基于中国乡村振兴板块的公司资本配置效率研究  

Research on the Efficiency of Corporate Capital Allocation Based on China’s Rural Revitalization Sector

作　　者：苟润菲 崔友川 廖波[1] 李梅芳[1] GOU Run-fei;CUI You-chuan;LIAO Bo(Yantai Research Institute,China Agricultural University,Yantai,Shandong 264670)

机构地区：[1]中国农业大学烟台研究院,山东烟台264670

出　　处：《安徽农业科学》2022年第8期207-212,共6页Journal of Anhui Agricultural Sciences

基　　金：中国农业大学URP项目(U20203056);烟台市校地融合发展项目(2020XDRHXMQT22)。

摘　　要：在Jeffrey Wurgler资本配置效率测度方法的基础上进行改进,运用中国乡村振兴概念板块上市公司2010—2019年度面板数据,从上市公司总体和产业细分的维度,对其资本配置效率进行静态和动态面板数据分析。结果表明:中国乡村振兴概念上市公司整体资本配置效率为0.23,各时期波动性大;个体公司自发资本配置效率差异明显,且有50%以上公司的自发资本配置效率小于0;第一、二、三产业的乡村振兴板块上市公司的资本配置效率存在较大差距,与第二、三产业相比,农林牧渔业资本的低聚集性使得第一产业的乡村振兴概念上市公司资本配置效率较为低下。Based on Jeffrey Wurgler’s capital allocation efficiency measurement method,this paper uses the 2010-2019 panel data of listed companies in China’s rural revitalization concept sector to analyze the capital allocation efficiency of listed companies from the overall and industry segmentation dimensions.The results show that the overall capital allocation efficiency of listed companies in China’s in the concept of rural revitalization is 0.23,which is highly volatile in each period.The efficiency of spontaneous capital allocation of individual companies is significantly different,and the efficiency of spontaneous capital allocation of more than half of the companies is less than zero.When it comes to primary,secondary,and tertiary industries,there is a large gap in the capital allocation efficiency of listed companies in the rural revitalization sector.Compared with the secondary and tertiary industries,the low agglomeration of agricultural capital makes the capital allocation efficiency of listed companies in the rural revitalization concept of the primary industry relatively low.

关 键 词：乡村振兴概念 资本配置效率 面板数据 变截距回归模型 产业特征 

分 类 号：F275[经济管理—企业管理]