我国农业上市公司多元化经营及影响因素研究

发布时间：2018-09-19 18:40

【摘要】：现代农业是关系全国上下十几亿人吃饭问题和生计问题的基础产业,在我国国民经济中的重要地位不言而喻,现研究表明农业的发展方向是建设现代化农业,构建新型农业经营体系。农业上市公司作为农业行业的龙头企业,在构建新型农业经营体系中发挥着举足轻重的作用。目前,我国农业上市公司在发展中规模不断壮大,由于农业深受环境、气候等自然因素影响而与生俱来的“弱质性”与资本天生的“逐利性”之间相矛盾,为分散经营风险、追求企业价值最大化,多元化经营的现象也日益凸显,从而期望获得较高利润,发展企业,避免生产单一产品可能导致经营失败。国内学者对我国企业多元化经营问题的研究是从20世纪90年代中后期开始的,比国外晚了半个多世纪,而研究我国农业行业的上市公司多元化经营大多集中在多元化经营与企业绩效的关系和选择多元化战略的动因上,而且以实证研究为主,得出的结论都不尽相同。本文就立足我国农业上市公司,详细地分析不同多元化类型、不同多元化程度下农业上市公司的绩效反应并深入探索造成这些现象的原因,重点分析我国农业上市公司多元化经营程度的影响因素。从而为我国农业上市公司今后多元化战略的发展提供一些有益的理论参考和实践启示,有利于解决农业上市公司经营战略选择问题,规范农业上市公司作为农业产业化龙头企业的行为,从而让其朝更有利于新型农业经营体系构建的方向发展。通过本文的研究,主要得出以下结论：第一,仅从事与农业主业相关的多元化经营下,多元化经营会带来企业绩效的降低；但从事相关多元化经营后又非相关多元化经营时,相关多元化程度和总体多元化程度大致与企业绩效之间呈倒“U”型关系。第二,农业公司股票的流通程度、企业的自由现金流、收益的稳定性是影响我国农业上公司多元化经营程度的主要因素；同时,农业主业的盈利状况和收益的稳定性显著地负面影响着非相关经营策略和整体的多元化程度,而股票的流通程度却显著的正面影响着相关和非相关经营策略；农业主业的盈利状况显著的地正向影响着公司相关多元化战略的选择,而独立董事占董事会的比例带来的是显著的负面影响。
[Abstract]:Modern agriculture is the basic industry related to the problem of feeding and livelihood of more than one billion people in the whole country, and the important position in our national economy is self-evident. The present research shows that the development direction of agriculture is to build modern agriculture. Build a new type of agricultural management system. As the leading enterprises in agricultural industry, agricultural listed companies play an important role in the construction of new agricultural management system. At present, the scale of agricultural listed companies in our country is growing continuously. Because agriculture is deeply influenced by natural factors such as environment, climate and other natural factors, there is a contradiction between the inherent "weak quality" and the inherent "profit-seeking" of capital, so as to spread the risk of management. In the pursuit of maximizing the value of enterprises, the phenomenon of diversified management is also increasingly prominent, thus expecting to obtain higher profits, to develop enterprises, and to avoid the production of a single product that may lead to business failure. The research on diversification of Chinese enterprises by domestic scholars began in the middle and late 1990s, more than half a century later than abroad. The research on the diversification of listed companies in agricultural industry is mainly focused on the relationship between diversification and enterprise performance and the motivation of choosing diversification strategy, and the empirical research is the main part, and the conclusions are not the same. Based on the agricultural listed companies in China, this paper analyzes in detail the performance responses of agricultural listed companies with different diversification types and different degrees of diversification, and explores the causes of these phenomena in depth. This paper focuses on the factors influencing the diversification of agricultural listed companies in China. Thus, it provides some useful theoretical reference and practical enlightenment for the development of agricultural listed companies' diversification strategy in the future, which is helpful to solve the problem of the choice of agricultural listed companies' management strategy. To standardize the behavior of agricultural listed companies as leading enterprises in agricultural industrialization, so as to make it more conducive to the construction of a new agricultural management system. Through the research of this paper, the main conclusions are as follows: first, under the diversified management related to the main agricultural industry, diversification will bring about the decline of enterprise performance, but when engaged in the related diversification, the diversification is not related to the diversification. The correlation degree of diversification and the degree of overall diversification are inversely "U"-shaped relationship with firm performance. Second, the circulation degree of agricultural company stock, the free cash flow of enterprises, and the stability of income are the main factors that affect the degree of diversification of agricultural companies in our country; at the same time, The profit status and income stability of the main agricultural industry have a significant negative impact on the non-related business strategy and the overall diversification degree, while the stock circulation level has a significant positive impact on the related and non-related business strategy; The profitability of the main agriculture industry has a significant positive impact on the choice of the diversification strategy, while the proportion of independent directors to the board of directors has a significant negative impact.
【学位授予单位】：北京林业大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：F272.3;F324

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