家研究结果和相关概念、研究范围的界定基础上对公司财务可持续增长机理和价值理念进行研究,然后对农业上市公司的财务可持续增长及其价值增长目标展开深入研究。首先,文章对国内外相关文献进行评述,找到研究空白点,提出研究方法和思路,构建研究框架。之后,从理论上明确了公司财务可持续增长的理念和增长目标,提出采用EVA和托宾Q值衡量农业上市公司内外价值及其与财务可持续增长关联性的理论依据。第三,采用理论分析和实证分析结合的方法具体分析了国家财政政策、货币政策、支农政策、非农化经营、公司治理结构对农业上市公司收益能力和持续增长能力的影响。第四,采用STATA和SAS等实证分析方法按照收入、收益、价值增长的思路检验了影响农业上市公司财务可持续增长能力的关键因素及其作用原理。最后,对前述研究做出总结并提出政策建议。本文研究的主要结论是：首先,相关政策对提高公司财务持续增长能力实现价值增长目标方面效果不大,农业上市公司经营业绩不见显著改善,经营效率和财务政策都存在问题。但实际增长水平却明显波动提升,如果资源配置跟不上,这种情况是十分危险的。其次,配对分析发现,非农化经营的存在并没有提高经营业绩和财务增长水平。农业上市公司转行经营没有充分考虑技术、门槛、资本、风险和管理等问题的瓶颈制约。最后,农业上市公司的治理结构有所改进,基本按照政策和正常的上市公司组织形式运作,但董事会规模,独立董事等控制机制对财务可持续增长影响不大。建议政府和公司本身重视投资预算,从本质上提高公司经营效率,合理安排财务政策和配置资源,检讨上市公司董事会规模效应和独立董事虚设问题。
[Abstract]:Agricultural listed company is the leading company of agricultural industry, and it is also the special company of listed company of our country. The financial growth (including value) of agricultural listed companies directly affects the related agricultural industry. To this end, the state has formulated a series of support policies for agricultural listed companies, and people have great expectations for the financial sustainable growth capacity and value evaluation of such companies. But the reality is that it is not optimistic. On the one hand, the national fiscal policy and monetary policy continue to support, on the other hand, agricultural listed companies use preferential subsidies from listed companies and agricultural support policies to engage in non-agricultural operations in accordance with the principle of self-interest. Trying to get rid of the low output efficiency of "weak quality" industry, the result is that the operating performance and financial growth ability have not been improved obviously. Based on this, this paper analyzes the problems existing in the growth of agricultural listed companies, and puts forward some policy suggestions. On the basis of combing the research results and related concepts of the relevant experts and the definition of the scope of the study, this paper studies the mechanism and value concept of the sustainable growth of the company's financial affairs. Then the financial sustainable growth and its value growth target of agricultural listed companies are studied in depth. First of all, this paper reviews the relevant literatures at home and abroad, finds out the blank spots, puts forward the research methods and ideas, and constructs the research framework. After that, the concept and target of sustainable financial growth are defined theoretically, and the theoretical basis for measuring the internal and external value of agricultural listed companies and their relationship with financial sustainable growth is put forward by using EVA and Tobin Q value. Thirdly, this paper analyzes the influence of national fiscal policy, monetary policy, agricultural policy, non-agricultural management and corporate governance structure on the income ability and sustainable growth ability of agricultural listed companies with the combination of theoretical analysis and empirical analysis. Fourthly, using the empirical analysis methods such as STATA and SAS, this paper examines the key factors affecting the financial sustainable growth ability of agricultural listed companies and their functional principles according to the ideas of income, income and value growth. Finally, make a summary of the above-mentioned research and put forward policy recommendations. The main conclusions of this paper are as follows: firstly, the relevant policies have little effect on improving the financial sustainable growth ability of the company to achieve the goal of value growth, and there is no significant improvement in the operating performance of the agricultural listed companies. There are problems in operational efficiency and financial policy. But the level of real growth has fluctuated significantly, which is dangerous if the allocation of resources fails to keep up. Secondly, the pairing analysis found that the existence of non-agricultural operation did not improve the operating performance and financial growth level. Agricultural listed companies do not fully consider the bottleneck constraints of technology, threshold, capital, risk and management. Finally, the governance structure of agricultural listed companies has been improved, basically according to the policies and normal organizational forms of listed companies, but the size of the board of directors, independent directors and other control mechanisms have little impact on the sustainable growth of financial affairs. It is suggested that the government and the company itself attach importance to the investment budget, improve the efficiency of the company's operation in essence, arrange the financial policy and allocate resources reasonably, and review the scale effect of the board of directors of listed companies and the false establishment of independent directors.
【学位授予单位】：湖南农业大学
【学位级别】：博士
【学位授予年份】：2013
【分类号】：F302.6

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