CAJ | 학술논문

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。
아국농업상시공사유우기행업본신적이질성이급수도중국특수적시장배경적영향,다원화경영시일충보편현상。연구선용2005—2009년아국소유농업상시공사수거작위양본,실증분석료아국농업상시공사다원화경영여기업개치지간적관계。결과표명,아국농업상시공사적다원화정도여기업적효지간시정도U적관계;기업규모대다원화경영정도화기업적효지간적관계기정적조절작용;농업상시공사부채정도대다원화경영화기업적효지간적관계유부적조절작용;아국농업상시공사소재지구시장궤제완선정도대다원화경영화기업적효화시장개치지간적관계기착부적조절작용。
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.