纵向整合战略与农工企业股价崩盘风险

Vertical Integration Strategy and Stock Price Crash Risk of Agro-industrial Enterprises

在乡村振兴战略鼓励延长农业产业链、推进农村三产融合的背景下,作为对三农辐射带动能力最强的经营主体一农工企业,其纵向整合程度骤增,但实施效果如何,已有文献尚未释疑。本文以A股上市的农工企业为研究样本,考察实施纵向整合战略对其股价崩盘风险的影响及作用机理。研究结果表明,农工企业实施纵向整合战略能够显著降低其股价崩盘风险;相比实施了“互联网+”的企业,纵向整合战略降低股价崩盘风险的作用在未应用“互联网+”的农工企业中更为显著;抑制非效率投资行为,是农工企业纵向整合战略能够降低股价崩盘风险的一种重要中介路径。本文丰富了企业战略与股价崩盘的研究,为农工企业优化整合价值链和乡村产业振兴战略精准施策及效果评估提供了参考。

Under the background that rural vitalization strategy to encourage the extension of the agricultural industry chain and the promotion of primary,secondary and tertiary industries convergence,agro-industrial enterprises,as the business entity with the strongest ability to drive agriculture,rural areas and farmers,have experienced a sharp increase in the degree of vertical integration of the value chain,but the existing research has not yet explained the implementation effects.This paper takes A-share listed agro-industrial enterprises as the research sample to investigate the impact and mechanism of the implementation of vertical integration strategy on stock price crash risk.The main test and a series of robustness tests show that the implementation of the vertical integration strategy of agro-industrial enterprises can significantly reduce the risk of their stock price crash.The moderating effect tests show that among the agro-industrial enterprises that did not apply the“Internet plus”,the vertical integration strategy to reduce the risk of stock price crash will be more significant.Intermediary effect test shows that inhibiting inefficient investment is an important intermediary path.This paper helps to enrich and supplement the research of the relationship between“enterprise strategy and stock price crash”,and provide a reference for agricultural enterprises to optimize and integrate the value chain.It will also help to provide theoretical support and suggestions for the precise implementation and effects evaluation of rural industry vitalization strategy.