本文選題：農(nóng)業(yè)上市公司　切入點(diǎn)：多元化經(jīng)營(yíng)　出處：《沈陽(yáng)農(nóng)業(yè)大學(xué)》2013年博士論文　論文類(lèi)型：學(xué)位論文

【摘要】：農(nóng)業(yè)處于我國(guó)國(guó)民經(jīng)濟(jì)的基礎(chǔ)地位,農(nóng)業(yè)上市公司是我國(guó)農(nóng)業(yè)和證券市場(chǎng)有機(jī)結(jié)合的一種方式,在發(fā)展農(nóng)業(yè)產(chǎn)業(yè)組織、實(shí)現(xiàn)農(nóng)業(yè)產(chǎn)業(yè)化方面具有舉足輕重的作用。但是肩負(fù)重任的農(nóng)業(yè)上市公司多元化經(jīng)營(yíng)現(xiàn)象比較普遍,致使其業(yè)績(jī)大幅下滑,過(guò)度追求短期利益,有些農(nóng)業(yè)上市公司甚至逐漸淡出至完全退出了農(nóng)業(yè)領(lǐng)域的生產(chǎn)和經(jīng)營(yíng),長(zhǎng)期下去,將會(huì)影響農(nóng)業(yè)產(chǎn)業(yè)化的健康發(fā)展,對(duì)于農(nóng)業(yè)上市公司自身的發(fā)展也十分不利。因此本文以農(nóng)業(yè)上市公司多元化經(jīng)營(yíng)為切入點(diǎn),對(duì)農(nóng)業(yè)上市公司多元化經(jīng)營(yíng)現(xiàn)象、影響因素以及對(duì)績(jī)效的影響進(jìn)行深入研究,這對(duì)于促進(jìn)我國(guó)農(nóng)業(yè)上市公司發(fā)展,制定相關(guān)的產(chǎn)業(yè)政策,具有十分重要的理論和現(xiàn)實(shí)意義。 本文以公司多元化經(jīng)營(yíng)的理論和研究方法為基礎(chǔ),結(jié)合我國(guó)農(nóng)業(yè)的弱勢(shì)地位,對(duì)我國(guó)農(nóng)業(yè)上市公司多元化經(jīng)營(yíng)理論進(jìn)行了詳細(xì)的梳理分析；然后測(cè)度了我國(guó)農(nóng)業(yè)上市公司多元化經(jīng)營(yíng)情況,并進(jìn)行了多元化經(jīng)營(yíng)的現(xiàn)狀分析、對(duì)比分析和趨勢(shì)分析；從公司治理角度和農(nóng)業(yè)上市公司經(jīng)營(yíng)風(fēng)險(xiǎn)角度實(shí)證研究了農(nóng)業(yè)上市公司多元化經(jīng)營(yíng)的影響因素；并運(yùn)用面板數(shù)據(jù)模型和因子分析法揭示了農(nóng)業(yè)上市公司多元化經(jīng)營(yíng)對(duì)績(jī)效的影響,最終提出相關(guān)對(duì)策建議。 遵循上述思路,本文內(nèi)容結(jié)構(gòu)如下：首先分析公司多元化經(jīng)營(yíng)的內(nèi)涵,闡述多元化經(jīng)營(yíng)基本理論與研究方法；其次在界定本文所指農(nóng)業(yè)上市公司基礎(chǔ)上,對(duì)其多元化經(jīng)營(yíng)進(jìn)行指標(biāo)測(cè)度,找出農(nóng)業(yè)上市公司多元化經(jīng)營(yíng)的狀況；將農(nóng)業(yè)上市公司同A股上市公司多元化經(jīng)營(yíng)的程度進(jìn)行對(duì)比分析；對(duì)農(nóng)業(yè)上市公司六年多元化經(jīng)營(yíng)趨勢(shì)進(jìn)行分析,從中發(fā)現(xiàn)規(guī)律。第三,理論分析了多元化經(jīng)營(yíng)的影響因素,構(gòu)建了公司治理和公司經(jīng)營(yíng)風(fēng)險(xiǎn)指標(biāo),采用面板數(shù)據(jù)模型實(shí)證研究了公司治理和農(nóng)業(yè)上市公司面臨的經(jīng)營(yíng)風(fēng)險(xiǎn)對(duì)農(nóng)業(yè)上市公司多元化經(jīng)營(yíng)的影響。最后,研究了農(nóng)業(yè)上市公司多元化經(jīng)營(yíng)程度對(duì)績(jī)效的影響：(1)利用樣本公司2006-2011年間的面板數(shù)據(jù)模型實(shí)證分析多元化經(jīng)營(yíng)對(duì)傳統(tǒng)績(jī)效指標(biāo)ROA、ROE的影響；(2)利用2006-2011年六年的數(shù)據(jù)平均值采用因子分析,選擇了17個(gè)從不同方面反映財(cái)務(wù)績(jī)效方面指標(biāo),將其轉(zhuǎn)化為5個(gè)公共因子,按每一公共因子對(duì)農(nóng)業(yè)上市公司進(jìn)行排名,并進(jìn)行相應(yīng)的分析,得出農(nóng)業(yè)上市公司多元化經(jīng)營(yíng)的綜合績(jī)效,并研究了多元化經(jīng)營(yíng)程度對(duì)綜合績(jī)效的影響。 