| Agriculture is the basic industry in China,documents has issued in2012,about “the opinions of the support the development of agricultural industrialization leading enterprises",with the deepening of support,many agricultural listed companies are not confined to development the existing enterprise,but implementing the vertical integration strategy,at the same time the problem is gradually protruding out,due to the implementation of the strategy of vertical integration often is a significant investment decisions for companies,and shareholders as one of the important participants in the major investment decisions,its equity structure implementation directly determines whether an investment decision,and its decision-making correctly or not will directly affect the enterprise performance,even relating the survival of the enterprise,so it is critical to research the relationship between the equity structure,vertical integration strategy and enterprise performance to improve the equity structure of listed companies,implement vertical integration strategy and improve enterprise performance.the researching thought of this paper is the equity structure——vertical integration strategy——enterprise performance.firstly,collecting relating the theory about equity structure and vertical integration strategy,and to summary and review of related literature,find out the feasible research breakthrough,and on the basis of these find the research framework of this article.Next,making the empirical analysis,based on the 2014-2016 agricultural listed companies as the research object,A total of 116 samples were taken out of companies with three years of incomplete data.using the factor analysis method to comprehensive evaluation of enterprise performance and the value-added index method was used to measure the vertical integration strategy.Descriptive statistics were used to analyze the characteristics and trends of each variable.The Pearson test and the variance inflation factor test were used to verify the multicollinearity problem among variables.And using regression analysis to explore the relationships of agriculture listed company equity structure,vertical integration strategy and enterprise performance;Finally through the mediation effect of test model,exploring the mediating role of vertical integration strategy between the equity structure and enterprise performance,the following four conclusions:(1)agricultural listed companies the largest shareholder's stake has a significant effect on corporate performance,and there is a negative correlation relationship;The shareholding ratio of the top ten shareholders of agricultural listed companies and the degree of others equity have significant influence on enterprise performance and there is positively correlated.(2)the first big shareholder's stake has a significant influence on the degree of vertical integration,and there is positively correlated relationship,the top 10 shareholders equity percentage are negatively related with the degree of vertical integration,but has no significant effect;The balance of equity has a significant influence on corporate performance and is negatively correlated.(3)the degree of vertical integration has a significant impact on enterprise performance,and there is negatively correlated;(4)the degree of vertical integration in the first big shareholder's stake and partial intermediary role between corporate performance and equity,and in the top 10 shareholders equity balance degree between corporate performance and has no significant;Based on the above research conclusion in this paper are as follows: moderately reduce the first big shareholder's stake,avoid blind investment,the use of national tax preferential policies to increase investment efficiency in order to improve enterprise performance. |
