摘要
我国农业上市公司由于其行业本身的异质性以及受到中国特殊的市场环境的影响,多元化经营是一种普遍现象。研究选用2005—2009年我国所有农业上市公司数据作为样本,实证分析了我国农业上市公司多元化经营与企业价值之间的关系。结果表明,我国农业上市公司的多元化程度与企业绩效之间是呈倒U的关系;企业规模对多元化经营程度和企业绩效之间的关系起正的调节作用;农业上市公司负债程度对多元化经营和企业绩效之间的关系有负的调节作用;我国农业上市公司所在地区市场机制完善程度对多元化经营和企业绩效和市场价值之间的关系起着负的调节作用。
Due to the Chinese agricultural listed companies’ heterogeneous nature of the industry and the impact of China’s market environment,it is common to see the phenomenon of diversification.In this paper we made an empirical analysis the relation of the value and diversification of a company selecting the 2005—2009 data of all agricultural listed companies as the study sample.The results show that the diversification of agricultural listed companies of its achievement present an inverse-U shape.The size of company still plays a role as positive adjustment to the relationship between the relation of the value and diversification of a company.The debt level of company still plays a role as negative adjustment to the relationship between the relation of the value and diversification of a company.The maturing market mechanisms of the location of the company still plays a role as negative adjustment to the relationship between the relation of the value and diversification of a company.
出处
《中南大学学报（社会科学版）》
CSSCI
2013年第3期6-11,共6页
Journal of Central South University：Social Sciences
基金
国家社科基金项目青年项目"我国大宗农产品价格形成
成本核算和利润分配跟踪研究"(10CJY061)
教育部人文社会科学研究规划基金项目"实际控制人异质性与民营企业过度扩张过程的财务风险控制研究"(12YJA630204)
浙江省自然科学基金青年项目"实际控制人异质性
企业扩张与财务风险的实证研究--来自浙江民营企业的经验证据"(Q12G020050)
第三届浙江工商大学青年人才基金建议资助项目"实际控制人异质性
企业扩张与财务风险的实证研究--来自浙江民营企业的经验证据"
关键词
农业上市公司
多元化经营
企业价值
企业绩效
负债程度
Agricultural Listed Companies
Diversification
Enterprise Value
Enterprise performance
debt level