從行業(yè)整體分析,2006-2011年農(nóng)業(yè)上市公司所涉及的行業(yè)數(shù)目最多的為5個(gè)行業(yè),最小為1個(gè)行業(yè),中值為2；農(nóng)業(yè)上市公司多元化經(jīng)營(yíng)帶有一定的盲目性,在進(jìn)行多元化經(jīng)營(yíng)行業(yè)選擇時(shí),大多數(shù)農(nóng)業(yè)上市公司首先選擇的是和農(nóng)業(yè)行業(yè)不相關(guān)、進(jìn)入壁壘比較低、行業(yè)利潤(rùn)高、回報(bào)快的高風(fēng)險(xiǎn)行業(yè),例如化工、房地產(chǎn)、生物制藥、餐飲、貿(mào)易、金融證券、創(chuàng)業(yè)投資、電子通訊等,以期待短期經(jīng)濟(jì)利益；同A股上市公司相比,我國(guó)農(nóng)業(yè)上市公司表現(xiàn)出了更大的多元化經(jīng)營(yíng)傾向；從多元化經(jīng)營(yíng)的趨勢(shì)來(lái)看,多元化經(jīng)營(yíng)程度逐年下降。通過(guò)對(duì)多元化經(jīng)營(yíng)的影響因素進(jìn)行研究發(fā)現(xiàn)：第一大股東持股比和股權(quán)制衡同多元化經(jīng)營(yíng)呈現(xiàn)“U”型關(guān)系；而獨(dú)立董事比例、董事長(zhǎng)總經(jīng)理是否兩職合一及高層管理人員的持股比例對(duì)多元化經(jīng)營(yíng)沒(méi)有顯著影響；國(guó)有股比例同多元化經(jīng)營(yíng)程度負(fù)相關(guān)。通過(guò)研究多元化經(jīng)營(yíng)對(duì)績(jī)效的影響得出結(jié)論：無(wú)論是以傳統(tǒng)的ROA和ROE作為績(jī)效還是構(gòu)建的農(nóng)業(yè)上市公司綜合績(jī)效,農(nóng)業(yè)上市公司多元化經(jīng)營(yíng)的程度同績(jī)效的關(guān)系是反向變動(dòng)關(guān)系,即隨著多元化經(jīng)營(yíng)程度的提高,農(nóng)業(yè)上市公司的業(yè)績(jī)是下降的。因此得出結(jié)論多元化經(jīng)營(yíng)在現(xiàn)階段是有損于業(yè)績(jī)的,長(zhǎng)此以往將會(huì)削弱農(nóng)業(yè)主業(yè)的健康發(fā)展。 在上述研究基礎(chǔ)上,提出了如下政策建議：由于我國(guó)農(nóng)業(yè)上市公司多元化經(jīng)營(yíng)不利于其績(jī)效的提高,目前的情況不適合進(jìn)行過(guò)多的多元化經(jīng)營(yíng),因此農(nóng)業(yè)上市公司應(yīng)當(dāng)首先專(zhuān)注農(nóng)業(yè),在多元化的選擇上要慎重；此外要完善農(nóng)業(yè)上市公司公司治理機(jī)制,改善公司股權(quán)、董事會(huì)、監(jiān)事會(huì)等組織結(jié)構(gòu),發(fā)揮外部董事的作用；國(guó)家應(yīng)當(dāng)在產(chǎn)業(yè)政策上進(jìn)行積極引導(dǎo),改善農(nóng)業(yè)投資環(huán)境、加大對(duì)農(nóng)業(yè)上市公司補(bǔ)貼力度、引導(dǎo)農(nóng)業(yè)上市公司理性選擇多元化戰(zhàn)略等。
[Abstract]:Agriculture is the foundation of our national economy, the agricultural listed company is our country agriculture and organic combination of the securities market in a way that the development of agricultural industry organization, has an important role to realize agricultural industrialization. But the responsibility of agricultural listed companies, diversification is a common phenomenon, resulting in a sharp decline in performance, the excessive pursuit of short-term interests, some agricultural listed companies even gradually fade out to completely withdraw from the field of agricultural production and operation, go down for a long time, it will affect the healthy development of agricultural industrialization, the development of agricultural listed companies is also very unfavorable. Therefore, agricultural listed companies as a starting point, the phenomenon of diversification of agricultural listed the company, in-depth study of the influence factors and the influence on the performance, which is to promote the development of agricultural listed companies in China, development phase The industrial policy is of great theoretical and practical significance.
