Government Subsidies,R&D Investment And Operational Performance Of Listed Agricultural Companies

The agriculture is the foundation of development to all countries,only the agriculture develop well,the national economy can be develop stable and orderly.It's a long way to go to make the agriculture develop well,for this country established all kinds of financial support policy to help the development of agriculture.Agricultural listed companies is the leader in the body of agricultural economy,and play an indispensable role on the development of agriculture.Therefore,them have also been favored of government by all levels,and got a large number of preferential policies,the government subsidies is one of them.With the deepening of the country's attention to agriculture,the intensity of government subsidies is also constantly to increase,so the effect of government subsidy for agriculture is very worth our thinking.This article used the listed agricultural companies which classified by the Shen Yin & Wan Guo industry classification standard as the research object,studied the present situation of agricultural listed companies to receive government subsidies and its effect.Describing statistical analysis the general situation about the subsidies and R&D investment of the agricultural listed companies in recent years.Based on the data of 50 agricultural listed companies during 2010-2014,explored the relationship between the government subsidies,R&D investment and operational performance by using the improved mediation effect step by step method;According to the research results,suggestions were put forward.The main conclusions are as follows:(1)At present,the overall development of agricultural listed companies develop relatively slowly,and the distribution of industry and regional is uneven,the operating conditions is not good;Most listed agricultural companies have received government subsidies,but there is a big difference in the amount of subsidies;The different attitude towards listed agricultural companies for R&D activities,investment funds have a great difference in R&D.(2)The empirical results showed that the government subsidies,R&D investment of the sample firms has a positive impact on operational performance respectively;Government subsidies for the investment of R&D activities exist positive role in promoting.(3)The mediating effect test results showed that the government subsidies both have direct effect and indirect effect for operational performance at the same time,government subsidies can increase the operational performance by encouraging the increase of investment in R&D activities,it is also said that R&D investment plays a mediating role in the meantime,according to the results the mediating effect achieved 2.149 units,accounting for 15.53% of the total effect,the proportion of direct effect is 18.39%.