多元化、政府补贴与农业企业绩效——基于A股农业上市企业的实证研究

Diversification,Government Subsidy and Agricultural Firms' Performance:An Empirical Research on Chinese Agricultural Listed Companies

本文以农业企业多元化经营和政府补贴两大特征为出发点,以2006—2010年A股农业上市企业为样本,从权变视角检验了多元化和政府补贴对农业企业全要素生产率的影响。研究发现,农业上市企业多元化程度与其绩效呈显著的负相关关系,而政府补贴对农业企业绩效有正面提升作用,同时多元化与政府补贴也会对农业企业经营效率产生交互影响;随着农业企业规模的扩大,多元化与政府补贴对企业绩效影响的主效应和交互效应会不断减弱。由此,本文建议,农业企业应更加注重自身核心能力培育、审慎选择多元化发展战略,政府制定财税补贴政策时需转变救济观念,加强补贴的后续监督管理,适度倾斜主业明确的中小农业企业。

Based on a sample of Chinese A-share listed agricultural companies,we investigate the effects on performance of corporate diversification,government subsidy and their interaction.We also explore whether these effects are moderated by firm size.Results of regression analysis show that corporate diversification has a negative effect on the agricultural firms' performance and government subsidy is positively correlated with the performance.They also interact significantly to affect the performance.However,the main effects and interaction effect are smaller in the bigger agricultural firms.Our research suggests that Chinese agricultural firms should prudentially choose diversification strategy and the policy maker should give priority to small-and-medium sized firms and seriously monitor the use of government subsidies.