This paper is based on the theories and methods of corporate diversification, combined with China's agriculture on the weak position, the theory of diversification of agricultural listed companies in China are analyzed in detail and then measure the comb; diversification of agricultural listed companies in China, and analyzed the current situation of diversification, comparative analysis and trend analysis; from the perspective of corporate governance and risk management of agricultural listed companies empirical study the factors influencing diversification of agricultural listed companies; and use panel data model and factor analysis method to reveal the effect of agricultural diversification on the performance of the company, finally put forward relevant countermeasures and suggestions.
According to the above thinking, the contents of this paper are as follows: firstly, analysis of structure of corporate diversification connotation, elaborated the diversification of the basic theory and research methods; secondly in this article refers to the definition of agricultural listed companies based on the diversification of index, find out the diversification of agricultural listed companies; agricultural listed companies with the A shares of listed companies the diversification degree were analyzed; the agricultural listed companies six years diversification trend analysis, find the rules from it. Third, theoretical analysis of the influence factors of diversification, the corporate governance and business risk indicators of corporate governance and agricultural listed companies using panel data model to empirical risk management the effect of diversification of agricultural listed companies. Finally, the process of diversification of agricultural listed companies. Impact on Performance: (1) analysis using panel data of Sample Firms 2006-2011 years of empirical model diversification on the traditional performance index ROA, the influence of ROE; (2) using 2006-2011 to six years the average of the data by factor analysis, 17 selected from different aspects to reflect the financial performance indicators, will be transformed into 5 common factors, each factor of public ranking of agricultural listed companies, and the corresponding analysis, the comprehensive performance of the listed agricultural company diversification, and study the impact of diversification on the comprehensive performance.
From the overall analysis of the industry, the number of 2006-2011 years of agricultural listed companies involved in the industry, most of the 5 industries, for a minimum of 1 industries, value of 2; agricultural listed companies with a certain blindness, the diversification of industry selection, the first choice of most agricultural listed companies is not related to agriculture and industry relatively low barriers to entry, industry, high profit, high risk industry, quick return of real estate, such as chemical, pharmaceutical, food, trade, financial securities, venture capital, electronic communications, in order to short-term economic benefits; compared with listed A shares, listed agricultural companies showed diversification the greater the tendency; from the diversification trend, the degree of diversification decreased year by year. Through the influence factors of the diversification of the study found that the largest shareholder equity ratio and system With the scale of diversification presents "U" type; while the proportion of independent directors, chairman and general manager whether the shareholding ratio of the two level one and senior management team has no significant influence on diversification; the proportion of state-owned shares the same degree of diversification is negatively related to diversification. Through the study of the influence on the performance and draw the conclusion that both the traditional the ROA and ROE as the comprehensive performance of the agricultural listed companies performance or construction, the relationship of diversification degree and performance is inversely related to the degree of diversification, with the improvement of agricultural industry, the performance of listed companies is down. So we can come to the conclusion that diversification is detrimental to the performance at the present stage. The healthy development of agricultural industry will weaken if things go on like this.
Based on the above research, put forward policy suggestions as follows: the diversification of agricultural listed companies in China is not conducive to the improvement of performance, the current situation is not suitable for too much diversification, so the agricultural listed companies should first focus on agriculture, we must be cautious in the choice of diversification; in addition to improve the corporate governance of listed agricultural companies the mechanism, improve the equity in the company, the board of directors, board of supervisors and other organization, play the role of outside directors; countries should actively guide in industrial policy, improve agricultural investment environment, increase the agricultural listed companies subsidies, guide the agricultural listed companies rational choice of diversification strategy.

【學(xué)位授予單位】：沈陽(yáng)農(nóng)業(yè)大學(xué)
【學(xué)位級(jí)別】：博士
【學(xué)位授予年份】：2013
【分類(lèi)號(hào)】：F272.3;F324

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