Research On The Relationship Between The Integration Of Agricultural Listed Companies And Their Performance

As a basic industry in China,agriculture is very important to the economic development of our country.As the carrier of agricultural development,the operation of agricultural enterprises plays a key role in the development of our country.Therefore,our country attaches great importance to the "three rural" issues,and has issued a series of supporting policies,such as "opinions on supporting the development of leading enterprises in agricultural industry","opinions on further development" Measures for further supporting the development of leading enterprises of agricultural industrialization,etc.Because of the policy support,many agricultural listed companies began to expand the scale of production and increase the types of products,not limited to the existing business,so the integration strategy has become an important strategic measure for the development of enterprises.However,when the agricultural listed companies implement the integration strategy,some problems also follow.For example,the impact of the integration development on the enterprise performance is not fully developed in the direction of its prediction,which is closely related to the enterprise performance composed of multiple accounting indicators.Therefore,when the agricultural listed companies implement the integration strategy,they need to consider whether the integration can improve the enterprise's performance Overall performance,rather than just observing a certain accounting index,scientific implementation of the integration strategy is essential to improve the performance of enterprises.This paper focuses on the vertical and horizontal integration of integration strategy,based on the research of relevant literature,referring to the relevant research results,and using the research idea of "behavior performance",this paper first combs the relevant theories of integration strategy and the relevant literature of its relationship with enterprise performance,so as to provide the corresponding theoretical support for the research content of this paper;secondly,according to the research idea of "behavior performance",it puts forward the corresponding research ideas In order to ensure the reliability and stability of the data,this paper excludes the samples of incomplete data,ST and ST *,measures the vertical integration and horizontal integration of the samples,and uses the method of multiple linear regression to measure the sample model Inspection.In order to ensure the reliability of the research results,correlation test and variance expansion factor test are also carried out for the sample data.Finally,the following conclusions are drawn:(1)the vertical integration of agricultural listed companies is not related to the return on net assets;(2)the vertical integration of agricultural listed companies has a significant impact on the return on investment,and presents a positive impact;(3)the vertical integration of agricultural listed companies has a significant impact on the return on total assets,and presents a positive impact;(4)the horizontal integration of agricultural listed companies It is conducive to the increase of enterprise scale,and to the production of scale economy and the improvement of enterprise performance;(5)horizontal integration of agricultural listed companies can improve the market power and enterprise performance.Based on the above conclusions,this paper puts forward the following suggestions:(1)according to the development situation of the enterprise,choose the integration strategy suitable for the current stage of the enterprise,and implement the integration strategy scientifically;(2)grasp the development characteristics of the industry,seize the opportunity of the current stage of the agricultural industry,implement the integration strategy of the enterprise,and create higher economic performance for the enterprise;(3)optimize the enterprise structure,Combine the expansion part of the enterprise with the original part better,reduce the transaction cost of the enterprise,improve the enterprise performance and production efficiency;(4)use the relevant national advantages and policies,expand the influence of the enterprise,and enhance the enterprise value.