Abstract

Capital requirements increase as aquaculture becomes more industrialized, with firms increasing their scale of production and capital intensity. Public listing at stock exchanges can provide improved access and cheaper financing for firms. Since the public listing is a fairly recent phenomenon and relatively few aquaculture firms have entered stock markets, it is useful to investigate the differences in profitability among listed and private aquaculture firms. Our econometric estimates based on a unique panel dataset of Norwegian salmon companies indicate that the sources of profitability, as measured by return on assets (ROA), are different among the two groups of companies. Listed companies are able to increase profitability through working capital optimization; however, they are more negatively affected by operating leverage and liquidity. This indicates that using liquidity as a risk reduction measure is costly in the industry. Although private firms have historically performed better on average in terms of ROA, the difference is not statistically different.

摘要

随着水产养殖工业化程度的提高，企业的生产规模和资本密集度不断提高，资本需求也随之增加。在证券交易所公开上市可以为公司提供更好的渠道和更便宜的融资。由于公开上市是一个相当新的现象，而且进入股票市场的水产养殖企业相对较少，因此有必要研究上市和私营水产养殖企业盈利能力的差异。我们基于挪威三文鱼公司独特面板数据集的计量经济学估计表明，以资产回报率 (ROA) 衡量的盈利来源在两组公司中是不同的。上市公司能够通过营运资本优化提高盈利能力；然而，它们受到经营杠杆和流动性的负面影响更大。这表明使用流动性作为降低风险的措施在行业中成本很高。尽管从历史上看，私营企业在 ROA 方面的平均表现更好，但这种差异在统计上并无差异。