我国农业上市公司的多元化经营与经营绩效的实证分析
发布时间：2018-08-15 15:34
【摘要】：农业是决定国民经济命脉的基础产业,而农业上市公司作为行业龙头,经营策略的选择是否合适将会关系到自身发展的成败。由于从农业行业自身存在的缺陷风险大利润低考虑,外部环境,经济政策,投资周期已经严重影响了农业上市公司的经营效率,所以为了提高利润水平,所有的上市公司纷纷开始向多元化经营策略转移,尝试通过开展多项业务来分散风险和增加绩效。然而,农业上市公司的多元化经营到底是否能够为公司经营带来利润的增长?对此,本文选择本课题进行探讨。多元化经营是指企业经营发展到一定阶段的产物,为了获得更高利润以及可持续的发展动力,而采取的一种管理行为或战略。到目前为止,研究学者仍然未确定究竟是否应该开展多元化经营战略。早在欧洲和美国等发达国家和地区,大量企业涌入多元化发展的浪潮中,很快开展大规模的业务,但是不久在多元化进程中很快就发现了多元化经营所带来的弊端,这使大量公司不得不重新调整战略,集中精力经营主导产业。而我国随着市场经济地发展,思想逐渐解放,经济逐渐开放,也有越来越多的企业开始走上了多元化发展的道路,希望通过更多的途径探索出新的经济运行方式以此获得新的经济增长点。但是面对复杂的市场竞争环境,不同的行业不同的公司采取了不同的策略来应付激烈的市场竞争,有些公司走多元化发展的道路获得了成功,但是有些公司由于多元化发展使其精力分散难以应付,或者资金链断裂资金无法回流,最终以破产而告终。关于多元化理论研究至今仍然没有得到统一的结论,需要进一步研究考证。本文结合国内外对农业上市公司多元化和经营绩效理论的研究,以2011年——2013年农业上市公司财务报表公布的数据为样本进行实证分析,研究我国农业上市公司多元化与经营绩效的关系。在实证研究过程中,企业多元化程度采用赫芬达尔指数衡量,企业的经营绩效运用总资产收益率(ROA)、净资产收益率(ROE)、每股收益(EPS)三个指标衡量,同时,将资产规模、成长性、资产负债率等作为控制变量。运用相关分析和回归分析相结合的统计方法,对多元化的程度、种类与企业绩效进行实证分析。实证分析发现,农业上市公司多元化程度与每股收益、净资产收益率及总资产收益率呈较显著的负相关关系,最后,并针对实证结论提出了相应的对策建议,为今后农业上市公司及其农业行业的发展指明了道路。
[Abstract]:Agriculture is the basic industry that determines the lifeblood of the national economy, and agricultural listed companies as the leading industry, the choice of management strategy will be related to the success or failure of their own development. In order to improve the level of profits, because of the large risks, low profits, external environment, economic policies and investment cycles of the agricultural industry itself, which have seriously affected the operating efficiency of the agricultural listed companies, All listed companies begin to transfer to diversification strategy, trying to spread risk and increase performance by developing multiple businesses. However, can the diversification of agricultural listed companies bring profit growth? To this, this article chooses this topic to carry on the discussion. Diversification is a kind of management behavior or strategy adopted by enterprises in order to obtain higher profit and sustainable development power. So far, researchers have not yet determined whether diversification strategy should be carried out. As early as Europe and the United States and other developed countries and regions, a large number of enterprises poured into the wave of diversification development, and quickly began large-scale business, but in the process of diversification soon discovered the shortcomings brought about by diversification. This has forced a large number of companies to reorient their strategies and concentrate on leading industries. With the development of the market economy, the emancipation of our thoughts and the gradual opening of our economy, more and more enterprises have begun to take the path of diversified development. Hope through more ways to explore new ways of economic operation in order to obtain new economic growth. However, faced with the complex market competition environment, different companies in different industries have adopted different strategies to cope with the fierce market competition, and some companies have succeeded in diversified development. But some companies have been distracted by diversification, or have been unable to rewind their capital chain breaks, and have ended up in bankruptcy. There is still no unified conclusion on the theory of pluralism, which needs further research and textual research. Based on the research of diversification and management performance theory of agricultural listed companies at home and abroad, this paper takes the data published in the financial statements of agricultural listed companies from 2011 to 2013 as a sample for empirical analysis. This paper studies the relationship between diversification and management performance of agricultural listed companies in China. In the process of empirical research, the degree of enterprise diversification is measured by Hefendal index, and the business performance is measured by three indexes: total return of assets (ROA), rate of return of net assets (ROE),) per share, earnings per share (EPS). At the same time, the scale and growth of assets are measured. The ratio of assets and liabilities is regarded as the control variable. By using the statistical method of correlation analysis and regression analysis, this paper makes an empirical analysis on the degree, category and performance of diversification. The empirical analysis shows that the diversification degree of agricultural listed companies is negatively correlated with earnings per share, return on net assets and total return on assets. Finally, the corresponding countermeasures and suggestions are put forward in view of the empirical conclusions. For the future agricultural listed companies and the development of agricultural industries pointed out the way.
