农业上市公司并购绩效研究
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摘要
农业是第一产业,是我国国民经济的基础。长期以来,中央十分重视“三农”问题,不断增加农业投入,调整农业产业结构,推动农业产业升级。农业上市公司是我国农业先进生产力的代表,对于我国农业经济转轨和产业结构升级起着重要的推动和示范作用。其健康、快速发展对于我国进一步深化农业产业结构调整、促进农业企业建立现代企业制度、提高我国农业国际竞争力都具有十分重要的意义。农业上市公司并购是市场经济条件下的一种资源配置方式,在全球经济一体化的背景下,是农业上市公司不断发展壮大的一条捷径。从本质上看,并购是通过企业产权、控制权的转移和重新组合来达到整合资源、增加或转移财富的目的。但并购就象一把双刃剑,企业可能会通过并购取得规模经济,或扩大市场份额,也可能因并购而陷于债务危机,或丧失竞争力。我国政府出台了一系列的政策措施,鼓励农业上市公司通过并购重组的方式做大做强。农业上市公司并购绩效如何,关系我国农业经济健康、稳定、持续发展,牵涉产业结构的调整,也影响政府立法和规制的价值取向。因此,对农业上市公司并购绩效进行研究具有十分重要的现实意义。
本文根据财务管理及企业并购的相关理论,采用规范研究和实证分析相结合、对比分析与趋势分析相结合的方法,综述了农业上市公司并购绩效研究的相关理论和研究动态,分析了农业上市公司并购现状,评价了农业上市公司并购绩效,探讨了我国农业上市公司并购绩效的影响因素,从宏观和微观二个层次提出了提高我国农业上市公司并购绩效的对策和建议。
通过研究,本文得出如下结论：
1.通过对农业上市公司经营绩效的评价,发现我国农业上市公司经营绩效较差,可持续盈利能力低下,且主营业务收入增长缓慢,甚至出现了负增长。
2.从农业上市公司并购现状来看,我国农业上市公司并购业务不断增多,并购方式呈现多样化,但整体并购绩效较低。并购没有提高并购方的盈利能力,也没有表现出很好的发展能力。农业上市公司的“背农”现象严重,暴露了我国农业长期以来比较利益低下的问题,也体现了我国农业上市公司在经济转轨时期一种急功近利的观念。
3.通过对农业上市并购绩效的评价发现,从整体上看,农业上市公司并购整绩效较差,不论长期并购绩效还是短期并购绩效都比非农业上市公司要低；从农业上市公司长短期并购绩效比较看,农业上市公司长期并购绩效要比短期并购绩效差,这个结论与非农业上市公司的并购绩效评价相反；从农业上市公司并购的相关性来看,相关型并购短期绩效低于不相关型并购,而其长期并购绩效高于不相关型并购。
4.通过对农业上市公司并购绩效的影响因素实证分析发现,农业上市公司并购绩效同股权结构、并购方营运能力、盈利能力以及成长能力等因素有一定的相关性。
总之,目前,我国农业上市公司并购没有给农业上市公司带来绩效的改善,农业上市公司应当发展主业,培养企业核心竞争力,以提高其营运能力、盈利能力及成长能力等。
As the foundation of Chinese national economy, agriculture is considered as the country's primary industry. The central government has long been focusing on the "Agriculture, Countryside and Farmer" issues by constantly increasing agricultural incomes, adjusting agricultural structure, and pushing forward the agricultural upgrading. Representing the advanced productive force of Chinese agriculture, agricultural listed company has played an important role in promoting and setting a good example for Chinese agriculture's economic transition and structural upgrading. Its'healthy and rapid development will exert a great influence on the further structural adjustment of Chinese agriculture, and will help to establish the modern enterprise system within agricultural corporation and to increase Chinese agriculture's international competitiveness. Merger and acquisition of agricultural listed company is not only a way of resource allocation in market economy, but also a good method for developing listed company continuously under the economic globalization. The essence of merger and acquisition is to integrate resources, and increase or transfer wealth through the transfer and restructuring of business ownership as well as corporate control right. However, merger and acquisition is just like a double-edged sword which would not only help company to get the economy of scale or enlarge its market share, but also devastate enterprise due to debt crisis or less competitiveness. The Chinese government has put forward a series of policies and measures to encourage agricultural listed company to develop bigger and stronger through merger and acquisition. It is of great practical importance to study agricultural listed company's merger and acquisition performance, because its performance is decisive in keeping Chinese agricultural economy developing healthily, stably and sustainably, and in industry restructuring. Government's value orientation in making laws and regulations depends on its performance too.
