【摘要】：農(nóng)業(yè)上市公司是農(nóng)業(yè)產(chǎn)業(yè)的龍頭公司,也是我國(guó)上市公司中的特殊公司。農(nóng)業(yè)上市公司的財(cái)務(wù)增長(zhǎng)(含價(jià)值)提升直接影響與之相關(guān)的農(nóng)業(yè)產(chǎn)業(yè)。為此,國(guó)家對(duì)農(nóng)業(yè)上市公司制定了一系列的支持政策,人們對(duì)這類(lèi)公司的財(cái)務(wù)可持續(xù)增長(zhǎng)能力和價(jià)值評(píng)價(jià)給予厚望。但現(xiàn)實(shí)狀況是不容樂(lè)觀,一方面國(guó)家財(cái)政政策、貨幣政策不斷支撐,另一方面農(nóng)業(yè)上市公司按照自利原則利用上市公司和支農(nóng)政策的優(yōu)惠補(bǔ)貼從事非農(nóng)經(jīng)營(yíng),力圖擺脫“弱質(zhì)”產(chǎn)業(yè)低產(chǎn)出效率現(xiàn)狀,結(jié)果卻是經(jīng)營(yíng)業(yè)績(jī)和財(cái)務(wù)增長(zhǎng)能力均未得到明顯改善。本文以此為研究切入點(diǎn),分析農(nóng)業(yè)上市公司成長(zhǎng)中存在的問(wèn)題,并提出政策建議。 本文在梳理相關(guān)專(zhuān)家研究結(jié)果和相關(guān)概念、研究范圍的界定基礎(chǔ)上對(duì)公司財(cái)務(wù)可持續(xù)增長(zhǎng)機(jī)理和價(jià)值理念進(jìn)行研究,然后對(duì)農(nóng)業(yè)上市公司的財(cái)務(wù)可持續(xù)增長(zhǎng)及其價(jià)值增長(zhǎng)目標(biāo)展開(kāi)深入研究。首先,文章對(duì)國(guó)內(nèi)外相關(guān)文獻(xiàn)進(jìn)行評(píng)述,找到研究空白點(diǎn),提出研究方法和思路,構(gòu)建研究框架。之后,從理論上明確了公司財(cái)務(wù)可持續(xù)增長(zhǎng)的理念和增長(zhǎng)目標(biāo),提出采用EVA和托賓Q值衡量農(nóng)業(yè)上市公司內(nèi)外價(jià)值及其與財(cái)務(wù)可持續(xù)增長(zhǎng)關(guān)聯(lián)性的理論依據(jù)。第三,采用理論分析和實(shí)證分析結(jié)合的方法具體分析了國(guó)家財(cái)政政策、貨幣政策、支農(nóng)政策、非農(nóng)化經(jīng)營(yíng)、公司治理結(jié)構(gòu)對(duì)農(nóng)業(yè)上市公司收益能力和持續(xù)增長(zhǎng)能力的影響。第四,采用STATA和SAS等實(shí)證分析方法按照收入、收益、價(jià)值增長(zhǎng)的思路檢驗(yàn)了影響農(nóng)業(yè)上市公司財(cái)務(wù)可持續(xù)增長(zhǎng)能力的關(guān)鍵因素及其作用原理。最后,對(duì)前述研究做出總結(jié)并提出政策建議。 本文研究的主要結(jié)論是：首先,相關(guān)政策對(duì)提高公司財(cái)務(wù)持續(xù)增長(zhǎng)能力實(shí)現(xiàn)價(jià)值增長(zhǎng)目標(biāo)方面效果不大,農(nóng)業(yè)上市公司經(jīng)營(yíng)業(yè)績(jī)不見(jiàn)顯著改善,經(jīng)營(yíng)效率和財(cái)務(wù)政策都存在問(wèn)題。但實(shí)際增長(zhǎng)水平卻明顯波動(dòng)提升,如果資源配置跟不上,這種情況是十分危險(xiǎn)的。其次,配對(duì)分析發(fā)現(xiàn),非農(nóng)化經(jīng)營(yíng)的存在并沒(méi)有提高經(jīng)營(yíng)業(yè)績(jī)和財(cái)務(wù)增長(zhǎng)水平。農(nóng)業(yè)上市公司轉(zhuǎn)行經(jīng)營(yíng)沒(méi)有充分考慮技術(shù)、門(mén)檻、資本、風(fēng)險(xiǎn)和管理等問(wèn)題的瓶頸制約。最后,農(nóng)業(yè)上市公司的治理結(jié)構(gòu)有所改進(jìn),基本按照政策和正常的上市公司組織形式運(yùn)作,但董事會(huì)規(guī)模,獨(dú)立董事等控制機(jī)制對(duì)財(cái)務(wù)可持續(xù)增長(zhǎng)影響不大。建議政府和公司本身重視投資預(yù)算,從本質(zhì)上提高公司經(jīng)營(yíng)效率,合理安排財(cái)務(wù)政策和配置資源,檢討上市公司董事會(huì)規(guī)模效應(yīng)和獨(dú)立董事虛設(shè)問(wèn)題。
[Abstract]:Agricultural listed company is the leading company of agricultural industry, and it is also the special company of listed company of our country. The financial growth (including value) of agricultural listed companies directly affects the related agricultural industry. To this end, the state has formulated a series of support policies for agricultural listed companies, and people have great expectations for the financial sustainable growth capacity and value evaluation of such companies. But the reality is that it is not optimistic. On the one hand, the national fiscal policy and monetary policy continue to support, on the other hand, agricultural listed companies use preferential subsidies from listed companies and agricultural support policies to engage in non-agricultural operations in accordance with the principle of self-interest. Trying to get rid of the low output efficiency of "weak quality" industry, the result is that the operating performance and financial growth ability have not been improved obviously. Based on this, this paper analyzes the problems existing in the growth of agricultural listed