生猪价格波动风险抑制了专用性资产投资吗?——来自生猪养殖类上市公司的经验证据

Does the Fluctuation Risk of Pig Price Suppresses Specialized Asset Investment?——Empirical Evidence from Listed Companies in Pig Farming Industry

为研究生猪价格波动风险是否会影响养殖主体的专用性资产投资,本文基于2007—2021年沪深两市的生猪养殖类企业进行了实证分析。研究发现,第一,生猪价格波动风险会显著抑制养殖企业的专用性资产投资;第二,机制检验表明,生猪价格波动风险通过降低企业的养殖规模、提升现金持有水平、降低经营收益,进而抑制专用性资产投资;第三,异质性检验表明,价格波动风险越高、企业养殖规模越大时,价格风险对专用性资产投资的抑制作用越明显。由此证实了价格波动风险会加大规模化生猪养殖企业生产及收益的不稳定性,进而抑制专用性资产投资,影响生猪养殖产业转型升级。

In order to study whether the fluctuation risk of pig price will affect the specialized asset investment of pig breeding enterprises,this paper conducts an empirical analysis based on pig breeding enterprises in Shanghai and Shenzhen stock markets from 2007 to 2021.The research finds that,first,the risk of pig price fluctuation will significantly inhibit the specialized asset investment of pig breeding enterprises.Second,the mechanism test shows that the risk of fluctuations in pig prices inhibits the specific fixed assets investment of enterprises by expanding the range of breeding adjustment of enterprises,improving the level of cash holdings,and reducing operating income.Third,heterogeneity testing indicates that the higher the risk of price fluctuations and the larger the scale of enterprise,the more significant the suppression effect of price risk on specialized asset investment.This proves that the fluctuation risk of pig price will aggravate the instability of production and income,thus causing the decline of investment in specialized asset and affecting the transformation and upgrading of the pig breeding industry.