多元化经营对农业上市公司绩效会产生突变性影响吗?——基于异质性的门槛效应检验  

Will Diversification Have a Sudden Impact on the Performance of Agricultural Listed Companies?——Heterogeneity Based on Threshold Effect Test

作　　者：王佳悦[1] 刘畅[1] WANG Jiayue;LIU Chang(Northeast Agricultural University,Harbin 150030,Heilongjiang,China)

机构地区：[1]东北农业大学,黑龙江哈尔滨150030

出　　处：《东北农业大学学报（社会科学版）》2023年第3期63-75,共13页Journal of Northeast Agricultural University:Social Science Edition

基　　金：国家社会科学基金项目“农业供给侧结构性改革中家庭农场经营风险防范机制研究”(17BJY099);国家社会科学基金项目“数字化背景下异质性家庭农场创业资源整合研究”(22BGL175)。

摘　　要：作为新型农业经营主体的龙头和资本市场的参与者,农业上市公司在推动现代农业高质量中发挥着重要作用,关于其多元化经营所带来的经济后果的研究对完善农业上市公司经营布局具有重要意义。鉴于此,利用2012—2019年农业上市公司的面板数据对多元化经营与农业上市公司绩效间的关系进行实证检验。结果显示,整体而言,多元化经营会显著抑制农业上市公司绩效,但股权集中度和现金持有水平的改变会使多元化经营对绩效的影响发生突变,即二者间关系存在门槛效应:当股权集中度未达到门槛或现金持有水平超过门槛时,多元化经营会产生显著折价效应,而当股权集中度超过门槛或现金持有水平未达到门槛值时,多元化经营并不会显著减损绩效。建议农业上市公司正确衡量当前经营环境特征、审慎选择多元化经营时机,适度集权并强化企业资金的管理,控制企业现金持有水平,避免多元化经营异化为管理层寻租行为。As the leader of new agricultural business entities and participants in the capital market,agricultural listed companies play an important role in promoting high-quality modern agriculture.Research on the economic consequences of their diversified operations is of great significance for improving the business layout of agricultural listed companies.In view of this,we use the panel data of agricultural listed companies from 2012 to 2019 to empirically test the relationship between diversification and the performance of agricultural listed companies.The results show that,on the whole,diversification will significantly inhibit the performance of agricultural listed companies,but the changes in equity concentration ratio and cash holding level will cause a sudden change in the impact of diversification on performance,that is,there is a threshold effect in the relationship between the two:when equity concentration ratio does not reach the threshold or cash holding level exceeds the threshold,diversification will produce a significant discount effect.When the equity concentration ratio exceeds the threshold or the cash holding level does not reach the threshold,diversification will not significantly reduce performance.It is recommended that agricultural listed companies correctly measure the current operating environment characteristics,carefully choose the timing of diversified operations,moderately centralize power and strengthen the management of enterprise funds,control the cash holding level of enterprises so as to avoid the alienation of diversified operations as an opportunity for management to seek rent.

关 键 词：多元化经营 股权集中度 现金持有水平 门槛效应 

分 类 号：F324[经济管理—产业经济] F272