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《Journal of Finance and Economics》 2007-10
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Non-agricultural Operations and the Operation Performance of the Listed Agricultural Companies: Theoretical Analysis and Positive Test

PENG Yi1, HUANG Zu-hui2, SHAO Gui-rong3(1. College of Economics and Management, Zhejiang Sci-tech University, Hangzhou 310018,China; 2.College of Management, Zhejiang University, Hangzhou 310029, China;3. College of Economicsand Management, Shaoxing University, Shaoxing 312000, China)  
Non-agricultural operation of the listed agricultural companies is a very serious phenomenon in China. This phenomenon and its effects on the operation performance of the listed agricultural companies are widely concerned by communities. The reasons for the listed agricultural companies to engage in non-agricultural operations can be summarized in the two causes of industrial level and management level of enterprises. The insufficient agricultural development has become the largest industry-oriented background of China’s listed agricultural companies. This paper applies agricultural comparative advantage theory、externality theory and diversification theory to form a framework of theoretical analysis on the performance of the listed agricultural companies. Through empirical analysis, it concludes that non-farming operation as a whole has a negative effect on the performance of the listed agricultural companies. On the one hand, only when the government focuses on improving the operating environment for agricultural investment and innovation efforts can the listed agricultural companies be really guided onto agriculture. On the other hand, now the listed agricultural companies should implement agricultural specialization strategy. Therefore, the listed agricultural companies ought to avoid non-related operation.
【Fund】: 国家自然科学基金项目(70473083);; 国家自然科学基金项目(70373027);; 浙江大学CARD985二期工程项目资助
【CateGory Index】: F324.6;F224
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