上市农产品加工企业绩效的影响因素分析

An Analysis of Factors Affecting the Performance of Listed Agricultural Products Processing Enterprises

发展农产品加工业,对促进就业、增强县域经济活力、推进农业供给侧结构性改革、满足城乡居民消费升级需求、实现乡村振兴具有重要意义,我国把农产品加工企业上市作为推动农产品加工业发展的重要抓手。本文通过构建扩展的C-D函数多元线性回归模型,利用2011年至2018年我国农产品加工业172家上市企业的年报数据,对影响我国上市农产品加工企业绩效的因素进行计算分析。计算结果表明,上市农产品加工企业存在规模效应递减现象,其发展过多依赖资本投入;推动农产品加工业上市不会带来大量就业,但能够降低企业负债率,显著提高绩效;增加研发投入对提高绩效有显著的促进作用;政府补贴政策并未对企业盈利产生显著影响;企业的品牌投入效果不显著;研发投入的质量不高,经济效果持续时间短。根据实证结果,提出了我国农产品上市融资政策的改进建议。

Developing agro-product processing industry is of great significance for promoting structural reform of agricultural supply side, meeting the upgrading consumption needs of urban and rural residents, and realizing rural revitalization. China regards the listing of agricultural products processing enterprises as an important tool to promote the development of agricultural products processing industry. This paper utilizes the annual report data of 172 listed companies in China’s agricultural product processing industry from 2011 to 2018, and builds a multivariate linear regression model based on extended C-D function to calculate and analyze the factors affecting the performance of listed agricultural products processing enterprises in China. The calculation results show that the agricultural product processing enterprises have a diminishing effect on scale, and the development of enterprises relies heavily on capital investment. The current development of agricultural product processing industry will not bring a lot of jobs. Increasing R&D investment and reducing asset-liability ratio have a significant effect on corporate output. The government subsidy policy has not had a significant effect on corporate profits, and the effect of brand investment is not significant;the quality of R&D investment is not high, and the economic effect lasts for a short time. According to the empirical results, this paper proposes some suggestions on improving the listing financing strategy of agricultural products enterprises in China.