农业上市公司多元化、资本结构与企业绩效关系研究——基于PVAR模型

Research on Relations between Diversification,Capital Structure and Corporate Performance of Agricultural Listed Companies—Based on PVAR Model

基于2007—2017年39家中国农业上市公司的面板数据,通过建立PVAR模型分析多元化、资本结构和企业绩效之间的动态交互效应。结果表明,多元化与企业绩效之间、资本结构与企业绩效之间存在双向互动关系。具体表现为:多元化促进了农业上市公司绩效的较小幅度上升,绩效表现较差的公司会更多地转向多元化经营;杠杆的冲击降低了农业上市公司的企业绩效,绩效表现较好的公司会选择更低的负债率。研究还发现债务杠杆率对农业上市公司多元化有显著的正向影响。

Based on the panel data of 39 Chinese listed agricultural companies from 2007 to 2017,this paper analyzes the dynamic interaction effects among diversification,capital structure and enterprise performance by establishing PVAR model.The results show that there is a two-way interaction between diversification and corporate performance as well as capital structure and corporate performance,namely,diversification slightly improves the performance of listed agricultural companies,and companies with poor performance will turn to diversification more.The impact of leverage reduces the corporate performance of the listed agricultural companies,and companies with better performance will choose a lower debt ratio.The research also finds out that the debt leverage ratio has a significant positive impact on the diversification of listed agricultural companies.