【摘要】：農(nóng)業(yè)是決定國(guó)民經(jīng)濟(jì)命脈的基礎(chǔ)產(chǎn)業(yè),而農(nóng)業(yè)上市公司作為行業(yè)龍頭,經(jīng)營(yíng)策略的選擇是否合適將會(huì)關(guān)系到自身發(fā)展的成敗。由于從農(nóng)業(yè)行業(yè)自身存在的缺陷風(fēng)險(xiǎn)大利潤(rùn)低考慮,外部環(huán)境,經(jīng)濟(jì)政策,投資周期已經(jīng)嚴(yán)重影響了農(nóng)業(yè)上市公司的經(jīng)營(yíng)效率,所以為了提高利潤(rùn)水平,所有的上市公司紛紛開(kāi)始向多元化經(jīng)營(yíng)策略轉(zhuǎn)移,嘗試通過(guò)開(kāi)展多項(xiàng)業(yè)務(wù)來(lái)分散風(fēng)險(xiǎn)和增加績(jī)效。然而,農(nóng)業(yè)上市公司的多元化經(jīng)營(yíng)到底是否能夠?yàn)楣窘?jīng)營(yíng)帶來(lái)利潤(rùn)的增長(zhǎng)?對(duì)此,本文選擇本課題進(jìn)行探討。多元化經(jīng)營(yíng)是指企業(yè)經(jīng)營(yíng)發(fā)展到一定階段的產(chǎn)物,為了獲得更高利潤(rùn)以及可持續(xù)的發(fā)展動(dòng)力,而采取的一種管理行為或戰(zhàn)略。到目前為止,研究學(xué)者仍然未確定究竟是否應(yīng)該開(kāi)展多元化經(jīng)營(yíng)戰(zhàn)略。早在歐洲和美國(guó)等發(fā)達(dá)國(guó)家和地區(qū),大量企業(yè)涌入多元化發(fā)展的浪潮中,很快開(kāi)展大規(guī)模的業(yè)務(wù),但是不久在多元化進(jìn)程中很快就發(fā)現(xiàn)了多元化經(jīng)營(yíng)所帶來(lái)的弊端,這使大量公司不得不重新調(diào)整戰(zhàn)略,集中精力經(jīng)營(yíng)主導(dǎo)產(chǎn)業(yè)。而我國(guó)隨著市場(chǎng)經(jīng)濟(jì)地發(fā)展,思想逐漸解放,經(jīng)濟(jì)逐漸開(kāi)放,也有越來(lái)越多的企業(yè)開(kāi)始走上了多元化發(fā)展的道路,希望通過(guò)更多的途徑探索出新的經(jīng)濟(jì)運(yùn)行方式以此獲得新的經(jīng)濟(jì)增長(zhǎng)點(diǎn)。但是面對(duì)復(fù)雜的市場(chǎng)競(jìng)爭(zhēng)環(huán)境,不同的行業(yè)不同的公司采取了不同的策略來(lái)應(yīng)付激烈的市場(chǎng)競(jìng)爭(zhēng),有些公司走多元化發(fā)展的道路獲得了成功,但是有些公司由于多元化發(fā)展使其精力分散難以應(yīng)付,或者資金鏈斷裂資金無(wú)法回流,最終以破產(chǎn)而告終。關(guān)于多元化理論研究至今仍然沒(méi)有得到統(tǒng)一的結(jié)論,需要進(jìn)一步研究考證。本文結(jié)合國(guó)內(nèi)外對(duì)農(nóng)業(yè)上市公司多元化和經(jīng)營(yíng)績(jī)效理論的研究,以2011年——2013年農(nóng)業(yè)上市公司財(cái)務(wù)報(bào)表公布的數(shù)據(jù)為樣本進(jìn)行實(shí)證分析,研究我國(guó)農(nóng)業(yè)上市公司多元化與經(jīng)營(yíng)績(jī)效的關(guān)系。在實(shí)證研究過(guò)程中,企業(yè)多元化程度采用赫芬達(dá)爾指數(shù)衡量,企業(yè)的經(jīng)營(yíng)績(jī)效運(yùn)用總資產(chǎn)收益率(ROA)、凈資產(chǎn)收益率(ROE)、每股收益(EPS)三個(gè)指標(biāo)衡量,同時(shí),將資產(chǎn)規(guī)模、成長(zhǎng)性、資產(chǎn)負(fù)債率等作為控制變量。運(yùn)用相關(guān)分析和回歸分析相結(jié)合的統(tǒng)計(jì)方法,對(duì)多元化的程度、種類與企業(yè)績(jī)效進(jìn)行實(shí)證分析。實(shí)證分析發(fā)現(xiàn),農(nóng)業(yè)上市公司多元化程度與每股收益、凈資產(chǎn)收益率及總資產(chǎn)收益率呈較顯著的負(fù)相關(guān)關(guān)系,最后,并針對(duì)實(shí)證結(jié)論提出了相應(yīng)的對(duì)策建議,為今后農(nóng)業(yè)上市公司及其農(nóng)業(yè)行業(yè)的發(fā)展指明了道路。
[Abstract]:Agriculture is the basic industry that determines the lifeblood of the national economy, and agricultural listed companies as the leading industry, the choice of management strategy will be related to the success or failure of their own development. In order to improve the level of profits, because of the large risks, low profits, external environment, economic policies and investment cycles of the agricultural industry itself, which have seriously affected the operating efficiency of the agricultural listed companies, All listed companies begin to transfer to diversification strategy, trying to spread risk and increase performance by developing multiple businesses. However, can the diversification of agricultural listed companies bring profit growth? To this, this article chooses this topic to carry on the discussion. Diversification is a kind of management behavior or strategy adopted by enterprises in order to obtain higher profit and sustainable development power. So far, researchers have not yet determined whether diversification strategy should be carried out. As early as Europe and the United States and other developed countries and regions, a large number of enterprises poured into the wave of diversification development, and quickly began large-scale business, but in the process of diversification soon discovered the shortcomings brought about by diversification. This has forced a large number of companies to reorient their strategies and concentrate on leading industries. With the development of the market economy, the emancipation of our thoughts and the gradual opening of our economy, more and more enterprises have begun to take the path of diversified development. Hope through more ways to explore new ways of economic operation in order to obtain new economic growth. However, faced with the complex market competition environment, different companies in different industries have adopted different strategies to cope with the fierce market competition, and some companies have succeeded in diversified development. But some companies have been distracted by diversification, or have been unable to rewind their capital chain breaks, and have ended up in bankruptcy. There is still no unified conclusion on the theory of pluralism, which needs further research and textual research. Based on the research of diversification and management performance theory of agricultural listed companies at home and abroad, this paper takes the data published in the financial statements of agricultural listed companies from 2011 to 2013 as a sample for empirical analysis. This paper studies the relationship between diversification and management performance of agricultural listed companies in China. In the process of empirical research, the degree of enterprise diversification is measured by Hefendal index, and the business performance is measured by three indexes: total return of assets (ROA), rate of return of net assets (ROE),) per share, earnings per share (EPS). At the same time, the scale and growth of assets are measured. The ratio of assets and liabilities is regarded as the control variable. By using the statistical method of correlation analysis and regression analysis, this paper makes an empirical analysis on the degree, category and performance of diversification. The empirical analysis shows that the diversification degree of agricultural listed companies is negatively correlated with earnings per share, return on net assets and total return on assets. Finally, the corresponding countermeasures and suggestions are put forward in view of the empirical conclusions. For the future agricultural listed companies and the development of agricultural industries pointed out the way.
【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】：2015
【分類號(hào)】：F272.3;F324

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本文編號(hào)：2184641