非农化经营与农业上市公司经营绩效——理论分析与实证检验  

Non-agricultural Operations and the Operation Performance of the Listed Agricultural Companies: Theoretical Analysis and Positive Test

作　　者：彭熠[1] 黄祖辉[2] 邵桂荣[3] 

机构地区：[1]浙江理工大学经济管理学院,浙江杭州310018 [2]浙江大学管理学院,浙江杭州310029 [3]绍兴文理学院经管学院,浙江绍兴310000

出　　处：《财经研究》2007年第10期117-130,共14页Journal of Finance and Economics

基　　金：国家自然科学基金项目(70473083);国家自然科学基金项目(70373027);浙江大学CARD985二期工程项目资助

摘　　要：我国农业上市公司非农化经营现象甚为严重,这一现象对农业上市公司经营绩效的影响引起了社会各界的广泛关注。农业上市公司非农化经营主要可以归纳为产业层次和企业管理层次这两方面成因。农业发展不足的现实成为我国农业上市公司非农化经营取向的最大产业背景因素。文章运用农业比较利益理论、外部性理论以及多元化经营理论,形成对农业上市公司非农化经营成因和非农化经营对绩效影响的理论分析框架。通过实证分析所得出的结论是:非农化经营从整体上减损了农业上市公司经营绩效。研究认为,政府应该着力在改善农业投资经营环境和制度创新上下功夫,才可能真正引导农业上市公司专注于农业上来;同时认为,目前农业上市公司主要应当实施农业专业化经营战略,在条件具备的情况下才实施与主业相关的多元化战略,现阶段应尽量避免非相关多元化经营。Non-agricultural operation of the listed agricultural companies is a very serious phenomenon in China. This phenomenon and its effects on the operation performance of the listed agricultural companies are widely concerned by communities. The reasons for the listed agricultural companies to engage in non-agricultural operations can be summarized in the two causes of industrial level and management level of enterprises. The insufficient agricultural development has become the largest industry-oriented background of China＇s listed agricultural companies. This paper applies agricultural comparative advantage theory, externality theory and diversification theory to form a framework of theoretical analysis on the performance of the listed agricultural companies. Through empirical analysis, it concludes that non-farming operation as a whole has a negative effect on the performance of the listed agricultural companies. On the one hand, only when the government focuses on improving the operating environment for agricultural investment and innovation efforts can the listed agricultural companies be really guided onto agriculture. On the other hand, now the listed agricultural companies should implement agricultural specialization strategy. Therefore, the listed agricultural companies ought to avoid non-related operation.

关 键 词：非农化经营 农业上市公司 经营绩效 理论分析 实证检验 

分 类 号：F062.4[经济管理—政治经济学]