农业上市公司多元化经营测度、影响因素及绩效研究
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摘要
农业处于我国国民经济的基础地位,农业上市公司是我国农业和证券市场有机结合的一种方式,在发展农业产业组织、实现农业产业化方面具有举足轻重的作用。但是肩负重任的农业上市公司多元化经营现象比较普遍,致使其业绩大幅下滑,过度追求短期利益,有些农业上市公司甚至逐渐淡出至完全退出了农业领域的生产和经营,长期下去,将会影响农业产业化的健康发展,对于农业上市公司自身的发展也十分不利。因此本文以农业上市公司多元化经营为切入点,对农业上市公司多元化经营现象、影响因素以及对绩效的影响进行深入研究,这对于促进我国农业上市公司发展,制定相关的产业政策,具有十分重要的理论和现实意义。
本文以公司多元化经营的理论和研究方法为基础,结合我国农业的弱势地位,对我国农业上市公司多元化经营理论进行了详细的梳理分析；然后测度了我国农业上市公司多元化经营情况,并进行了多元化经营的现状分析、对比分析和趋势分析；从公司治理角度和农业上市公司经营风险角度实证研究了农业上市公司多元化经营的影响因素；并运用面板数据模型和因子分析法揭示了农业上市公司多元化经营对绩效的影响,最终提出相关对策建议。
遵循上述思路,本文内容结构如下：首先分析公司多元化经营的内涵,阐述多元化经营基本理论与研究方法；其次在界定本文所指农业上市公司基础上,对其多元化经营进行指标测度,找出农业上市公司多元化经营的状况；将农业上市公司同A股上市公司多元化经营的程度进行对比分析；对农业上市公司六年多元化经营趋势进行分析,从中发现规律。第三,理论分析了多元化经营的影响因素,构建了公司治理和公司经营风险指标,采用面板数据模型实证研究了公司治理和农业上市公司面临的经营风险对农业上市公司多元化经营的影响。最后,研究了农业上市公司多元化经营程度对绩效的影响：(1)利用样本公司2006-2011年间的面板数据模型实证分析多元化经营对传统绩效指标ROA、ROE的影响；(2)利用2006-2011年六年的数据平均值采用因子分析,选择了17个从不同方面反映财务绩效方面指标,将其转化为5个公共因子,按每一公共因子对农业上市公司进行排名,并进行相应的分析,得出农业上市公司多元化经营的综合绩效,并研究了多元化经营程度对综合绩效的影响。
从行业整体分析,2006-2011年农业上市公司所涉及的行业数目最多的为5个行业,最小为1个行业,中值为2；农业上市公司多元化经营带有一定的盲目性,在进行多元化经营行业选择时,大多数农业上市公司首先选择的是和农业行业不相关、进入壁垒比较低、行业利润高、回报快的高风险行业,例如化工、房地产、生物制药、餐饮、贸易、金融证券、创业投资、电子通讯等,以期待短期经济利益；同A股上市公司相比,我国农业上市公司表现出了更大的多元化经营倾向；从多元化经营的趋势来看,多元化经营程度逐年下降。通过对多元化经营的影响因素进行研究发现：第一大股东持股比和股权制衡同多元化经营呈现“U”型关系；而独立董事比例、董事长总经理是否两职合一及高层管理人员的持股比例对多元化经营没有显著影响；国有股比例同多元化经营程度负相关。通过研究多元化经营对绩效的影响得出结论：无论是以传统的ROA和ROE作为绩效还是构建的农业上市公司综合绩效,农业上市公司多元化经营的程度同绩效的关系是反向变动关系,即随着多元化经营程度的提高,农业上市公司的业绩是下降的。因此得出结论多元化经营在现阶段是有损于业绩的,长此以往将会削弱农业主业的健康发展。
在上述研究基础上,提出了如下政策建议：由于我国农业上市公司多元化经营不利于其绩效的提高,目前的情况不适合进行过多的多元化经营,因此农业上市公司应当首先专注农业,在多元化的选择上要慎重；此外要完善农业上市公司公司治理机制,改善公司股权、董事会、监事会等组织结构,发挥外部董事的作用；国家应当在产业政策上进行积极引导,改善农业投资环境、加大对农业上市公司补贴力度、引导农业上市公司理性选择多元化战略等。
Agriculture is the foundation of national economy, Agricultural listed companies are the combination of agriculture with securities market, and they play an important role in developing both agricultural industrial organization and agricultural industrialization. But the agricultural listed companies,bear the hope of agriculture industry,carry out widespread non-agricultural operations, so the agricultural listed companies get bad performance,and seek excessive short-time profit.Even some listed agricultural companies exited the agricultural operating industry. It is not benfit agricultural industrialization if the conditions do not be changed,in the mean time,it is not good for development of agricultural listed companies.Therefore,the text takes the diversification of agricultural listed companies as the entry point to research the phenomenons of agricultural listed companies diversification、 diversification influence factors and the diversification influence on performance. So it has very important theoretical and practical significance in-depth study of agricultural listed companies diversification, and it will promote the development of agricultural listed companies in our country, also promote the relevant industry policy-making.
