新三板農(nóng)業(yè)公司多元化經(jīng)營與企業(yè)績效關(guān)系的實(shí)證研究
[Abstract]:Over the years, compared with foreign capital markets, China's capital market has been in the primary stage, and there are many problems. Although scholars from all walks of life have been studying and exploring the existing problems, but in view of China's past capital market practice, the development of the capital market can not meet the development of small and medium-sized enterprises, the capital market must enter. Therefore, in order to adapt to and promote the rapid development of small and medium-sized enterprises in China and improve the capital market, the State Council officially approved the establishment of a small and medium-sized enterprises share transfer system in 2013, the system has been rapidly developed since entering the public view, and has occupied a place in China's capital market. At present, most of the research on the new Third Board focuses on the conditions and difficulties of listing small and medium-sized enterprises, laws and regulations, financing effects of new third board listing enterprises and so on. However, the research on the performance evaluation of listed agricultural companies is seldom involved, not to mention the relationship between performance and diversification. The healthy development of agriculture has always been the foundation of our country in a large agricultural country, and it is very important to the social stability and economic development of our country. However, the agricultural listed companies in the third board market as the industry leader is also worthy of our study, but the study of the new third board enterprises is still mainly concentrated in the legal norms, listing conditions, system and financing effect, etc., for a certain type of enterprise performance research is rarely involved. The first chapter reviews the research on diversification, enterprise performance and their correlation by domestic and foreign scholars, and finds that there are some defects in the previous research results, such as the inconsistent definition standards of agricultural companies, the selection of indicators does not take into account China's national conditions, and so on. Chapter 2 briefly introduces the basic theory of the relationship between the two and the significance of each theory to the empirical study in the future, which makes the latter empirical study have a certain theoretical basis. In addition to the number of listed agricultural companies, earnings per share and net asset income, the paper also introduces the main business of 45 listed agricultural companies. The results show that the new three-board listed enterprises have a serious degree of diversification, but the operating effect is not good. Ideal. In order to explore the complex relationship between the two, only descriptive analysis is too one-sided, so this paper attempts to use multiple regression analysis and other empirical analysis for further research. Quantity is a dependent variable and five control variables. The fifth chapter is the empirical part of the paper, which is the focus of the full text. Five major factors are extracted by factor analysis. Secondly, a simple descriptive statistical analysis is carried out to list the mean and standard deviation of the corresponding variables of all listed companies in the three years from 2014. According to the step of factor analysis, the number of common factors in the article is determined by principal component analysis, and then the factor load matrix after rotation is obtained by the method of variance maximization. According to the matrix, the common factors extracted are named, and then the root is determined. According to the factor score of regression equation, the factor score equation and the comprehensive performance score equation are obtained. The paper divides the enterprise performance into five major factors by factor analysis, and scores and evaluates each factor and the comprehensive performance separately. Scores can be used to test the seven hypotheses proposed in this paper. It is worth noting that the limitations of common factor extraction and the randomness of variables make the relevant conclusions of Hypothesis 7 impossible to judge temporarily. On the premise of regression analysis, the relationship between diversification and performance is studied. The results show that diversification and performance of agricultural enterprises listed on the new third board are negatively correlated. At the same time, as far as the impact of diversification on the five capabilities of enterprises is concerned, diversification has a negative effect on the solvency and asset management of enterprises. According to the conclusion, we can explain that hypothesis 3 and Hypothesis 7 are not valid, and other hypotheses are all valid. Chapter 6, combined with the characteristics of the new three-board agricultural market, China's small and medium-sized enterprises share transfer system started late, the development time is short, and the market is open. The market mechanism is not perfect, and the performance gap of agricultural enterprises listed on the new third board is large. There is a huge gap between the new third board and the main board, small and medium-sized listed companies in agriculture, but it shows potential and advantages in the growth capacity. This paper gives two suggestions, first of all in the market hope that the relevant departments can be positive. It is hoped that the listed agricultural enterprises can operate appropriately and improve their performance.
【學(xué)位授予單位】:長江大學(xué)
【學(xué)位級別】:碩士
【學(xué)位授予年份】:2017
【分類號】:F324;F302.6;F832.51
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