中国农业上市公司投资效率研究
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摘要
目前中国农业上市公司的总体投资规模小,投资效率仍较低。本文的核心研究目的是为了有助于提高中国农业上市公司的投资效率,研究利于中国农业上市公司投资效率提高的相关措施,更好地为帮助解决“三农”问题服务。
为此,结合中国“三农”问题的实际情况,本文考察了中国农业上市公司及其投资情况,对中国农业上市公司的投资效率进行了评价与分析,寻找影响其投资效率的因素,进而探索提高其投资效率的途径。
第二章是研究的理论基础。基于该章中界定的“农业上市公司”、“投资”和“投资效率”等相关范畴,在企业财务学中西方经典投资财务理论和农业经济学中涉及农业一体化经典理论体系的框架下,文中主体研究部分的内容、方法和主要结果如下：
第三章是中国农业上市公司投资现状分析。该章结合财务会计学、财务管理学和经济学的“投入与产出”视角,通过梳理2007年《企业会计准则》实施后的农业上市公司年度报告中各类财务与经营信息,从“人、财、物”三方面描述了中国农业上市公司及其投资的基本情况,对比分析后发现农业上市公司在投资效果、模式和领域方面存在的问题。
第四章是中国农业上市公司投资效率评价。该章借鉴Richardson模型,采用回归分析和DEA-Malmquist指数分析,通过纵横对比评价中国农业上市公司的投资效率发现：投资不足和过度投资的情况较普遍；四类子行业中种植业投资效率最高,林业的最低；增长农业上市公司投资效率的引擎并不是固定资本类的投资,而是代表了新技术生产力的无形资本类投资和体现农业上市公司特质的生物资本类的投资。
第五章是影响中国农业上市公司投资效率的企业外部因素。该章从企业外部的宏观经济态势、产业发展特点、区域资源禀赋和政府优惠政策四方面分析、寻找影响农业上市公司投资效率的相关因素,发现国内的经济综合运行态势、城乡居民的消费水平、农产品净出口需求、各产业产值及其变化率,可利用的清洁区域环境资源和政府税收及补助都会对农业上市公司的投资效率产生影响。
第六章是影响中国农业上市公司投资效率的企业内部因素分析。该章基于定性分析,从企业内部的可控与不可控两个方面寻找影响农业上市公司投资效率的相关因素,并运用QR分位数回归模型,对农业上市公司不同投资效率水平下的16个影响因素分别进行定量检验,结果表明上一年投资效率、资本结构、企业年龄、企业价值和经营风险对高投资效率水平和低投资效率水平的农业上市公司投资效率均有显著影响。
第七章是中国农业上市公司高效投资路径选择——多元化投资。该章针对农业上市公司普遍存在的多元化投资现象,在采用HLM多层线性模型对其进行投资效率的对比评价后,认为异质性多元化投资低效,并通过Cardinal公司的案例研究,在绿色发展模式下进一步解析对解决中国“三农”问题有益的农业上市公司同质性多元化投资路径。
第八章是结论与建议。提高中国农业上市公司的投资效率需要政府培养适合其良性发展的环境,需要农业上市公司挖掘其各类资本实力,整合其可控资源,拓展其终极需求；要从根本上提高中国农业上市公司的投资效率,需要开拓含有“人、财、物”关键因素的良性、健康、可持续的“绿色发展模式”,像其中的巧妙利用农业生产中的垃圾废物资源、减少环境污染的“垃圾废物处理”业务就是对国家、产业和人民都有益的同质性多元化投资领域,能够为构建大农业综合产业系统服务；在实际工作中,农业上市公司如果能灵活采取具有期权定价技术、调整时间选择和弹性选择的“或有维度”投资管理模式,也将提高其投资效率。
The overall investment scale of China agricultural listed companies'is small and the level of the investment efficiency is still low at present. The purpose of this paper is to improve the investment efficiency of the China agricultural listed companies with some useful measures. The Improvement will be helpful to get rid of some "agriculture, rural areas and farmers" problems and that is the final goal of this paper.
According to the purpose and the truth of China "three rural" problems, the paper does some investigation about the agricultural listed companies and its investment, analyzes and gives the valuation of the investment efficiency, digs the affecting factors and finds the right way to improve the investment efficiency.
Chapter2is the theory basis. After giving the "agricultural listed companies","investment" and "investment efficiency" etc. definitions and based on the investment theory of financial management&the agricultural integration theory of the agricultural economics, here are the contents, methods and results of the research.
Chapter3is the current situation. Form the combination angle of Accounting, Financial Management and Economics' input-output view, Chapter3investigates and describes the "people, money, matter",3kinds of capital operating information by the sorting data in the annual reports after2007when the implementation of the accounting standards for enterprises was began, and finds out that there are some problems of the investment on the results, pattern and the direction.
