我国农业上市公司资产专用性的区域特征及其财务后果差异性实证研究

AN EMPIRICAL STUDY ON THE REGIONAL CHARACTERISTICS AND FINANCIAL CONSEQUENCES DISPARITY OF ASSETS SPECIFICITY OF AGRICULTURAL ENTERPRISES

对我国三大区域的农业上市公司资产专用性的区域特征及其财务后果的差异性进行实证研究,结果发现虽然整体上我国农业企业资产专用性难以改进企业效率,但农业企业资产专用性与其绩效的正相关性由经济发达的东部和南部区域向经济欠发达的西部区域减弱。表明我国农业企业特别是中、西部农业企业,由于内部冲突或代理问题较为严重导致农业企业资产包含的关系型专用性投资不高,从而不具有相应的财务后果。也由于这个原因,应当谨慎对待资产专用性与融资契约安排显著相关的实证结论。

The paper empirically studies the financial consequences of assets specificity of agricultural enterprises in China based on the samples of china＇ s listed agricultural companies in 2003-2006. The study discovers that the financial consequences of assets specificity of china＇ s agricultural enterprises don＇ t exist. A very important cause of the results is that the sharp conflicts of incomplete financial contacts exist in china＇s Agricultural enterprises, which lead to the inadequate special investment, so that the selected alternative variable reflecting the structure of asset can＇ t depict the assets specificity.