Research On Financial Subsidies,financing Structure And Innovation Performance Of Small And Medium-sized Agriculture-related Enterprises

Under the background that global economic development is increasingly driven by innovation,China’s agricultural economy is gradually shifting to a mode of relying on innovation to support high-quality development.As an important carrier of agricultural science and technology innovation,the innovation and development of agriculture-related small and medium-sized enterprises cannot be separated from the support of capital and the improvement of financing structure.Because agriculture is in the position of weak basic industry,innovation and development is characterized by high investment,long investment return cycle,low future predictability and high risk.Agricultural enterprises are faced with the problems of unbalance financing structure and unimpeded financing channels for a long time.As an important measure to promote the development of agricultural enterprises,financial subsidies mostly support the development of enterprises through direct subsidies and preferential tax and other means.The growth of agriculture-related small and medium-sized enterprises is more and more closely related to direct financial subsidies and tax incentives,and their development performance is directly related to the performance of rural innovative development.However,the question of how and how fiscal subsidies affect the financing structure and innovation performance of agriculture-related small and medium-sized enterprises has been unsolved.The improvement of financial subsidies and the optimization of financing structure can promote the innovation performance of agriculture-related smes from the aspects of releasing double signals(increase of social resources and circulating capital),easing financing constraints,and improving R&D investment,and fiscal subsidies play an important role in improving the innovation performance of agriculture-related smes.In view of this,this paper follows the theoretical logic of "fiscal subsidies--increase working capital and resources--improve financing structure,alleviate financing constraints--increase R&D input--improve innovation performance",and tentatively integrates fiscal subsidies,financing structure and enterprise innovation performance into the same research framework.In order to deeply explore the mechanism of improving innovation performance of agriculture-related small and medium-sized enterprises under the combined action of fiscal subsidies and financing structure.Based on the theory of enterprise innovation impetus and market failure,financial subsidy theory,financing structure theory,credit rationing theory,financial growth cycle theory and so on,this paper explores the theoretical and logical framework of the influence of fiscal subsidy and financing structure on the innovation performance of agriculture-related small and medium-sized enterprises from the perspective of capital flow.By using 982agriculture-related smes in Jiangsu Province(Nanjing,Wuxi),Anhui Province(Bengbu,Hefei),Henan Province(Luoyang,Zhengzhou),Shaanxi Province(Weinan,Yangling,Xi ’an)and other regions from 2017 to 2022,the innovation performance level of enterprises is measured,and the current situation of financial subsidies,financing structure and innovation of Chinese and sample enterprises is analyzed.The heterogeneity of enterprises(life cycle,region,etc.)is analyzed.The fixed effect,instrumental variable method and moderating effect models were used to empirically examine the impact of fiscal subsidies on the innovation performance of agriculture-related smes and their heterogeneity and moderating effect.Euler’s equation,Shapley value decomposition,GMM and other models were used to empirically examine the effect of financing structure on the innovation performance of agriculture-related small and medium-sized enterprises,as well as the heterogeneity and the moderating effect.The mediating effect model,Bootstrap method,threshold regression model and structural equation models were used to empiricly explore the mediating effect of financing structure on financial subsidies’ innovation performance,the mediating effect of R&D input on financial subsidies’ innovation performance,and the mediating effect of financing constraints on financing structure ’innovation performance.The main conclusions of this study are as follows:(1)Construct a representation index system of innovation performance of agriculture-related smes from three dimensions of innovation output,innovation transformation and innovation performance,which can explain 88.6% of the total variation of enterprise innovation performance.The innovation performance of agriculture-related smes is different in different life cycle stages.The innovation performance value of mature enterprises is the highest,while that of start-up enterprises is the lowest.(2)Financial subsidies can effectively improve the innovation performance of agriculture-related smes,showing the "incentive effect".In the analysis of regional heterogeneity,financial subsidies have the largest promoting effect on the innovation performance of enterprises in eastern region,second in central region and third in western region.In the analysis of industry heterogeneity,the promotion effect of fiscal subsidies on the innovation performance of agriculture-related smes is much higher than that of non-agriculture-related smes.In the analysis of life cycle heterogeneity,financial subsidies have a positive promoting effect on the innovation performance of enterprises in both start-up stage and growth stage,according to the promoting effect of start-up stage > growth stage > maturity stage.In addition,corporate governance level,firm size,financial resource mismatch and other factors play a moderating role in the process of fiscal subsidies affecting firm innovation performance.