产业纵向融合对农业龙头企业发展的影响研究——基于365家农业上市企业的实证

Research on the Influence of Industrial Vertical Integration on the Development of Agricultural Leading Enterprises——Evidence Based on 365 Agricultural Listed Companies in China

乡村振兴的关键是产业兴旺。延伸产业链、拓展价值链,成为构建现代化农业产业体系的重要支撑。因此,基于2011—2021年365家上市农业龙头企业的数据,实证分析产业纵向融合对农业龙头企业经济价值及社会责任水平的影响。研究表明,2011—2021年产业纵向融合程度的平均水平不高,且对不同龙头企业的影响差异较大;产业纵向融合水平与龙头企业的经营绩效呈现“U型”关系,产业纵向融合有助于提升龙头企业价值、降低企业资产负债率,并提升其社会责任水平;相较于农业生产行业,产业纵向融合对农产品加工及相关行业企业的发展影响效果更显著;中西部地区的龙头企业受产业纵向融合的影响强于东部地区。基于此,提出产业纵向融合要稳步推进,同时充分考虑区位条件,对东中西部地区分类施策、强化对农业企业的初始扶持等政策建议。以期为国家一二三产业融合、乡村产业全面振兴提供理论支撑和政策指导。

The key to rural revitalization is industrial prosperity.Extending the industry chain and expanding the value chain has become an important support for building a modern agricultural industry system.Based on the data of 365 listed agricultural leading enterprises from 2011 to 2021,this paper established a multiple regression model to empirically analyze the impact of industrial vertical integration on the economic value and social responsibility level of agricultural leading enterprises.The results show that:Firstly,the average level of industrial vertical integration from 2011 to 2021 was not high,and the impact on different leading enterprises was quite different;Secondly,the level of industrial vertical integration showed a'U-shaped'relationship with the operating performance of agricultural leading enterprises.Industrial vertical integration helped to enhance the value of leading enterprises,reduce debt-to-asset ratio of companies,and enhance social responsibility level;Thirdly,compared with the agricultural production industry,industrial vertical integration had a more significant impact on the development of agricultural product processing and related industries;finally,the agricultural leading enterprises in the central and western regions were more affected by the vertical integration of industries than those in the eastern regions.Currently,the development of industrial vertical integration in China still faces key issues as follows:the degree of industrial vertical integration should be steadily promoted,the location conditions should be fully considered,policies for the eastern,central,and western regions should be classified,and initial support for agricultural enterprises should be strengthened.