companies, and puts forward some policy suggestions. On the basis of combing the research results and related concepts of the relevant experts and the definition of the scope of the study, this paper studies the mechanism and value concept of the sustainable growth of the company's financial affairs. Then the financial sustainable growth and its value growth target of agricultural listed companies are studied in depth. First of all, this paper reviews the relevant literatures at home and abroad, finds out the blank spots, puts forward the research methods and ideas, and constructs the research framework. After that, the concept and target of sustainable financial growth are defined theoretically, and the theoretical basis for measuring the internal and external value of agricultural listed companies and their relationship with financial sustainable growth is put forward by using EVA and Tobin Q value. Thirdly, this paper analyzes the influence of national fiscal policy, monetary policy, agricultural policy, non-agricultural management and corporate governance structure on the income ability and sustainable growth ability of agricultural listed companies with the combination of theoretical analysis and empirical analysis. Fourthly, using the empirical analysis methods such as STATA and SAS, this paper examines the key factors affecting the financial sustainable growth ability of agricultural listed companies and their functional principles according to the ideas of income, income and value growth. Finally, make a summary of the above-mentioned research and put forward policy recommendations. The main conclusions of this paper are as follows: firstly, the relevant policies have little effect on improving the financial sustainable growth ability of the company to achieve the goal of value growth, and there is no significant improvement in the operating performance of the agricultural listed companies. There are problems in operational efficiency and financial policy. But the level of real growth has fluctuated significantly, which is dangerous if the allocation of resources fails to keep up. Secondly, the pairing analysis found that the existence of non-agricultural operation did not improve the operating performance and financial growth level. Agricultural listed companies do not fully consider the bottleneck constraints of technology, threshold, capital, risk and management. Finally, the governance structure of agricultural listed companies has been improved, basically according to the policies and normal organizational forms of listed companies, but the size of the board of directors, independent directors and other control mechanisms have little impact on the sustainable growth of financial affairs. It is suggested that the government and the company itself attach importance to the investment budget, improve the efficiency of the company's operation in essence, arrange the financial policy and allocate resources reasonably, and review the scale effect of the board of directors of listed companies and the false establishment of independent directors.
【學(xué)位授予單位】：湖南農(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)】：F302.6

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