农业上市公司非农化动因与规避策略研究
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摘要
农业上市公司作为将农业产业化发展与资本市场紧密连接的纽带,成为推进农业产业化、发展现代农业的重要依托。这些公司承担着发展农业产业的重任,对我国农业产业的发展具有不可忽视的带动和引导作用,它不仅关系到农业产业的整体效益,而且关系到农业产业的未来发展模式和发展方向。由于农业经济是一种非常特殊的经济形式,其生产经营面临其他任何非农产业不可比拟的自然风险,以及在现代市场经济条件下面临着纷繁复杂的市场风险等原因,使得肩负重任的农业上市公司为了应对这些问题,在发展中出现了一些不容回避的问题,其中最突出的问题就是“非农化”(也称“背农”)现象。这种非农扩张违背了政府扶持其上市的初衷,也使得农业产业在上市产业中大幅“缩水”。这既不利于农业产业的发展,也不利于资本市场的发展。
本文以农业产业多元化战略理论为理论基础,对农业上市公司“背农”的客观动因和主观动因,以及“背农”的影响进行了深层次的探讨,认为农业上市公司“背农”行为是其多元化经营战略的具体体现,但“背农”行为并没有分散企业的经营风险,也没有提高企业的竞争力,是失当的多元化战略。农业上市公司“背农”行为既破坏我国资本市场的秩序和结构,损害农业产业化经营的健康运行,又影响农业上市公司的再融资能力、投资效率和主业发展,这样很不利于我国国民经济的协调发展。
论文以“背农”与“非背农”为视角,以在深沪两市上市的42家农业上市公司为研究对象,选择样本公司在2009年至2010年的数据的均值为分析基础,利用因子分析法对经营业绩进行综合衡量。然后将“背农”类和“非背农”类农业上市公司的盈利能力、偿债能力及资本结构、成长能力、股本扩张能力、资产营运能力进行比较和分析,以及对“背农”不能提高农业上市公司的业绩进行实证,从中找出“背农”经营的症结所在。这样才能更好地为农业上市公司把关,为建立起具有长期效益和长远意义的投资战略提出自己的观点和建设性的对策。只有这样,农业产业化才能发挥龙头的作用,带领农业公司在资本市场上保持比较好的业绩水平和竞争力,从而真正实现农业产业化和发挥现代农业载体作用。
Agricultural listed companies as will the development of the agricultural industrialization and capital market closely connected to bond, and be promoting the industrialization of agriculture, development of modern agriculture important rely on. The company shall bear the burden of the agricultural industry development in our country, the development of agricultural industry has overlooked drive and lead role, it is not only related to the agricultural industry overall benefit, and related to the agricultural industry's future development mode and the development direction. Due to the agricultural economy is a very special economic form, its production and operation face any other non-agricultural industries incomparable natural risk, and in modern market economy conditions facing the complicated market risk and other reasons, makes the responsibility of agricultural listed companies in order to deal with these problems, in developing appeared some unavoidable question, one of the most prominent is the issue of "conversion" (also called " deviation from agriculture") phenomenon. The non-agricultural expansion violated the government to support its listing of the original intention, also makes the agricultural industry in the listed industries "shrink" dramatically. This will not be conducive to the development of agricultural industry, also was disadvantageous to the development of capital market.
Based on the theory of agricultural industry diversification strategy for theoretical basis, to the agricultural listed companies is agricultural deviation from the objective reason and subjective drivers, and the influence of deviation from agricultural on the deep discussion, thought the agricultural listed companies" deviation from agricultural "behavior is the embodiment of diversification strategy is agricultural", but "behavior and not back scattered the management risk of the enterprise, also did not improve the competitiveness of enterprises, is undeserved diversification strategy. Agricultural listed companies "deviation from agricultural" behavior affect not only agricultural listed companies main development, investment efficiency and refinance ability, and also damage China's capital market structure and order, damage the industrialized operation of agriculture, to the detriment of the healthy operation of China's national economy coordinated development.