This thesis adopt normative research and empirical analysis, comparative analysis and the combination of trend analysis methods of combining, reviews the relevant theories of agricultural listed company's merger and acquisition performance and xtensive researches at home and abroad based on financial management and merger and acquisition related theoriess, analyzes the current situation of agricultural listed company's merger and acquisition, and comprehensively evaluates agricultural listed company's merger and acquisition performance. Further, it discusses Chinese seeds listed company's merger and acquisition performance, makes an empirical analysis after figuring out the elements influencing agricultural listed company's merger and acquisition performance. Moreover, it puts forward solutions as well as suggestions on how to improve agricultural listed company's merger and acquisition performance.
Through the research, the following conclusion can be drawn:
The first, The evaluation of Chinese agricultural listed company's operation performance shows that it suffers from such problems as low performance, inability of making sustainable profit, slow growth and even negative growth in prime operating revenue.
The second, currently, an increasing number of Chinese agricultural listed companies merge in more diversified ways, which, however, does not result in a better performance as a whole, because the acquirers do not make more profits or develop better. Agricultural listed company's departing from agriculture is worsening, which reveals its seeking for instant success during the economic transition, and a long-term low profit in Chinese agricultural industry.
The third, through the evaluation of agricultural listed company's merger and acquisition performance, it can be further concluded that its overall performance is far from satisfying. Nor the long-term performance neither short-term performance is lower than non-agricultural listed company, and the long-term performance is worse than the short-term one, which is opposite to the evaluation of non-agricultural listed company's merger and acquisition performance. The short-term merger and acquisition performance of different types of agricultural listed companies is better than that of the similar types, while the opposite is true for long-term merger and acquisition performance.
The fourth, through the factor analysis of agricultural listed company's merger and acquisition performance, it finds that elements such as merger and acquisition method, share ratio, profit ability, operation ability and growth ability are also correlative to the merger and acquisition performance.
In short, currently, it can be concluded that agricultural listed company's merger and acquisition can not improve its performance. It should develop main industry, cultivate the core competitiveness of enterprises in order to improve its operating capacity, profitability and growth ability. Finally, it puts forward the solutions and suggestions on improving agricultural listed company's merger and acquisition performance on both macro and micro scales.
本文根据财务管理及企业并购的相关理论,采用规范研究和实证分析相结合、对比分析与趋势分析相结合的方法,综述了农业上市公司并购绩效研究的相关理论和研究动态,分析了农业上市公司并购现状,评价了农业上市公司并购绩效,探讨了我国农业上市公司并购绩效的影响因素,从宏观和微观二个层次提出了提高我国农业上市公司并购绩效的对策和建议。
通过研究,本文得出如下结论：
1.通过对农业上市公司经营绩效的评价,发现我国农业上市公司经营绩效较差,可持续盈利能力低下,且主营业务收入增长缓慢,甚至出现了负增长。
2.从农业上市公司并购现状来看,我国农业上市公司并购业务不断增多,并购方式呈现多样化,但整体并购绩效较低。并购没有提高并购方的盈利能力,也没有表现出很好的发展能力。农业上市公司的“背农”现象严重,暴露了我国农业长期以来比较利益低下的问题,也体现了我国农业上市公司在经济转轨时期一种急功近利的观念。
3.通过对农业上市并购绩效的评价发现,从整体上看,农业上市公司并购整绩效较差,不论长期并购绩效还是短期并购绩效都比非农业上市公司要低；从农业上市公司长短期并购绩效比较看,农业上市公司长期并购绩效要比短期并购绩效差,这个结论与非农业上市公司的并购绩效评价相反；从农业上市公司并购的相关性来看,相关型并购短期绩效低于不相关型并购,而其长期并购绩效高于不相关型并购。
4.通过对农业上市公司并购绩效的影响因素实证分析发现,农业上市公司并购绩效同股权结构、并购方营运能力、盈利能力以及成长能力等因素有一定的相关性。
总之,目前,我国农业上市公司并购没有给农业上市公司带来绩效的改善,农业上市公司应当发展主业,培养企业核心竞争力,以提高其营运能力、盈利能力及成长能力等。
As the foundation of Chinese national economy, agriculture is considered as the country's primary industry. The central government has long been focusing on the "Agriculture, Countryside and Farmer" issues by constantly increasing agricultural incomes, adjusting agricultural structure, and pushing forward the agricultural upgrading. Representing the advanced productive force of Chinese agriculture, agricultural listed company has played an important role in promoting and setting a good example for Chinese agriculture's economic transition and structural upgrading. Its'healthy and rapid development will exert a great influence on the further structural adjustment of Chinese agriculture, and will help to establish the modern enterprise