發(fā)布時(shí)間：2018-09-13 15:44

【摘要】：多年來(lái)較國(guó)外資本市場(chǎng)而言,我國(guó)資本市場(chǎng)一直處于初級(jí)階段,并且其中存在諸多問(wèn)題。雖然各界學(xué)者不斷對(duì)已有問(wèn)題進(jìn)行研究和探索,但是就我國(guó)以往的資本市場(chǎng)實(shí)踐來(lái)看,資本市場(chǎng)的發(fā)展不能滿足中小企業(yè)的發(fā)展,資本市場(chǎng)必須進(jìn)行深入改革。因此,為了適應(yīng)和促進(jìn)我國(guó)中小企業(yè)的快速發(fā)展、完善資本市場(chǎng),國(guó)務(wù)院2013年正式批準(zhǔn)設(shè)立中小企業(yè)股份轉(zhuǎn)讓系統(tǒng),該系統(tǒng)自進(jìn)入公眾視野以來(lái)得到了高速發(fā)展,并且已經(jīng)在我國(guó)資本市場(chǎng)中占有一席之地。通過(guò)總結(jié)不難發(fā)現(xiàn),目前關(guān)于新三板的研究大部分都集中在中小企業(yè)掛牌條件和難度、法律法規(guī)、新三板掛牌企業(yè)的融資效應(yīng)等方面,而對(duì)有關(guān)掛牌農(nóng)業(yè)公司績(jī)效考察的研究很少涉及,更沒(méi)有涉及績(jī)效與多元化經(jīng)營(yíng)兩者間關(guān)系的研究。中國(guó)作為世界上泱泱農(nóng)業(yè)大國(guó),農(nóng)業(yè)的健康發(fā)展一直是我們的立國(guó)之本,同時(shí)其對(duì)我國(guó)的社會(huì)穩(wěn)定和經(jīng)濟(jì)發(fā)展問(wèn)題而言都是至關(guān)重要的。在以往的研究中存在大量關(guān)于農(nóng)業(yè)上市公司績(jī)效的研究,這些研究大部分選取一板和二板中的上市公司作為研究對(duì)象。然而三板市場(chǎng)中農(nóng)業(yè)掛牌公司作為行業(yè)的佼佼者同樣值得我們研究,但是有關(guān)新三板企業(yè)的研究目前仍然主要集中在法律規(guī)范、掛牌條件、制度和融資效果等方面,針對(duì)某一類型企業(yè)的績(jī)效研究鮮有涉及。于是本文試圖探究新三板掛牌農(nóng)業(yè)企業(yè)多元化經(jīng)營(yíng)與其績(jī)效關(guān)系。本文第一章回顧了國(guó)內(nèi)外研究學(xué)者對(duì)多元化經(jīng)營(yíng)、企業(yè)績(jī)效和兩者相關(guān)關(guān)系的研究,在以往的研究成果中發(fā)現(xiàn)了主要存在農(nóng)業(yè)公司界定標(biāo)準(zhǔn)不統(tǒng)一、指標(biāo)選取沒(méi)有結(jié)合中國(guó)國(guó)情等缺陷,因此在本論文研究中試圖避免發(fā)生類似研究問(wèn)題,使研究結(jié)果更有實(shí)踐意義。第二章簡(jiǎn)單介紹了兩者關(guān)系的基本理論和各個(gè)理論對(duì)后文實(shí)證研究的意義,使得后文的實(shí)證研究具有一定的理論基礎(chǔ)。第三章結(jié)合新三板市場(chǎng)的發(fā)展現(xiàn)狀對(duì)掛牌農(nóng)業(yè)企業(yè)經(jīng)營(yíng)成果進(jìn)行了描述分析,除了介紹現(xiàn)階段整個(gè)交易市場(chǎng)中農(nóng)業(yè)上市公司的數(shù)量、每股收益和凈資產(chǎn)收益外,更重點(diǎn)介紹了選取的45家農(nóng)業(yè)上市公司主要經(jīng)營(yíng)業(yè)務(wù)。結(jié)果發(fā)現(xiàn):新三板掛牌企業(yè)多元化經(jīng)營(yíng)程度較嚴(yán)重,但是經(jīng)營(yíng)效果不理想。為了探析兩者間的復(fù)雜關(guān)系,僅僅進(jìn)行描述分析過(guò)于片面,因此本文試圖通過(guò)多元回歸分析等實(shí)證分析進(jìn)行進(jìn)一步研究。第四章介紹了本文實(shí)證研究中需要使用的樣本來(lái)源和變量的選擇,分別選擇多元化變量作為自變量、績(jī)效變量作為因變量和5個(gè)控制變量。