农业上市公司效率对成长性的影响

The impact of the efficiency of agricultural listed companies on growth

本文采用RESSET金融研究数据库构建的面板数据测算2000—2016年农业上市公司效率对成长性的影响,发现17年间农业上市公司的整体综合平均效率较低,规模效率大于纯技术效率,但农业上市公司因不同类别而有所差异。全要素生产率有助于提升农业上市公司的净资产成长性和股东权益成长性,规模效率有助于提升农业上市公司的净资产成长性,技术效率有助于提升农业上市公司的利润成长性。除此之外,公司规模、所得税优惠有助于提升净资产成长性、股东权益成长性,股权集中度显著提升净资产成长性。为此,需要以分行业、分层面的效率指标来分析具体农业上市公司的成长性。同时,为提高农业上市公司的成长性,需要进一步提升农业上市公司的技术效率、降低财务杠杆水平和加大股权分置改革力度。

Using the unbalanced panel data of RESSET financial research database to measure the impact of the efficiency of agricultural listed companies on growth, it is found that the overall integrated average efficiency of agricultural listed companies in the period from 2000 to 2016 is lower, the scale efficiency is greater than the pure technical efficiency. Total factor productivity helps improve the net asset growth and shareholder equity growth of agricultural listed companies. Scale efficiency helps improve the net asset growth of agricultural listed companies, and technical efficiency helps improve the profit growth of agricultural listed companies. The company's scale and income tax concessions will help improve the growth of net assets and the growth of shareholders' equity. The concentration of equity will significantly improve the growth of net assets. To this end, it is necessary to analyze the growth of specific agricultural listed companies by sub-industry and different levels of efficiency indicators, further improve the technical efficiency of agricultural listed companies, reduce the financial leverage of agricultural listed companies and increase the share-trading reform of listed companies.