【学位授予单位】：长江大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：F272.3;F324
本文编号：2184641
[Abstract]:Agriculture is the basic industry that determines the lifeblood of the national economy, and agricultural listed companies as the leading industry, the choice of management strategy will be related to the success or failure of their own development. In order to improve the level of profits, because of the large risks, low profits, external environment, economic policies and investment cycles of the agricultural industry itself, which have seriously affected the operating efficiency of the agricultural listed companies, All listed companies begin to transfer to diversification strategy, trying to spread risk and increase performance by developing multiple businesses. However, can the diversification of agricultural listed companies bring profit growth? To this, this article chooses this topic to carry on the discussion. Diversification is a kind of management behavior or strategy adopted by enterprises in order to obtain higher profit and sustainable development power. So far, researchers have not yet determined whether diversification strategy should be carried out. As early as Europe and the United States and other developed countries and regions, a large number of enterprises poured into the wave of diversification development, and quickly began large-scale business, but in the process of diversification soon discovered the shortcomings brought about by diversification. This has forced a large number of companies to reorient their strategies and concentrate on leading industries. With the development of the market economy, the emancipation of our thoughts and the gradual opening of our economy, more and more enterprises have begun to take the path of diversified development. Hope through more ways to explore new ways of economic operation in order to obtain new economic growth. However, faced with the complex market competition environment, different companies in different industries have adopted different strategies to cope with the fierce market competition, and some companies have succeeded in diversified development. But some companies have been distracted by diversification, or have been unable to rewind their capital chain breaks, and have ended up in bankruptcy. There is still no unified conclusion on the theory of pluralism, which needs further research and textual research. Based on the research of diversification and management performance theory of agricultural listed companies at home and abroad, this paper takes the data published in the financial statements of agricultural listed companies from 2011 to 2013 as a sample for empirical analysis. This paper studies the relationship between diversification and management performance of agricultural listed companies in China. In the process of empirical research, the degree of enterprise diversification is measured by Hefendal index, and the business performance is measured by three indexes: total return of assets (ROA), rate of return of net assets (ROE),) per share, earnings per share (EPS). At the same time, the scale and growth of assets are measured. The ratio of assets and liabilities is regarded as the control variable. By using the statistical method of correlation analysis and regression analysis, this paper makes an empirical analysis on the degree, category and performance of diversification. The empirical analysis shows that the diversification degree of agricultural listed companies is negatively correlated with earnings per share, return on net assets and total return on assets. Finally, the corresponding countermeasures and suggestions are put forward in view of the empirical conclusions. For the future agricultural listed companies and the development of agricultural industries pointed out the way.
【学位授予单位】：长江大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：F272.3;F324
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相关期刊论文 前3条
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