A Empirical Research On The Relationship Between Diversification And Economic Performance In The NEEQ Agricultural Enterprises

Over the years,China's capital markets have been at an early stage in terms of foreign capital markets and there are many problems.Although scholars from all walks of life continue to research and explore the problem existing,but just past practice of capital market in our country,the development of capital market can not meet the development of small and medium-sized enterprises,the capital market must be further reformed.In order to promote the rapid development of small and medium-sized enterprises in our country,perfecting the capital market,the state council formally approved in 2013 to set up the NEEQ which since into the public eye got rapid development and has already occupied a place in the capital market in our country.By summing up is not hard to find,at present about the new three board research mostly focus on small and medium-sized enterprises listed conditions and the difficulty,the laws and regulations,the new three board listed companies financing effect,etc and the performance of the listed agricultural companies of the research rarely involved,more performance is not involved with the study of the relationship between diversified economy.Our country has always been a agricultural country in the world,the healthy development of agriculture to ensure social stability and economic development is very important.In the study of the past there are a lot of research on the performance of agricultural listed companies,most of these studies to select a board and the second board listed companies as the research object.Agricultural listed companies in the NEEQ as the industry leader worth our study.But the studies of the NEEQ agricultural enterprises are still mainly concentrated in the system of legal norms,listing conditions and the financing effect,etc.The study about the economical performance of a certain type of enterprise is little involved.Therefore,decided to study in this paper about the relationship between diversification and economical performance in the NEEQ agricultural companies.In this paper,the first chapter reviews the research scholars at home and abroad the relevant relation between diversification and corporate performance and research,in the research achievements of the past to define the main existing agricultural companies do not have a unified standard,index selection without defects such as combined with China's national conditions,so in the study of this thesis is trying to avoid similar research problem,make the results more practical significance.The second chapter introduces the basic theory of the relationship between and after each theory to empirical research,the significance of making later empirical research has certain theoretical basis.The third chapter combines the new three board market development present situation analysis of listed agricultural companies operating results are described,in addition to the introduction of present agricultural listed companies in the whole market quantity,earnings per share and net assets yield,more focus on selecting 45 agricultural listed companies mainly engaged in the business.The results show that the new three boards are more diversified than others,but the results are not satisfactory.In order to analyze the complex relationship between the two,just too one-sided description analysis,this article attempts through multiple regression analysis and other empirical analysis for further research.Fourth chapter in this paper,empirical research in the need to use the sample source and the selection of variables,respectively select diversified variables as independent variables,performance as dependent variable and five control variables.Chapter 5 is the main point of the paper.In this paper,the article selects the listed enterprises of 2014-2016 as the research object,and adopts the four analytical methods of factor analysis,comparative analysis,correlation analysis and empirical analysis.Firstly briefly introduces the factor analysis method is the core idea of dimension reduction,in this article,multiple variables by factor analysis method to extract the common factor to extract five common factor were studied.The second is a simple descriptive statistical analysis of the mean and standard deviation of the corresponding variables for all listed companies in the first three years of 2014.Based on the factor analysis should also factor analysis before inspection,judge whether the article selected variables for factor analysis,it is only by inspection of the variable factor analysis can proceed.According to the steps of the factor analysis by principal component analysis to determine the article number of the common factor,after using the method of varimax rotation of rotated factor loading matrix,according to the common factor of matrix to extract name,and then according to the regression equation calculating factor score and comprehensive factor score equation performance score equation.Through factor analysis,the paper divides enterprise performance into five factors,and evaluates each factor and the overall performance.The ranking and comparison of 45 listed companies were analyzed in terms of the overall performance score.Through the ranks and score the article puts forward seven assumptions can be preliminary inspection,notable is due to the randomness of the limitation of the common factor extraction and,assuming 7 relevant conclusion temporarily unable to determine.Before the regression analysis using the correlation analysis of variables we test in the presence of multicollinearity problems,at the same time in the enterprise comprehensive performance score after correlation analysis under the premise of regression analysis,the relationship between diversification and performance,the results show that the new three board listed agricultural companies diversification and performance is a negative correlation relationship;At the same time in terms of the influence of the five kinds of ability of the enterprise,the diversification of enterprise's solvency,asset management capabilities will have a negative impact,but to the capital stock expansion ability,and other aspects ability has certain advantages.According to the conclusion,the corresponding hypothesis 3 and the hypothesis 7 are not true,and all other hypotheses are true.Chapter 6 in combination with the characteristics of the new three board agricultural market,the stock transfer system of small and medium-sized enterprises in China started late,development time is short,the imperfection of the market mechanism,and the new three board listed agricultural companies performance gap is larger,in all aspects and motherboard,and small and medium-sized agricultural listed companies there is a huge gap,but show to issue some potential and the advantage in terms of growth ability.This paper gives two Suggestions,first of all,the market hopes that the relevant departments will properly supervise and make the market healthy.At the same time,we hope that the enterprise can properly handle and improve the performance of enterprises performance.