CAJ | 학술논문

将农产品生产与农产品加工以至销售实施一体化经营，延伸价值链，实现企业价值增值，已成为农工企业的重要经营战略。本文分析了我国农工企业的发展特征，选取2008-2012年58家上市农工一体化企业与97家上市农工非一体化企业年度数据，采用描述性统计方法分析了其5个会计年度的收益差异情况。研究发现，我国上市农工一体化企业地区分布不均，前身大多是农业产业化龙头企业，上市时间受证券监管和农业税收政策影响明显，发展中受创投机构青睐，投资经营呈多元化趋势；纵向农工一体化企业的收益优势较为明显，单一经营农工一体化企业的净资产收益率、总资产周转率都明显高于农工非一体化企业；尽管二者的管理费用率差异不显著，但农工一体化企业的销售费用率明显低于农工非一体化企业。最后，本文提出了基于资金流、信息流、物流三元融合，企业基本价值活动和辅助价值活动有效对接与协同的价值链盈利模式。
장농산품생산여농산품가공이지소수실시일체화경영，연신개치련，실현기업개치증치，이성위농공기업적중요경영전략。본문분석료아국농공기업적발전특정，선취2008-2012년58가상시농공일체화기업여97가상시농공비일체화기업년도수거，채용묘술성통계방법분석료기5개회계년도적수익차이정황。연구발현，아국상시농공일체화기업지구분포불균，전신대다시농업산업화룡두기업，상시시간수증권감관화농업세수정책영향명현，발전중수창투궤구청래，투자경영정다원화추세；종향농공일체화기업적수익우세교위명현，단일경영농공일체화기업적정자산수익솔、총자산주전솔도명현고우농공비일체화기업；진관이자적관리비용솔차이불현저，단농공일체화기업적소수비용솔명현저우농공비일체화기업。최후，본문제출료기우자금류、신식류、물류삼원융합，기업기본개치활동화보조개치활동유효대접여협동적개치련영리모식。
An important feature of modern market economy is to upgrade competitiveness from traditional level to the industrial chain level. The linking mode of traditional industry separating production from processing, to some extent, restricts the development of agriculture and the value increasing of agricultural processing industry, thereby affecting producing, processing and competitiveness of industrial chain. To realize upgrading of value chain, we must break traditional link mode, integrate enterprises＇ value chain, and reconstruct profit model, so to link every stage of production and processing effectively through appropriate organizational form. Recently, with fierce market competition and inherent characteristics of agricultural processing, more and more enterprises take vertical integration strategy, which makes the enterprise value chain extended. In this process, enterprises reduce transaction costs by directly linking supply, production and sales, achieve economies of scale, enhance market competitiveness, and expand profits. The vertical integration of the enterprises, as an important organization form of agricultural industry chain, vertically extending the agricultural industry chain, is also an important way to integrate the value chain and reconstruct the profit mode of the agricultural-industrial enterprise. Based on the annual data of 58 listed-integrated enterprises and 97 listed-nonintegrated enterprises from 2008 to 2012, this paper analyzes developmental characteristics of Chinese agricultural and industrial enterprises, and studies the revenue variation in the 5 accounting years via descriptive statistics method. Results show that listed-in- tegrated enterprises are unevenly distributed and important in agricultural industrialization, the time to market is af- fected by securities regulation and tax policy, these enterprises are stressed by venture investment institutions, and investment management takes on diversification tendency. The vertical integrated enterprises have revenue advanta- ges, and its net assets income rate and total assets turnover are larger than non-integrated enterprises. Although the difference of overhead expenses rate of these enterprises is not obvious, the ratio of expenses to sales of integrated enterprises is much lower than that of nonintegrated enterprises. The paper concludes with a profit value-chain mode based on the integration of capital, information and logistics, and the synergetic match between basic and auxiliary value activities. The profit acquisition and value appreciation lie in endogenous factors like technological innovation and appli- cation and brand building, and exogenous factors like preferential policy. Vertical integration causes the extension of value chain in integrated enterprises, while the increase of internal part needs well-organized information. To avoid tunnel vision brought by the extension, to maintain new competitive advantage and to ensure profit sustainability, en- terprises should establish adaptive mechanism for industry environment, timely remold processing method and adjust product structure according to importance degree and specific features to optimize value chain. Integrated enterprise of agriculture, industry and commerce should control the direction of capital in value chain, pay attention to consumers＇ demand, match core resources of enterprises with critical abilities, and set the goal of gaining profit and adding value based on scientific analysis. Focusing on this goal, the value increase improving synergistic effect of value chain from production to sale, from temal part and from product performance design to process optimization