我国农业上市公司投资效率与影响因素研究

发布时间：2018-02-12 08:09

本文关键词： 农业上市公司投资效率随机前沿分析(SFA)方法 QR分位数回归　出处：《新疆农业大学》2016年硕士论文　论文类型：学位论文

【摘要】：“三农”问题能否得到很好的解决关乎着我国社会主义现代化建设能否顺利。现阶段,我国农业上市公司投资效率仍然比较低,总体投资的规模相对较小。本文的核心研究目的是希望通过研究帮助中国农业上市公司提高其投资效率,提出有利于中国农业上市公司提高投资效率的相关措施,更好地解决长期与复杂的“三农”问题。第二章是研究的理论基础,对于接下来要研究问题有关的基本概念上市公司、农业上市公司、投资及投资效率进行了界定;同时对基本理论进行了简单介绍。第三章通过获取我国农业上市公司基本信息,分析其现状,首先介绍了农业上市公司的行业、板块、时间,区域分布情况,通过年收益、年市值、市盈率指标纵横对比分析了上市公司中农业整个行业的具体现状,通过农业上市公司各项财务比率详细了解了农业上市公司的经营状况;然后从投入与产出的角度对投入产出现状分析,并对投资效率进行简单评价。第四章是农业上市公司投资效率的测算,本文运用SFA模型对农业上市公司的投资效率进行测算。农业上市公司中农林牧渔业平均投资效率值由低到高排序分别是:畜牧业(0.6298)、农业(0.6587)、林业(0.6606)、渔业(0.7258)。农业上市公司整体的效率普遍比较偏低。第五章是农业上市公司投资效率影响因素分析,对资本结构、盈利能力、成长能力、薪酬制度、股权集中度、董事会治理、智力资本这七种因素对农业上市公司投资效率的影响进行了定性分析,之后运用QR分位数回归的方法详细分析了在各种投资效率水平下这七种因素对投资效率的影响效果。第六章通过对前面的研究进行总结得出一些结论,并在这些分析和结论的基础上提出了中国农业上市公司提升投资效率并实现健康良性发展的建议,包括不断完善治理结构、建立可持续发展的模式、规模扩张应适度、完善资本结构、不断提升其盈利能力。
[Abstract]:Whether or not the "three rural" problems can be solved well relates to the smooth construction of socialist modernization in our country. At present, the investment efficiency of listed agricultural companies in China is still relatively low. The core purpose of this paper is to help Chinese agricultural listed companies to improve their investment efficiency, and to put forward some relevant measures to improve the investment efficiency of Chinese agricultural listed companies. The second chapter is the theoretical basis of the research, which defines the basic concepts of listed companies, agricultural listed companies, investment and investment efficiency. At the same time, the basic theory is briefly introduced. Chapter three introduces the industry, plate, time, regional distribution of agricultural listed companies through obtaining the basic information of agricultural listed companies in China, and analyzes their current situation. Market value, the index of price / earnings ratio of listed companies analyzed the specific status of the agricultural industry, through the various financial ratios of agricultural listed companies to understand the operating situation of agricultural listed companies in detail; Then it analyzes the current situation of input and output from the angle of input and output, and makes a simple evaluation of investment efficiency. Chapter 4th is the measurement of investment efficiency of agricultural listed companies. This paper uses SFA model to measure the investment efficiency of agricultural listed companies. The order of average investment efficiency of agricultural, forestry, pastoral and fishery industry in agricultural listed companies is: animal husbandry 0.6298, agriculture 0.6587N, forestry 0.6606, fishery 0.7258. The overall efficiency of the company is generally low. Chapter 5th is an analysis of the factors affecting the investment efficiency of agricultural listed companies. This paper analyzes the effects of capital structure, profitability, growth ability, compensation system, equity concentration, board governance and intellectual capital on the investment efficiency of agricultural listed companies. Then the QR quantile regression method is used to analyze the effects of these seven factors on investment efficiency in detail. Chapter 6th summarizes some conclusions by summarizing the previous studies. On the basis of these analyses and conclusions, the paper puts forward some suggestions for China's agricultural listed companies to improve their investment efficiency and realize healthy and benign development, including the continuous improvement of governance structure, the establishment of a sustainable development model, and the appropriate scale expansion. Improve the capital structure and constantly improve its profitability.
【学位授予单位】：新疆农业大学
【学位级别】：硕士
【学位授予年份】：2016
【分类号】：F302.6;F324

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