摘要
选取2004—2013年沪深两市36家农业上市公司为研究样本,实证分析2008年金融危机前后各5年,即外部环境相对稳定和相对波动情况下,农业上市公司多元化策略的两种模式即背农与非背农经营对公司经营绩效与经营风险的影响。研究结果表明:不论外部经济环境如何,多元化经营总是降低企业绩效;在外部经济稳定的情况下,只有背农经营模式可以有效分散风险,而在外部经济环境波动的情况下,实施非背农经营显著增加了企业经营风险。
This paper selects 36 listed agricultural companies in Shanghai and Shenzhen from 2004 to 2013 as samples, and analyzes the impact of agricultural business and non-agricultural business on business performance under both stable and unstable situations（5 years before and after the Financial Crisis）. The study shows that diversified operation always offer limited benefits regardless of the external economic environment. Agricultural business will increase risk in unstable economic situation while non-agricultural business will spread risk in stable economic situation.
出处
《河北经贸大学学报（综合版）》
2016年第1期70-76,共7页
Journal of Hebei University of Economics and Business(Comprehensive Edition)
基金
教育部人文社会科学研究青年项目(11YJC790163)
南京农业大学中央高校基本科研业务费人文社科基金创新项目(SKCX2015011)
关键词
背农经营
多元化经营
农业上市公司
经营绩效
经营风险
金融危机
企业价值
赫芬达尔指数
non-agricultural operation
diversified operation
listed agricultural company
business performance
business risk
financial crisis
enterprise value
Herfindahl index
