多元化经营对农业类上市公司财务风险的影响——从企业生命周期视角

The Impact of Diversification on Financial Risks of Listed Agricultural Companies:A Perspective of the Enterprise Life Cycle

基于2010—2018年33家农业类上市公司的297个样本,运用随机效应模型检验分析农业类上市公司非相关多元化、相关多元化和多元化经营对财务风险的影响。研究结果表明:农业类上市公司多元化经营和非相关多元化经营与财务风险呈正相关、相关多元化经营与财务风险呈负相关。不同生命周期下,多元化经营对农业类上市公司财务风险影响具有异质性。成长期多元化经营、非相关多元化经营比成熟期更能增加企业财务风险,成熟期相关多元化经营比成长期更能降低企业财务风险。

Based on 297 samples of 33 agricultural listed companies from 2010 to 2018,this paper uses a random effects model to analyze the impact of unrelated diversification,related diversification,and diversified operations on financial risks of agricultural listed companies.The research results show that the diversification and non-relevant diversification of agricultural listed companies are positively correlated with financial risk,and the relevant diversification is negatively correlated with financial risk.The impact of diversification on the financial risks of listed agricultural companies under different life cycles is heterogeneous.Diversified operations in the growth period,non-related diversification operations can increase corporate financial risk more than the mature period,and related diversification operations in the mature period can reduce corporate financial risk more than the growth period.