Chapter4is the investment efficiency analysis. By the Richardson model, regression and the DEA-Malmquist index analysis, the paper valuates the investment efficiency from all the aspects in the Chapter4, and finds out that it is common for these companies to have inefficiency investment. The cultivation companies get the highest investment efficiency and the forestry companies get the lowest. The fixed assets are not the engine of the investment efficiency improvement, but the key points are the intangible assets which represent the new technology and the biological assets which are distinguishing feature of the agricultural company.
Chapter5looks for the outside factors which affect the investment efficiency of the China agricultural listed companies form the macro economic situation, industrial development, region conditions and the government policy. It is found that the running of domestic economic, the consumption level of urban and rural residents, the demand of foreign net export, the industrial output value and its change rate, the region clear environment resources and the tax&subsidy are the factors which play a part in the investment efficiency.
Chapter6also looks for the inside factors which affect the investment efficiency form the company controllable&uncontrollable aspects, by determining the natureand, the Chapter6tests16factors by the Quantile Regression approach in different level of the investment efficiency. The result is that whether the investment efficiency level is high or low, the last year' investment efficiency, capital structure, the age and the value of the company, and the operating risk are the notable impact factors to the investment efficiency of the agriculture listed companies.
Chapter7is the route selection. The diversification is very common in the agriculture listed companies, so after checking the different investment efficiency by HLM model, Chapter7gets the conclusion that the heterogeneous diversification investment does not have a positive influence on the earnings before the interest and tax. Then the homogeneity diversification path, which is beneficial to the China agriculture listed companies and helpful to solve the "three rural" problems, is given by the Cardinal company case analysis under the Green Development Pattern.
Chapter8is the conclusion and suggestion. After the above research, this paper gets the conclusion. To improve the investment efficiency of the agricultural listed companies, the government has to cultivate the suitable environment for the benign development and the companies have to excavate each kind of the capital, integrate the controllable resources and expand the ultimate demands. The fundamental way to improve the investment efficiency of the China agricultural listed companies is to open up the green development pattern with the "people, money, matter"3key factors. Just like that, the garbage disposal business is a very good homogeneity diversification investment field to the country, the industry and the people and it will contribute the great agricultural combination industry system. Furthermore, it will improve the investment efficiency if the agricultural listed companies take uncertainty options into consideration flexibly in the investment management during the implementation.
为此,结合中国“三农”问题的实际情况,本文考察了中国农业上市公司及其投资情况,对中国农业上市公司的投资效率进行了评价与分析,寻找影响其投资效率的因素,进而探索提高其投资效率的途径。
第二章是研究的理论基础。基于该章中界定的“农业上市公司”、“投资”和“投资效率”等相关范畴,在企业财务学中西方经典投资财务理论和农业经济学中涉及农业一体化经典理论体系的框架下,文中主体研究部分的内容、方法和主要结果如下：
第三章是中国农业上市公司投资现状分析。该章结合财务会计学、财务管理学和经济学的“投入与产出”视角,通过梳理2007年《企业会计准则》实施后的农业上市公司年度报告中各类财务与经营信息,从“人、财、物”三方面描述了中国农业上市公司及其投资的基本情况,对比分析后发现农业上市公司在投资效果、模式和领域方面存在的问题。
第四章是中国农业上市公司投资效率评价。该章借鉴Richardson模型,采用回归分析和DEA-Malmquist指数分析,通过纵横对比评价中国农业上市公司的投资效率发现：投资不足和过度投资的情况较普遍；四类子行业中种植业投资效率最高,林业的最低；增长农业上市公司投资效率的引擎并不是固定资本类的投资,而是代表了新技术生产力的无形资本类投资和体现农业上市公司特质的生物资本类的投资。
第五章是影响中国农业上市公司投资效率的企业外部因素。该章从企业外部的宏观经济态势、产业发展特点、区域资源禀赋和政府优惠政策四方面分析、寻找影响农业上市公司投资效率的相关因素,发现国内的经济综合运行态势、城乡居民的消费水平、农产品净出口需求、各产业产值及其变化率,可利用的清洁区域环境资源和政府税收及补助都会对农业上市公司的投资效率产生影响。
第六章是影响中国农业上市公司投资效率的企业内部因素分析。该章基于定性分析,从企业内部的可控与不可控两个方面寻找影响农业上市公司投资效率的相关因素,并运用QR分位数回归模型,对农业上市公司不同投资效率水平下的16个影响因素分别进行定量检验,结果表明上一年投资效率、资本结构、企业年龄、企业价值和经营风险对高投资效率水平和低投资效率水平的农业上市公司投资效率均有显著影响。
第七章是中国农业上市公司高效投资路径选择——多元化投资。该章针对农业上市公司普遍存在的多元化投资现象,在采用HLM多层线性模型对其进行投资效率的对比评价后,认为异质性多元化投资低效,并通过Cardinal公司的案例研究,在绿色发展模式下进一步解析对解决中国“三农”问题有益的农业上市公司同质性多元化投资路径。
第八章是结论与建议。提高中国农业上市公司的投资效率需要政府培养适合其良性发展的环境,需要农业上市公司挖掘其各类资本实力,整合其可控资源,拓展其终极需求；要从根本上提高中国农业上市公司的投资效率,需要开拓含有“人、财、物”关键因素的良性、健康、可持续的“绿色发展模式”,像其中的巧妙利用农业生产中的垃圾废物资源、减少环境污染的“垃圾废物处理”业务就是对国家、产业和人民都有益的同质性多元化投资领域,能够为构建大农业综合产业系统服务；在实际工作中,农业上市公司如果能灵活采取具有期权定价技术、调整时间选择和弹性选择的“或有维度”投资管理模式,也将提高其投资效率。
