摘
要
随着农业产业融合发展的深入推进，农业上市公司作为现阶段代表我国农业先进
生产力的企业组织形式，发挥着更加难以取代的作用。本文以三产融合背景下的农业
上市公司为主体，定量分析其经营绩效以及融资结构对经营绩效的影响，有助于完善
相关的理论研究，同时对确定合理的融资结构，充分发挥农业上市公司的带头作用有
一定现实意义。
本文首先对农业上市公司的三产融合发展概况与融资结构进行分析，得出结论
有：我国农业上市公司三产融合度较高，但债务融资规模大幅增加使公司偿债负担较
重，融资结构与优序融资理论相悖，整体内源融资的能力较弱。
其次基于 2015-2019年的短面板数据，选用 DEA-Malmquist模型对我国 127家农
业上市公司经营绩效进行了实证分析，得出的结论有：农业上市公司的整体资源利用
效益逐年下降，没有实现规模经济；通过国家重点龙头企业和非龙头企业在综合技术
效率的不同表现得出，龙头企业虽然在有效数量上占明显优势，但整体的资源配置能
力有待加强；通过对不同行业的效率情况进行对比分析得出，内部各子行业间的效率
差异较为显著，林业公司的经营绩效较高，种植业和渔业位于行业中等偏上水平，其
他子行业公司的经营绩效偏低；农业上市公司的全要素生产率在技术退步和综合技术
效率正向影响的双重作用下整体呈下降趋势。
然后将综合技术效率作为被解释变量构建 Tobit模型，在此基础上进行层次回归
分析，结果显示：内源融资对样本公司绩效的影响显著为正，而股权融资和政府补助
的影响显著为负，并且三产融合在融资结构对公司绩效的影响中发挥了显著的正向调
节作用。
最后基于理论分析与实证结果，本文提出以下几方面建议：公司应合理配置资金，
稳步扩大公司规模；重视科技投入，提升核心竞争力；优化融资结构，增强公司发展
潜力；顺应三产融合，发挥示范带动作用。市场应调动监管积极性、增强投资者信心、
促进融资服务多元化。政府应提升有效扶持能力、完善三产融合政策、落实公共服务
工作。
关键词：三产融合；农业上市公司；经营绩效；融资结构
I

ABSTRACT
With the in-depth promotion of the development strategy of rural industry integration,
rural companies have formed a corporate organizational form of the most outstanding labor
productivity in my country's rural areas during the generational stage, and have played an
important function that is difficult to replace in the formation of a modern agricultural
industry system. This article take the agricultural listed companies under the background of
the integration of the tertiary industry as the main body, through the quantitative analysis of
the impact of their operational performance and the changes in the investment structure on
the operational performance, and will help to further improve the corresponding basic
theoretical research, and at the same time determine the reasonable financing Structure,
giving full play to the leading role of listed agricultural companies has certain practical
significance.
This article first analyzes the development of tertiary industry integration and
financing structure of listed agricultural companies, and concludes that: my country’s
agricultural listed companies have a high degree of tertiary industry integration, but the
substantial increase in debt financing has made the company’s debt repayment burden
heavier, and the financing structure Contrary to the theory of optimal financing, the ability
of endogenous financing is weak.
Secondly, based on the short panel data from 2015 to 2019, the DEA-Malmquist
model is used to conduct an empirical analysis of the operating performance of 127 listed
agricultural companies in my country, and the conclusions are as follows:The overall
resource use efficiency of agricultural listed companies has been declining year by year,
and the scale of production and operation should be further expanded to achieve economies
of scale; through the different performance of national key leading enterprises and
non-leading enterprises in comprehensive technical efficiency, it is concluded that leading
enterprises have a clear advantage in effective numbers. However, the overall resource
allocation ability needs to be strengthened;Through a comparative analysis of the efficiency
of different industries, it is found that the efficiency differences among the various
sub-sectors within the industry are relatively significant. The operating performance of
forestry companies is relatively high, the planting industry and fishery are at the upper
II
。。。以下略