system within agricultural corporation and to increase Chinese agriculture's international competitiveness. Merger and acquisition of agricultural listed company is not only a way of resource allocation in market economy, but also a good method for developing listed company continuously under the economic globalization. The essence of merger and acquisition is to integrate resources, and increase or transfer wealth through the transfer and restructuring of business ownership as well as corporate control right. However, merger and acquisition is just like a double-edged sword which would not only help company to get the economy of scale or enlarge its market share, but also devastate enterprise due to debt crisis or less competitiveness. The Chinese government has put forward a series of policies and measures to encourage agricultural listed company to develop bigger and stronger through merger and acquisition. It is of great practical importance to study agricultural listed company's merger and acquisition performance, because its performance is decisive in keeping Chinese agricultural economy developing healthily, stably and sustainably, and in industry restructuring. Government's value orientation in making laws and regulations depends on its performance too.
This thesis adopt normative research and empirical analysis, comparative analysis and the combination of trend analysis methods of combining, reviews the relevant theories of agricultural listed company's merger and acquisition performance and xtensive researches at home and abroad based on financial management and merger and acquisition related theoriess, analyzes the current situation of agricultural listed company's merger and acquisition, and comprehensively evaluates agricultural listed company's merger and acquisition performance. Further, it discusses Chinese seeds listed company's merger and acquisition performance, makes an empirical analysis after figuring out the elements influencing agricultural listed company's merger and acquisition performance. Moreover, it puts forward solutions as well as suggestions on how to improve agricultural listed company's merger and acquisition performance.
Through the research, the following conclusion can be drawn:
The first, The evaluation of Chinese agricultural listed company's operation performance shows that it suffers from such problems as low performance, inability of making sustainable profit, slow growth and even negative growth in prime operating revenue.
The second, currently, an increasing number of Chinese agricultural listed companies merge in more diversified ways, which, however, does not result in a better performance as a whole, because the acquirers do not make more profits or develop better. Agricultural listed company's departing from agriculture is worsening, which reveals its seeking for instant success during the economic transition, and a long-term low profit in Chinese agricultural industry.
The third, through the evaluation of agricultural listed company's merger and acquisition performance, it can be further concluded that its overall performance is far from satisfying. Nor the long-term performance neither short-term performance is lower than non-agricultural listed company, and the long-term performance is worse than the short-term one, which is opposite to the evaluation of non-agricultural listed company's merger and acquisition performance. The short-term merger and acquisition performance of different types of agricultural listed companies is better than that of the similar types, while the opposite is true for long-term merger and acquisition performance.
The fourth, through the factor analysis of agricultural listed company's merger and acquisition performance, it finds that elements such as merger and acquisition method, share ratio, profit ability, operation ability and growth ability are also correlative to the merger and acquisition performance.
In short, currently, it can be concluded that agricultural listed company's merger and acquisition can not improve its performance. It should develop main industry, cultivate the core competitiveness of enterprises in order to improve its operating capacity, profitability and growth ability. Finally, it puts forward the solutions and suggestions on improving agricultural listed company's merger and acquisition performance on both macro and micro scales.
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P.S.Sudarsanam.1995.The Essence of Mergers and Acquisitions.Prentice Hall Europe:230,
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