| Agricultural machinery equipment is an important input for agricultural production,an important basis for transforming agricultural development methods and improving rural productivity,and an important material and technical guarantee for agricultural modernization and food security.Therefore,the agricultural machinery equipment manufacturing industry plays an important role in China’s economic and social development.status.In 2015,the Chinese government unveiled a "Made in China2025" policy aimed at boosting national competitiveness through the production of high-quality manufacturing,and the agricultural machinery industry is one of the ten key development industries in "Made in China 2025".Since then,the State Council and the Development and Reform Commission have issued relevant guidance documents,hoping to accelerate the development of high-quality agricultural machinery equipment industry,accelerate the innovation of agricultural machinery equipment,and develop various types of agricultural machinery that are suitable for national conditions,farmers’ needs,and advanced and applicable.It can be found that the national level is paying more and more attention to the high-quality development of the agricultural machinery industry.The implementation of the agricultural machinery purchase subsidy policy is an important reason for the rapid development of the agricultural machinery equipment manufacturing industry in recent years.For agricultural machinery companies,the implementation of the policy has formed the effect of the industrial policy on an objective level.As of the end of 2020,the central government has invested more than239.2 billion yuan in agricultural machinery purchase subsidies.Although the implementation of agricultural machinery purchase subsidy policies has promoted the rapid "bigger" of the agricultural machinery industry,it has not played its due role in the "stronger" of the agricultural machinery industry.The incentive effect is specifically manifested in the heavy dependence on imports of high-end agricultural machinery or core components,the poor reliability of domestic agricultural machinery,and the lack of some key agricultural machinery equipment for planting and breeding.In recent years,some agricultural machinery industries have even seen the phenomenon of "big horse-drawn carts",and agricultural machinery companies have fallen into the innovation dilemma of low-quality competition.So,from the perspective of short-term effects,what impact has the implementation of the agricultural machinery purchase subsidy policy have on the performance of agricultural machinery firms? From the perspective of long-term impact,does the application of the policy of agricultural machinery subsidies improve firms’ innovation?The implementation period of the existing agricultural machinery purchase subsidy policy is 2023.Whether the policy will continue to be implemented needs to be evaluated by relevant departments before making a decision.Therefore,whether the agricultural machinery purchase subsidy policy continues to be implemented and its implementation mode should not only consider the impact on agricultural production,but its impact on the development of the agricultural machinery industry should also be taken seriously.Based on the above policies and realistic background,exploring the theoretical explanation and practical impact of agricultural machinery purchase subsidies affecting agricultural machinery firms’ performance and innovation has positive practical significance and policy implications for promoting the smooth implementation of agricultural machinery purchase subsidies and the transformation and upgrading of China’s agricultural machinery industry.At the same time,some of the conclusions of this study can also provide a certain reference for the formulation of related consumer subsidy policies.Therefore,this study takes tractor manufacturing companies as the research object,uses the tractor manufacturing company-level data in the Chinese industrial enterprise database from 1998 to 2013,and uses the economics of innovation externality theory,signal theory,innovation uncertainty theory,and corporate profit maximization.Theory,based on the two characteristics of non-inclusiveness of agricultural machinery purchase subsidy subsidy qualification and subsidy standard quota,it focuses on the impact of agricultural machinery purchase subsidy on the efficiency and innovation of agricultural machinery enterprises.The main research conclusions are as follows:(1)After obtaining subsidy qualifications,agricultural machinery companies have effectively driven the increase in their product sales and promoted the increase in corporate profits.After further inspections of heterogeneous agricultural machinery companies,it was found that agricultural machinery companies in the eastern region have increased their profits after obtaining subsidy qualifications.The more,the longer the subsidy period,the more profit growth of agricultural machinery companies.Accumulation of profits is an important source of funds for the innovation of agricultural machinery enterprises,and has laid a good foundation for enterprises to innovate.But on the other hand,agricultural machinery enterprises that have obtained subsidy qualifications rely on the implementation of policies to increase their profits,which in essence distorts the normal competition among agricultural machinery enterprises.