多元化经营对林业上市企业绩效的影响——基于资本结构的门槛效应  

The Impact of Diversification on the Performance of Listed Forestry Enterprises--The Threshold Effect Based on Capital Structure

作　　者：金烁 耿玉德[1] JIN Shuo;GENG Yu-de(College of Economics and Management,Northeast Forestry University,Harbin 150040,China)

机构地区：[1]东北林业大学经济管理学院,哈尔滨150040

出　　处：《中国林业经济》2023年第2期14-18,共5页China Forestry Economics

摘　　要：根据A股上市林业企业2012—2021年的面板数据,采用资本结构作为门槛变量,对多元化经营与林业上市企业绩效的非线性关系进行实证分析。研究表明,在不同的资本结构水平下,多元化经营对中国上市林业企业绩效的作用效果不同,使得多元化对林业上市企业绩效影响效果转变的资本结构水平为50.23%;多元化经营对企业绩效的影响在不同门槛区间内系数值均为正向,但系数值存在较大差异。因此,为提升绩效,林业企业基于自身资本结构的研判,合理开展多元化业务。Based on the panel data of A-share listed forestry enterprises from 2012 to 2021,this paper empirically analyzed the nonlinear relationship between diversified operation and the performance of forestry listed enterprises by using capital structure as the threshold variable.The results showed that under different capital structure levels,diversification had different effects on the performance of listed forestry enterprises in China,and the capital structure level of diversification on the performance of listed forestry enterprises was 50.23%.The impact of diversification on enterprise performance was positive in different threshold intervals,but the coefficient values were quite different.Therefore,forestry enterprises reasonably carry out diversified business based on the study and judgment of their own capital structure in order to improve performance.

关 键 词：林业上市企业 多元化经营 企业绩效 门槛效应 资本结构 

分 类 号：F279.23[经济管理—企业管理]