股权结构、多元化经营对农业上市公司财务绩效的影响研究

发布时间：2018-01-13 15:38

本文关键词：股权结构、多元化经营对农业上市公司财务绩效的影响研究　出处：《沈阳农业大学》2017年硕士论文　论文类型：学位论文

【摘要】：我国农业上市公司是资本市场的重要板块,是先进农业生产力的代表,在目前由传统农业向现代农业转化的过程中,起到重要作用,农业上市公司的业绩一直备受关注。与此同时,农业上市公司多元化经营现象较为严重,在短期进入农业行业之后就利用资本市场募集的资金转投其他领域,过度追求短期利益,这样的转投是否对农业上市公司财务绩效有利?另一方面,股权结构作为公司治理的重要变量在公司做出战略决策时会影响决策结果,也是财务绩效重要影响因素,在农业上市公司中它是如何影响财务绩效的?本文研究了股权结构、多元化经营对农业上市公司财务绩效的影响,首先总结、归纳了股权结构、多元化经营以及对财务绩效影响的有关理论和研究方法,并对已有的理论和现状做出了研究评述;其次,初步以数据分析的形式对农业上市公司的现状做了描述,初步分析了农业上市公司的股权结构、多元化经营以及财务绩效状况,以便对研究对象有一定的认识,在此基础上,运用50家农业上市公司2010-2015年间的面板数据构建了回归模型,分析了以下三点:股权结构对农业上市公司财务绩效的影响;多元化经营对农业上市公司财务绩效的影响;股权结构、多元化经营协同下,对农业上市公司财务绩效的影响。通过实证分析研究发现,第一,农业上市公司股权集中度对财务绩效的影响为负,但是没有通过统计检验。国有股比例与财务绩效呈正相关关系,且统计性显著。管理层持股比例与财务绩效呈正相关关系,同样通过统计检验。第二,多元化经营对农业上市公司短期财务绩效有正面影响,也就是说现阶段农业上市公司多元化经营有助于提升短期财务绩效。从长期来看,农业上市公司的多元化程度越高,公司财务绩效越低。第三,股权集中度指标和多元化经营程度对农业上市公司财务绩效产生协同影响,实证结果显示,股权结构股权越集中越加剧多元化经营对农业上市公司长期财务绩效的折价效应,这表明,多元化折价部分来自控股股东的利益攫取行为。实证表明,农业上市公司是一个特殊的群体,其特点是规模小、实力弱、抗风险能力较差,一股独大的现象存在,进行多元化经营会损害公司长期财务绩效。因此提出如下对策:一是专注主业,谨慎开展多元化经营,国家出台政策,引导农业上市公司经营方向,促进中国农业上市公司健康和可持续发展;二是优化完善农业上市公司股权结构,引导股权结构合理化。
[Abstract]:Agricultural listed companies in China are the important plate of capital market and the representative of advanced agricultural productivity. They play an important role in the process of transformation from traditional agriculture to modern agriculture. The performance of agricultural listed companies has been concerned. At the same time, the phenomenon of diversification of agricultural listed companies is more serious, after the short-term entry into the agricultural industry, the funds raised by the capital market have been transferred to other areas. Excessive pursuit of short-term benefits, such a transfer to agricultural listed companies financial performance benefits? On the other hand, as an important variable of corporate governance, ownership structure will affect the decision results when the company makes strategic decisions, and it is also an important factor of financial performance. How does it affect financial performance in agricultural listed companies? This paper studies the impact of equity structure, diversification on the financial performance of agricultural listed companies. Firstly, it summarizes the equity structure, diversification and the impact on financial performance of the relevant theories and research methods. At the same time, the existing theories and current situation are reviewed. Secondly, the paper describes the current situation of agricultural listed companies in the form of data analysis, and analyzes the ownership structure, diversification and financial performance of agricultural listed companies. In order to have a certain understanding of the study object, on this basis, using 50 agricultural listed companies from 2010-2015 panel data to build a regression model. The following three points are analyzed: the influence of ownership structure on the financial performance of agricultural listed companies; The influence of diversification on the financial performance of agricultural listed companies; The impact of ownership structure, diversification on the financial performance of agricultural listed companies. Through empirical analysis, it is found that, first, the impact of ownership concentration on financial performance of agricultural listed companies is negative. But did not pass the statistical test. The proportion of state-owned shares and financial performance positive correlation, and statistically significant. Management holding ratio and financial performance positive correlation, also through the statistical test. Second. Diversification has a positive impact on the short-term financial performance of agricultural listed companies, that is to say, diversification of agricultural listed companies is helpful to improve short-term financial performance in the long run. The higher the degree of diversification of agricultural listed companies, the lower the financial performance. Third, the index of ownership concentration and the degree of diversification have a synergistic effect on the financial performance of agricultural listed companies, the empirical results show. The concentration of equity structure intensifies the discount effect of diversification on the long-term financial performance of agricultural listed companies, which indicates that the diversification discount partly comes from the controlling shareholders' interest grabbing behavior. Agricultural listed companies is a special group, its characteristics are small scale, weak strength, poor ability to resist risks, a unique phenomenon exists. Diversification will damage the long-term financial performance of the company. Therefore, the following countermeasures are put forward: first, focus on the main business, carefully carry out diversification, the state issued policies to guide the management direction of agricultural listed companies. To promote the healthy and sustainable development of listed agricultural companies in China; Second, optimize and improve the ownership structure of agricultural listed companies and guide the rationalization of ownership structure.
【学位授予单位】：沈阳农业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F324;F832.51;F302.6

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