The purpose of the thesis is reviewing the enterprise diversification theory and researching method according to the weak position of agriculture in China, the diversification theory of our agricultural listed companies is be anlysized in detail, afterthat, diversification level be measured,and analyse the current situation and trend of agricultural listed companies; And the influential factors of the agricultural listed companies diversification is analyzed, also the relationship diversification with performance of agricultural listed companies be analysed by using panel data, finally puts forward countermeasures and suggestions for agricultural listed companies diversification.
Following the above thinking,the contacts of this paper is arranged:Firstly, to analyze the nature of diversification, and reviews the basic theory of diversification and research methods; Secondly, the range of agricultural listed companies be defined, measure and analyze diversification including statistics description、comparision、diversification trend,and find the rules by comparing diversification level to all listed companes. Thirdly, From the perspective of corporate governance and risk of agricultural industry, the influence factors of diversification be analysed by using regression mathematical statistics methods of panel data model. Finally, To study the relationship between diversification level and the agricultural listed companies's performance:(1) the relationship between company diversification and traditional performance indicators, ROA ROE be analysed by using the sample data from2006-2011.(2)At the same time we choose15financial index and turn it into five common factors by factor analysis,with average index of six years, rank and analyse agricultural listed companies by it's each common factor,so we got the comprehensive performance of agricultural listed companies, the most important,we studied the relationship between diversification level with comprehensive performance.
From the agricultural industry as a whole, diversification level of agricultural listed companies involve highest number by5industries during2006-2011,and1industry as minimum for a specialized business, and it's midean is2.Most of the agricultural listed companies'diversification is aimless and the industry they choose is low-barriers、high-risk、 and high-profit.Industry that agricultural listed companies involved:chemical property、real estate bio-pharmaceutical industry、dining、 trade、financial securities、venture capital、 electronic communications, etc. Comparing with all listed companies, agricultural listed companies have more diversification level.From the perspective of the trend of diversification, diversification level dropped year by year. By analysing the diversification influence factors,the conclusions is:there is a U-shape between dominant shareholders proportion and diversification;the same shape between ownership structure and diversification. Independent directors proportion、combination of chairman and manage、 manage shareholders proportion have no significant influence on diversification.but ratio of state-owned shares have negative influence on diversification.By studying the relationship between diversification and performance,we come to the conclusion:the diversification level of the agricultural listed companies is reverse to it's performance,it means that improving diversification level will decline the agricultural listed company's performance,so we conclude that diversification is hurt to the performance at this stage.It not good for the development of agricultural industry.
Based above research, the following policy recommendations be made:Because of the diversification of agricultural listing corporation in China is not contribute to to the improvement of performance, it is not suitable for diversification.agricultural listed companies should focus on agriculture, It should be careful to choose diversification; It is necessary to improve the governance mechanism of agricultural listing corporation, Improve the structure of corporate ownership、the board of directors、the board of supervisors;Countries should actively guide on the industrial policy,improving the environment of agriculture、subsidy、guiding the agricultural listed companies in diversification.
本文以公司多元化经营的理论和研究方法为基础,结合我国农业的弱势地位,对我国农业上市公司多元化经营理论进行了详细的梳理分析；然后测度了我国农业上市公司多元化经营情况,并进行了多元化经营的现状分析、对比分析和趋势分析；从公司治理角度和农业上市公司经营风险角度实证研究了农业上市公司多元化经营的影响因素；并运用面板数据模型和因子分析法揭示了农业上市公司多元化经营对绩效的影响,最终提出相关对策建议。
遵循上述思路,本文内容结构如下：首先分析公司多元化经营的内涵,阐述多元化经营基本理论与研究方法；其次在界定本文所指农业上市公司基础上,对其多元化经营进行指标测度,找出农业上市公司多元化经营的状况；将农业上市公司同A股上市公司多元化经营的程度进行对比分析；对农业上市公司六年多元化经营趋势进行分析,从中发现规律。第三,理论分析了多元化经营的影响因素,构建了公司治理和公司经营风险指标,采用面板数据模型实证研究了公司治理和农业上市公司面临的经营风险对农业上市公司多元化经营的影响。最后,研究了农业上市公司多元化经营程度对绩效的影响：(1)利用样本公司2006-2011年间的面板数据模型实证分析多元化经营对传统绩效指标ROA、ROE的影响；(2)利用2006-2011年六年的数据平均值采用因子分析,选择了17个从不同方面反映财务绩效方面指标,将其转化为5个公共因子,按每一公共因子对农业上市公司进行排名,并进行相应的分析,得出农业上市公司多元化经营的综合绩效,并研究了多元化经营程度对综合绩效的影响。
从行业整体分析,2006-2011年农业上市公司所涉及的行业数目最多的为5个行业,最小为1个行业,中值为2；农业上市公司多元化经营带有一定的盲目性,在进行多元化经营行业选择时,大多数农业上市公司首先选择的是和农业行业不相关、进入壁垒比较低、行业利润高、回报快的高风险行业,例如化工、房地产、生物制药、餐饮、贸易、金融证券、创业投资、电子通讯等,以期待短期经济利益；同A股上市公司相比,我国农业上市公司表现出了更大的多元化经营倾向；从多元化经营的趋势来看,多元化经营程度逐年下降。通过对多元化经营的影响因素进行研究发现：第一大股东持股比和股权制衡同多元化经营呈现“U”型关系；而独立董事比例、董事长总经理是否两职合一及高层管理人员的持股比例对多元化经营没有显著影响；国有股比例同多元化经营程度负相关。通过研究多元化经营对绩效的影响得出结论：无论是以传统的ROA和ROE作为绩效还是构建的农业上市公司综合绩效,农业上市公司多元化经营的程度同绩效的关系是反向变动关系,即随着多元化经营程度的提高,农业上市公司的业绩是下降的。因此得出结论多元化经营在现阶段是有损于业绩的,长此以往将会削弱农业主业的健康发展。
在上述研究基础上,提出了如下政策建议：由于我国农业上市公司多元化经营不利于其绩效的提高,目前的情况不适合进行过多的多元化经营,因此农业上市公司应当首先专注农业,在多元化的选择上要慎重；此外要完善农业上市公司公司治理机制,改善公司股权、董事会、监事会等组织结构,发挥外部董事的作用；国家应当在产业政策上进行积极引导,改善农业投资环境、加大对农业上市公司补贴力度、引导农业上市公司理性选择多元化战略等。