(3)Financing structure can effectively improve the innovation performance of agriculture-related smes.In terms of promoting effect,endogenous financing structure >equity financing structure > debt financing structure,long-term debt structure can significantly promote innovation performance,while short-term debt structure has no significant effect.Credit financing structure can significantly promote innovation performance.In the analysis of regional heterogeneity,the intensity of influence of financing structure on enterprise innovation performance in the eastern region is equity financing structure > internal financing structure > debt financing structure.Enterprise internal financing structure > debt financing structure > equity financing structure in central and western regions.In the analysis of industry heterogeneity,the influence intensity of non-science and technology smes related to agriculture is as follows: endogenous financing structure > equity financing structure > debt financing structure.The influence intensity of agriculture-related science and technology smes is as follows: endogenous financing structure > debt financing structure > equity financing structure.The debt financing structure plays a greater role in promoting the innovation performance of agriculture-related science and technology smes.Factors such as human capital network,marketization level and enterprise life cycle play a moderating role in the process of financing structure affecting enterprise innovation performance.(4)Financing structure plays a partial mediating effect in the influence of fiscal subsidies on the innovation performance of agriculture-related smes.When financing structure is the first half path of intermediary variables,fiscal subsidies affect the innovation performance of enterprises mainly through the debt financing structure of enterprises.The life cycle plays a positive moderating effect in the first half path.When financing structure is the last half path of intermediary variables,debt financing structure and equity financing structure can significantly promote the innovation performance of enterprises.The life cycle plays a positive regulating effect in this path.(5)R&D investment(R&D investment scale and R&D investment intensity)plays a partial mediating role in the relationship between fiscal subsidies and the innovation performance of agriculture-related smes.(1)When R&D intensity is the last half path of the intermediate variable,the coefficient of "R&D intensity--innovation performance" is significantly positive.(2)When R & D scale is the first half path of the mediating variable,the path coefficient of "fiscal subsidy-R & D scale" is significantly positive,and the life cycle has a negative moderating effect on this path.When R & D scale is the last half path of the mediating variable,the path coefficient of "R & D scale-innovation performance" is significantly positive,and the life cycle plays a positive role in regulating this path.(3)Financing constraints have a single threshold effect on the relationship between financial subsidies and firm innovation performance.Fiscal subsidies affect innovation performance mainly by influencing R&D input,and this promoting effect is more obvious in enterprises with high financing constraints.(6)Financing constraints play a partial mediating role in the relationship between financing structure and innovation performance of agriculture-related smes.When financing constraint is the first half path of intermediary variable,financing structure can significantly alleviate the level of financing constraint.In order to reduce financing constraints,the order is equity financing structure > debt financing structure > internal financing structure.When financing constraint is the last half path of intermediary variables,the regression coefficient of equity financing structure and endogenous financing structure on enterprise innovation performance is significantly positive,and debt financing has "crowding out effect" on enterprise innovation performance.On the basis of the research conclusions,based on the reform of fiscal subsidies,the optimization of financing structure and the joint effect of fiscal subsidies and financing structure,the following countermeasures and suggestions are proposed: Design a financial innovation subsidy mechanism that matches the life cycle of enterprises,strictly examine and supervise the application and use of financial subsidies,adopt precise and differentiated financial subsidy methods,optimize the financing structure of enterprises,help enterprises innovate and develop flexible financing strategies,To innovate various financing methods,improve the top-level design of the linkage mechanism between fiscal subsidies and rural financial markets,optimize the policy design of fiscal subsidies support,strengthen the effective docking with the innovation of agriculture-related small and medium-sized enterprises,and promote the construction of a supporting system for the orderly operation of the linkage system between financing structure and rural financial markets.