Taking " deviation from agriculture" and "the back as a visual Angle, by agricultural" in the deep Shanghai two city listed 42 agricultural listed company as the research object, the choice in sample company in 2009 to 2010 data for analysis basis, the mean using factor analysis method to comprehensive measure of business performance. Then will " deviation from agricultural" classes and " deviation from agricultural" agriculture listed the profitability of companies, solvency and capital structure, growth ability, equity expansion ability, assets operation ability for comparison and analysis, in order to "back to increase agricultural " cannot performance by empirical listed company. Finally found " deviation from the crux of the agricultural" operation, thus put forward its own views and constructive, countermeasures for agricultural listed companies pulse that could have set up long-term benefit and long-term significance, both the investment strategy of agricultural industrialization, and can play a leading role in the capital market keep better performance level, thus realize industrialization of agriculture and play modern agriculture carrier function.
本文以农业产业多元化战略理论为理论基础,对农业上市公司“背农”的客观动因和主观动因,以及“背农”的影响进行了深层次的探讨,认为农业上市公司“背农”行为是其多元化经营战略的具体体现,但“背农”行为并没有分散企业的经营风险,也没有提高企业的竞争力,是失当的多元化战略。农业上市公司“背农”行为既破坏我国资本市场的秩序和结构,损害农业产业化经营的健康运行,又影响农业上市公司的再融资能力、投资效率和主业发展,这样很不利于我国国民经济的协调发展。
论文以“背农”与“非背农”为视角,以在深沪两市上市的42家农业上市公司为研究对象,选择样本公司在2009年至2010年的数据的均值为分析基础,利用因子分析法对经营业绩进行综合衡量。然后将“背农”类和“非背农”类农业上市公司的盈利能力、偿债能力及资本结构、成长能力、股本扩张能力、资产营运能力进行比较和分析,以及对“背农”不能提高农业上市公司的业绩进行实证,从中找出“背农”经营的症结所在。这样才能更好地为农业上市公司把关,为建立起具有长期效益和长远意义的投资战略提出自己的观点和建设性的对策。只有这样,农业产业化才能发挥龙头的作用,带领农业公司在资本市场上保持比较好的业绩水平和竞争力,从而真正实现农业产业化和发挥现代农业载体作用。
Agricultural listed companies as will the development of the agricultural industrialization and capital market closely connected to bond, and be promoting the industrialization of agriculture, development of modern agriculture important rely on. The company shall bear the burden of the agricultural industry development in our country, the development of agricultural industry has overlooked drive and lead role, it is not only related to the agricultural industry overall benefit, and related to the agricultural industry's future development mode and the development direction. Due to the agricultural economy is a very special economic form, its production and operation face any other non-agricultural industries incomparable natural risk, and in modern market economy conditions facing the complicated market risk and other reasons, makes the responsibility of agricultural listed companies in order to deal with these problems, in developing appeared some unavoidable question, one of the most prominent is the issue of "conversion" (also called " deviation from agriculture") phenomenon. The non-agricultural expansion violated the government to support its listing of the original intention, also makes the agricultural industry in the listed industries "shrink" dramatically. This will not be conducive to the development of agricultural industry, also was disadvantageous to the development of capital market.
Based on the theory of agricultural industry diversification strategy for theoretical basis, to the agricultural listed companies is agricultural deviation from the objective reason and subjective drivers, and the influence of deviation from agricultural on the deep discussion, thought the agricultural listed companies" deviation from agricultural "behavior is the embodiment of diversification strategy is agricultural", but "behavior and not back scattered the management risk of the enterprise, also did not improve the competitiveness of enterprises, is undeserved diversification strategy. Agricultural listed companies "deviation from agricultural" behavior affect not only agricultural listed companies main development, investment efficiency and refinance ability, and also damage China's capital market structure and order, damage the industrialized operation of agriculture, to the detriment of the healthy operation of China's national economy coordinated development.
Taking " deviation from agriculture" and "the back as a visual Angle, by agricultural" in the deep Shanghai two city listed 42 agricultural listed company as the research object, the choice in sample company in 2009 to 2010 data for analysis basis, the mean using factor analysis method to comprehensive measure of business performance. Then will " deviation from agricultural" classes and " deviation from agricultural" agriculture listed the profitability of companies, solvency and capital structure, growth ability, equity expansion ability, assets operation ability for comparison and analysis, in order to "back to increase agricultural " cannot performance by empirical listed company. Finally found " deviation from the crux of the agricultural" operation, thus put forward its own views and constructive, countermeasures for agricultural listed companies pulse that could have set up long-term benefit and long-term significance, both the investment strategy of agricultural industrialization, and can play a leading role in the capital market keep better performance level, thus realize industrialization of agriculture and play modern agriculture carrier function.
引文
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