A Study On The Effects Of Diversification Of Agricultural Listed Companies On Operating Capability From A Life Cycle Perspective

Listed agricultural companies in China adhere to diversified operations which have different effects on their operational capabilities in different life cycles.What is the relationship between diversified operations and operational capabilities for agricultural listed companies? Therefore,this article delves into the effects of diversified operations on operational capabilities of agricultural listed companies,which has theoretical and practical significance.This paper takes A-share companies in the agriculture,forestry,animal husbandry and fishery sectors of Shanghai and Shenzhen Stock Exchanges from 2013 to 2021 as samples for empirical analysis,combines the relevant theories of the relationship between diversification and operating capacity,takes operating capacity as the explanatory variable,diversification as the explanatory variable,and enterprise size and capital intensity,and board size as the control variables.Using descriptive analysis,regression analysis,robustness test,endogenous test,and heterogeneity analysis,Conduct in-depth exploration on the relationship between diversified management and operational capabilities of agricultural listed companies based on the agricultural industry chain..Lastly,based on the empirical findings,recommend countermeasures,as well as summarize the weakness of this article and conduct research prospects.The research results indicate that agricultural listed companies are in different stages of their lifecycle,and the effects of diversification on their operational capabilities is quite different.The specific manifestations are as follows: diversification during the introduction period damages operational capabilities;diversified operation during the growth period damages the operational ability of the enterprise;diversified operations in the mature stage can provide opportunities to enhance operational capabilities;diversification during the recession damages the operational capacity of enterprises.Accordingly,this article proposes the following suggestions: agricultural listed companies can make diversified business decisions based on the enterprise lifecycle: during the introduction period,they can focus on cultivating core expertise;avoid excessive diversification during the growth period;the mature period is the best time to implement diversified management;during the recession period,we need to focus on the development of new main business areas.