Agriculture is the foundation of national economy, Agricultural listed companies are the combination of agriculture with securities market, and they play an important role in developing both agricultural industrial organization and agricultural industrialization. But the agricultural listed companies,bear the hope of agriculture industry,carry out widespread non-agricultural operations, so the agricultural listed companies get bad performance,and seek excessive short-time profit.Even some listed agricultural companies exited the agricultural operating industry. It is not benfit agricultural industrialization if the conditions do not be changed,in the mean time,it is not good for development of agricultural listed companies.Therefore,the text takes the diversification of agricultural listed companies as the entry point to research the phenomenons of agricultural listed companies diversification、 diversification influence factors and the diversification influence on performance. So it has very important theoretical and practical significance in-depth study of agricultural listed companies diversification, and it will promote the development of agricultural listed companies in our country, also promote the relevant industry policy-making.
The purpose of the thesis is reviewing the enterprise diversification theory and researching method according to the weak position of agriculture in China, the diversification theory of our agricultural listed companies is be anlysized in detail, afterthat, diversification level be measured,and analyse the current situation and trend of agricultural listed companies; And the influential factors of the agricultural listed companies diversification is analyzed, also the relationship diversification with performance of agricultural listed companies be analysed by using panel data, finally puts forward countermeasures and suggestions for agricultural listed companies diversification.
Following the above thinking,the contacts of this paper is arranged:Firstly, to analyze the nature of diversification, and reviews the basic theory of diversification and research methods; Secondly, the range of agricultural listed companies be defined, measure and analyze diversification including statistics description、comparision、diversification trend,and find the rules by comparing diversification level to all listed companes. Thirdly, From the perspective of corporate governance and risk of agricultural industry, the influence factors of diversification be analysed by using regression mathematical statistics methods of panel data model. Finally, To study the relationship between diversification level and the agricultural listed companies's performance:(1) the relationship between company diversification and traditional performance indicators, ROA ROE be analysed by using the sample data from2006-2011.(2)At the same time we choose15financial index and turn it into five common factors by factor analysis,with average index of six years, rank and analyse agricultural listed companies by it's each common factor,so we got the comprehensive performance of agricultural listed companies, the most important,we studied the relationship between diversification level with comprehensive performance.
From the agricultural industry as a whole, diversification level of agricultural listed companies involve highest number by5industries during2006-2011,and1industry as minimum for a specialized business, and it's midean is2.Most of the agricultural listed companies'diversification is aimless and the industry they choose is low-barriers、high-risk、 and high-profit.Industry that agricultural listed companies involved:chemical property、real estate bio-pharmaceutical industry、dining、 trade、financial securities、venture capital、 electronic communications, etc. Comparing with all listed companies, agricultural listed companies have more diversification level.From the perspective of the trend of diversification, diversification level dropped year by year. By analysing the diversification influence factors,the conclusions is:there is a U-shape between dominant shareholders proportion and diversification;the same shape between ownership structure and diversification. Independent directors proportion、combination of chairman and manage、 manage shareholders proportion have no significant influence on diversification.but ratio of state-owned shares have negative influence on diversification.By studying the relationship between diversification and performance,we come to the conclusion:the diversification level of the agricultural listed companies is reverse to it's performance,it means that improving diversification level will decline the agricultural listed company's performance,so we conclude that diversification is hurt to the performance at this stage.It not good for the development of agricultural industry.
Based above research, the following policy recommendations be made:Because of the diversification of agricultural listing corporation in China is not contribute to to the improvement of performance, it is not suitable for diversification.agricultural listed companies should focus on agriculture, It should be careful to choose diversification; It is necessary to improve the governance mechanism of agricultural listing corporation, Improve the structure of corporate ownership、the board of directors、the board of supervisors;Countries should actively guide on the industrial policy,improving the environment of agriculture、subsidy、guiding the agricultural listed companies in diversification.
引文
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