Research On The Influence Of Ownership Stru Cture And Diversification On Financial Performance Of Agricultural Listed Companies

Agricultural listed company is an important part of the capital market,it is the representative of advanced agricultural productivity,and plays an important role in the process of transformation from traditional agriculture to modern agriculture.Ownership structure is an important variable of corporate governance,which has an important impact on corporate performance,moreover,the phenomenon of diversification of agricultural listed companies is more serious,in order to short-term interests,some company invest in other areas.Will the diversification of agricultural listed companies in China damage the performance of the company?Diversification as a major strategic decision must be influenced by different ownership structure,this is related to the implementation of diversification strategy and corporate performance.A lot of researches have been carried out in the field of international academic research,but there is not a unified view.This paper attempts to explore the impact of ownership structure and diversification on the performance of agricultural listed companies,and this two factors how to influence the performance of agricultural listed companies together.First,relevant theories and research methods are summarized,so research review is given.second,a certain understanding of the research is obtained by statistical analysis of the present situation of agricultural listed companies,based on this,The regression model was constructed by using panel data of 50 agricultural listed companies during 2010-2015,the impact of ownership structure and diversification on operating performance of agricultural listed companies is discussed.The empirical analysis found that 1)the dimensions of corporate governance of agricultural listed companies have different effects on financial performance.There is a negative correlation between ownership concentration and financial performance,but not through statistical test.There is a positive correlation between the proportion of state-owned shares and financial performance,and statistically significant.There is a positive correlation between managerial ownership and financial performance.2)There is a positive correlation between diversification and the short-term financial performance of agricultural listed companies,In the long run,the higher the degree of diversification of agricultural listed companies,the lower the corporate performance.3)The degree of diversification and ownership concentration on the performance of the listed agricultural companies has interaction,the results show that the equity structure is more concentrated increasing discount,diversification discount caused by the expropriation of controlling shareholders behavior.The empirical results show that agricultural listed company is a special group,which is characterized by small scale,weak strength,and poor risk ability,Irrational ownership structure and diversification will damage the company's long-term performance.Therefore,the paper puts forward countermeasures as follows:Attention should be paid to agriculture,national policies should be given,guiding the agricultural listed companies,promoting the healthy and sustainable development of agricultural listed companies;Optimizing the equity structure of listed agricultural companies,to play a real role in corporate governance.