中国农林企业资产专用性经济后果研究——来自沪、深农林上市公司的经验证据

An Empirical Study on the Economic Consequences of Assets Specificity of Chinese Agricultural Enterprises——Based on the Data of the Agricultural Listed Companies

由于产业和生产经营的特殊性,农林企业资产专用性特点十分显著。依据现代契约理论,资产专用性经济后果一方面体现在资产专用性可以增进企业绩效(经济后果Ⅰ),另一方面体现在资产专用性决定企业融资契约的安排(经济后果Ⅱ)。为检验中国农林企业资产专用性的经济后果,文章以2003—2006年沪、深中国农林上市公司为样本进行实证分析,结果发现:资产专用性替代变量与公司绩效不具有显著相关性,而与融资契约结构虽有一定的相关性,但总的看来,相关性也不甚理想。这表明中国农林企业关系型投资不足而导致资产包含的专用性不高,从而不具备应有的经济后果。

The paper empirically studies the Economic Consequences of assets specificity of agricultural enterprises in China based on the samples of Chinese listed agricultural companies in 2003-2006.The study discovers that the Economic Consequences of assets specificity of Chinese agricultural enterprises doesn＇t exist.A very important cause of the consequences is that the sharp conflicts of incomplete financial contacts exist in Chinese agricultural enterprises,which lead to the inadequate special investment.