第五章為論文的實(shí)證部分更是全文的重點(diǎn)。介紹文章選取了2014-2016年掛牌企業(yè)作為研究對(duì)象,采用了因子分析、對(duì)比分析、相關(guān)分析和實(shí)證分析四種分析方法。首先簡(jiǎn)單介紹因子分析方法的核心思想是降維,通過(guò)因子分析法將本文多個(gè)變量提取公因子對(duì)提取的5大公因子進(jìn)行研究。其次進(jìn)行簡(jiǎn)單的描述性統(tǒng)計(jì)分析,羅列出2014年開(kāi)始3年中所有上市公司對(duì)應(yīng)變量的均值和標(biāo)準(zhǔn)差。文章在進(jìn)行因子分析前還應(yīng)該進(jìn)行因子分析檢驗(yàn),判斷文章中所選變量是否適合因子分析,只有通過(guò)檢驗(yàn)的變量才能進(jìn)行因子分析。按著因子分析的步驟通過(guò)主成分分析法確定文章公因子數(shù)目,之后利用方差極大法進(jìn)行旋轉(zhuǎn)得到旋轉(zhuǎn)后的因子載荷矩陣,根據(jù)矩陣對(duì)提取的公因子進(jìn)行命名,然后根據(jù)回歸方程計(jì)算因子得分得到因子得分方程和綜合績(jī)效得分方程。文章通過(guò)因子分析法將企業(yè)績(jī)效分為5大因子,對(duì)各個(gè)因子、綜合績(jī)效分別進(jìn)行打分和評(píng)價(jià)。在得出企業(yè)綜合績(jī)效得分后對(duì)45家上市公司進(jìn)行排名和對(duì)比分析。通過(guò)排名和得分可以對(duì)文章提出的7大假設(shè)進(jìn)行初步檢驗(yàn),值得關(guān)注的是由于公因子提取的局限性和變量的隨機(jī)性,假設(shè)7的有關(guān)結(jié)論暫時(shí)無(wú)法判斷。在進(jìn)行回歸分析前我們利用相關(guān)分析對(duì)變量是否存在多重共線性等問(wèn)題進(jìn)行檢驗(yàn),同時(shí)在得出企業(yè)綜合績(jī)效得分后進(jìn)行相關(guān)分析的前提下進(jìn)行回歸分析,研究多元化經(jīng)營(yíng)與績(jī)效關(guān)系,結(jié)果表明:新三板掛牌農(nóng)業(yè)企業(yè)多元化經(jīng)營(yíng)與績(jī)效是負(fù)相關(guān)關(guān)系;同時(shí)就其對(duì)企業(yè)5種能力的影響而言,多元化經(jīng)營(yíng)對(duì)企業(yè)的償債能力、資產(chǎn)管理能力都會(huì)產(chǎn)生負(fù)面影響,但是對(duì)股本擴(kuò)張能力等其他方面能力卻具有一定優(yōu)勢(shì)。根據(jù)結(jié)論可以解釋對(duì)應(yīng)假設(shè)3和假設(shè)7不成立,其他假設(shè)均成立。第六章結(jié)合新三板農(nóng)業(yè)市場(chǎng)的特征,我國(guó)全國(guó)中小企業(yè)股份轉(zhuǎn)讓系統(tǒng)起步時(shí)間晚、發(fā)展時(shí)間短、市場(chǎng)機(jī)制不夠完善,并且在新三板掛牌的農(nóng)業(yè)企業(yè)績(jī)效差距較大,在各個(gè)方面與主板、中小創(chuàng)中的農(nóng)業(yè)上市公司都存在巨大差距,但是卻在成長(zhǎng)能力方面展現(xiàn)出具有的潛力和優(yōu)勢(shì)。本文給出了2點(diǎn)建議,首先在市場(chǎng)方面希望相關(guān)部門能夠正確監(jiān)管、使得市場(chǎng)能夠健康發(fā)展;同時(shí)在企業(yè)自身方面希望農(nóng)業(yè)掛牌企業(yè)能夠適度經(jīng)營(yíng)、提升企業(yè)績(jī)效。
[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(zhǎng)江大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F324;F302.6;F832.51

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