The overall investment scale of China agricultural listed companies'is small and the level of the investment efficiency is still low at present. The purpose of this paper is to improve the investment efficiency of the China agricultural listed companies with some useful measures. The Improvement will be helpful to get rid of some "agriculture, rural areas and farmers" problems and that is the final goal of this paper.
According to the purpose and the truth of China "three rural" problems, the paper does some investigation about the agricultural listed companies and its investment, analyzes and gives the valuation of the investment efficiency, digs the affecting factors and finds the right way to improve the investment efficiency.
Chapter2is the theory basis. After giving the "agricultural listed companies","investment" and "investment efficiency" etc. definitions and based on the investment theory of financial management&the agricultural integration theory of the agricultural economics, here are the contents, methods and results of the research.
Chapter3is the current situation. Form the combination angle of Accounting, Financial Management and Economics' input-output view, Chapter3investigates and describes the "people, money, matter",3kinds of capital operating information by the sorting data in the annual reports after2007when the implementation of the accounting standards for enterprises was began, and finds out that there are some problems of the investment on the results, pattern and the direction.
Chapter4is the investment efficiency analysis. By the Richardson model, regression and the DEA-Malmquist index analysis, the paper valuates the investment efficiency from all the aspects in the Chapter4, and finds out that it is common for these companies to have inefficiency investment. The cultivation companies get the highest investment efficiency and the forestry companies get the lowest. The fixed assets are not the engine of the investment efficiency improvement, but the key points are the intangible assets which represent the new technology and the biological assets which are distinguishing feature of the agricultural company.
Chapter5looks for the outside factors which affect the investment efficiency of the China agricultural listed companies form the macro economic situation, industrial development, region conditions and the government policy. It is found that the running of domestic economic, the consumption level of urban and rural residents, the demand of foreign net export, the industrial output value and its change rate, the region clear environment resources and the tax&subsidy are the factors which play a part in the investment efficiency.
Chapter6also looks for the inside factors which affect the investment efficiency form the company controllable&uncontrollable aspects, by determining the natureand, the Chapter6tests16factors by the Quantile Regression approach in different level of the investment efficiency. The result is that whether the investment efficiency level is high or low, the last year' investment efficiency, capital structure, the age and the value of the company, and the operating risk are the notable impact factors to the investment efficiency of the agriculture listed companies.
Chapter7is the route selection. The diversification is very common in the agriculture listed companies, so after checking the different investment efficiency by HLM model, Chapter7gets the conclusion that the heterogeneous diversification investment does not have a positive influence on the earnings before the interest and tax. Then the homogeneity diversification path, which is beneficial to the China agriculture listed companies and helpful to solve the "three rural" problems, is given by the Cardinal company case analysis under the Green Development Pattern.
Chapter8is the conclusion and suggestion. After the above research, this paper gets the conclusion. To improve the investment efficiency of the agricultural listed companies, the government has to cultivate the suitable environment for the benign development and the companies have to excavate each kind of the capital, integrate the controllable resources and expand the ultimate demands. The fundamental way to improve the investment efficiency of the China agricultural listed companies is to open up the green development pattern with the "people, money, matter"3key factors. Just like that, the garbage disposal business is a very good homogeneity diversification investment field to the country, the industry and the people and it will contribute the great agricultural combination industry system. Furthermore, it will improve the investment efficiency if the agricultural listed companies take uncertainty options into consideration flexibly in the investment management during the implementation.
引文
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