Research on the Influence of Industrial Vertical Integration on the Development of Agricultural Leading Enterprises——Evidence Based on 365 Agricultural Listed Companies in China
The key to rural revitalization is industrial prosperity.Extending the industry chain and expanding the value chain has become an important support for building a modern agricultural industry system.Based on the data of 365 listed agricultural leading enterprises from 2011 to 2021,this paper established a multiple regression model to empirically analyze the impact of industrial vertical integration on the economic value and social responsibility level of agricultural leading enterprises.The results show that:Firstly,the average level of industrial vertical integration from 2011 to 2021 was not high,and the impact on different leading enterprises was quite different;Secondly,the level of industrial vertical integration showed a'U-shaped'relationship with the operating performance of agricultural leading enterprises.Industrial vertical integration helped to enhance the value of leading enterprises,reduce debt-to-asset ratio of companies,and enhance social responsibility level;Thirdly,compared with the agricultural production industry,industrial vertical integration had a more significant impact on the development of agricultural product processing and related industries;finally,the agricultural leading enterprises in the central and western regions were more affected by the vertical integration of industries than those in the eastern regions.Currently,the development of industrial vertical integration in China still faces key issues as follows:the degree of industrial vertical integration should be steadily promoted,the location conditions should be fully considered,policies for the eastern,central,and western regions should be classified,and initial support for agricultural enterprises should be strengthened.
NETL
NSTL
万方数据
