企业多元化经营与生产效率关系的实证研究

本文基于企业多元化经营与绩效的相关理论，以2003 -2006年中国农业上市公司公布的年报面板数据为样本，利用多元回归模型和资本与劳动的产出弹性计算全要素生产率的方法，分析了农业上市公司多元化经营与绩效的关系，并对不同类型的多元化模式与公司的生产效率关系进行实证研究。结果表明，对于农业上市公司而言，企业总体多元化水平与业绩呈负相关，且与生产效率呈反方向变动关系。从各年静态对比看，横向多元化企业的生产效率高于纵向多元化企业的生产效率；从发展趋势看，从事横向多元化会降低企业的生产效率，而保持适度的纵向多元化会促进企业生产效率的提高。

Empirical Research on Relationship Between Diversification and Production Efficiency

Abstract: This paper based on Pluralistic Operation and the relevant theories of corporate diversification, use the panel data from the annual reports of Chinese agriculture listed companies from 2003 to 2006, analyze the relationship between diversification and corporate performance through model of multivariate regression and method of calculating total factor productivity by the flexible output of capital and labor. The results show that the overall business diversification level and business performance has a negative correlation,and moreover, the relationship between the overall business diversification and production efficiency was changed in the opposite direction for the agricultural listed companies. In contrast with the static data to analyze, production efficiency of horizontal diversification is more than vertical diversification; In terms of development trend, engaging in horizontal diversification will reduce production efficiency, and maintaining an appropriate degree of vertical diversification will promote production efficiency.