杠杆效应对农业企业成长的影响

Empirical Analysis of Leverage Effect Impact on the Growth of Agricultural Enterprises

利用中国部分农业产业化国家重点龙头企业数据,根据股权收益率定义,构建农业企业成长模型,在此基础上就杠杆效应对农业企业成长的影响进行了分析。结果显示:从总体上看,经营杠杆和财务杠杆对农业企业成长并没有产生显著效果;从地区角度来看,财务杠杆与东部地区和西部地区农业企业成长呈现正相关关系,且显著性水平较高,对中部地区的影响并不显著,经营杠杆仅对东部地区农业企业产生负向影响,而对其他两个地区的影响并不显著,财务杠杆对农业企业成长的作用比经营杠杆更强一些。

This paper used some agricultural industrialization key leading enterprise data to build a growth model of agricultural enterprises as defining in the rate of return on equity to analysize leverage effect impact on the growth of agricultural enterprises.The results showed that the rate of return of net assets enhance the growth of agricultural enterprises.Operating and financial leverage differently affected on the growth of agricultural enterprises,but not significantly;controlling shareholder had a higher equity ratio,agricultural enterprises grew quickly;Sales revenue would be consistent with the corporate growth of agricultural enterprises.From the regional view,conclusions of study for the growth of agricultural enterprises would be different with other scholars.This paper presents policy implications according to the results of regression.