(2)In the context of rising market demand,the innovation output of agricultural machinery enterprises that have obtained subsidies has shown a clear downward trend.After an empirical test,it is found that the subsidy qualification does not have an overall impact on the innovation of agricultural machinery enterprises.However,the number of products entered into the subsidy catalog for the agricultural machinery enterprises that have obtained the subsidy qualification is not the same.Further,through the heterogeneity test,it is found that the agricultural machinery enterprises enter The greater the number of products in the subsidy catalog,the greater the decline in innovation output,and only has a significant negative impact on the innovation of agricultural machinery companies with a large number of products in the subsidy catalog.The possible reason is that when agricultural machinery companies are eligible for subsidies,they will increase their profits through sales growth.The more agricultural machinery companies that enter the subsidy catalogue,the more profit they will increase.In the context of rising market demand,agricultural machinery companies only need to maintain the status quo A considerable profit can be obtained,which is equivalent to obtaining policy protection,distorting the normal competition between enterprises,and the motivation of agricultural machinery enterprises to innovate will be weakened,thereby inhibiting the improvement of the innovation level of agricultural machinery enterprises.This effect is verified by the mediation effect model.The establishment of the mechanism.(3)In the stage of market demand saturation,the fixed subsidy model has become a key factor affecting the innovation of agricultural machinery enterprises.Under the fixed subsidy model,the subsidy policy mainly drove the increase in market demand for low-and medium-end agricultural machinery.The repeated expansion of low-and medium-end production capacity eventually resulted in insufficient supply of high-end capacity and overcapacity in the middle and low-end;further,oversupply intensified competition within the industry.In order to obtain higher subsidies,some agricultural machinery deliberately only increase product power while keeping other accessories parameters unchanged,adopting the strategy of "drawing subsidy funds + reducing product quality" to carry out price competition,impacting the normal market competition order,and not only leading to normal production The reduction of investment in innovation by enterprises also induces enterprises to produce "big horsedrawn carts" products,causing the industrial dilemma of "bad money driving out good money",and ultimately inhibiting the innovation of agricultural machinery enterprises.Based on the above analysis,the differentiated fixed subsidy and proportional subsidy models are further proposed.Through theoretical analysis,it is found that compared with the fixed subsidy model,the above two models are conducive to promoting the innovation of agricultural machinery enterprises.Although the implementation of the agricultural machinery purchase subsidy policy has promoted the profit growth of agricultural machinery enterprises,it has a significant inhibitory effect on enterprise innovation.Its essence is a distortion of normal competition between enterprises.Therefore,it is necessary to optimize the current agricultural machinery purchase subsidy policy.It can not only promote the development of my country’s agricultural machinery,but also eliminate the adverse effects on the long-term development of the agricultural machinery industry.Based on the above conclusions,this study puts forward the following policy recommendations:First,adopt a diversified subsidy method,increase the subsidy ratio of agricultural machinery products urgently needed in agricultural production,and actively play the role of market guidance of subsidy funds,gradually reduce the subsidy ratio of agricultural machinery products that are obviously excessive and relatively backward in technology..Financial support measures such as interest discounts can be adopted to support farmers in purchasing machines and machines,and operation subsidies can be adopted to reduce the production costs of agricultural business entities.At the same time,special R&D subsidies will be given to agricultural machinery companies and the first(set)of major technical equipment subsidies will be implemented to encourage scientific and technological progress of agricultural machinery companies.The second is to streamline the approval process of subsidies,improve the appraisal capabilities of appraisal service agencies,grant subsidy qualifications to all qualified agricultural machinery enterprises,and timely include new agricultural machinery products into the scope of subsidies,thereby reducing the distortion of competition between enterprises.The third is to formulate more comprehensive agricultural machinery product classification indicators,incorporate key performance indicators that affect the quality of agricultural machinery operation into the assessment,implement a differentiated fixed subsidy model,reduce the subsidy amount of basic products,and increase the subsidy standard for high-end agricultural machinery products.You can also try to implement proportional subsidies instead of fixed subsidies.The fourth is to intensify supervision and punishment,strictly investigate "big horse-drawn carts" and other problematic agricultural machinery products,and create a fair and competitive market environment. |
