Study On The Effect Of Fiscal Subsidy To Financing Of Agriculture Company

Agriculture is the important industry of the national economic development,it not only provides food supplies for people's normal life,to provide production and processing material for many industries,but also plays a core role in the protection of national food security,solve the problem of "agriculture,rural areas and farmers" and other major tasks.Due to the prominent position in the economic and social development,government strongly supports the agricultural industry development.Promoting agricultural development has become a topic of central government file no.1,and government also expands the size of government financial input to agriculture.As the main organization form of agricultural production,agricultural enterprises growth has important significance to the agricultural development.But from the point of management present situation,development of agricultural enterprises has been in a weak position.Most agricultural enterprises have a traditional mode of production,use of new technologies,such as agricultural machinery,and biotechnology not fully,the product profit space is small,so the overall level of agricultural enterprise profit is not high.At the same time,agricultural enterprises are faced with both the risk of natural environmental conditions change,and the risks of product market price fluctuations,its operating conditions is not stable.These conditions have led to the current agricultural enterprises overall small scale,profitability is not high,financial strength is not strong.Money is the key of the development of agricultural enterprises.To support the development of agricultural enterprises,the government provides all kinds of subsidies to agricultural enterprises.In theory,government subsidies to help agricultural enterprises break the constraints of funds,to improve their ability of assets construction,management,operation ability and technology research and development capabilities,and help to realize general objective to promote the development of the agricultural industry.But in the process of subsidy policy,many scholars have found that money often fail to realize the policy goals,subsidy effect is limited to the promotion of ability of enterprise management in agriculture.To help agricultural enterprises promote management ability,break the funding constraint,it can not only rely on subsidies to provide the amount of money.A result,the government can provide the amount of capital to the enterprise,after all,limited subsidies cannot be agricultural enterprises,the main capital sources;Second,the government subsidy funds should play a role of guiding,and should not be alternative agricultural enterprises financing.Along this train of thought,on the current government subsidies for agricultural enterprises,should consider the influence of subsidy to agricultural enterprises financing.Government subsidies have certain financing effect.First of all,the subsidies to enrich the enterprise income,improve the level of corporate profits,which is beneficial to enterprises obtain financing from the outside world;Secondly,signal transmission effects of government subsidies,subsidies can guide investors.Appropriate use of subsidies influence on corporate financing behavior will help to agricultural enterprises,enhance strengthen the purpose of the government subsidies.In this paper,we discuss the government subsidies for agriculture to discuss the influence of corporate financing behavior.This article chose the 21 listed on the Shanghai and Shenzhen markets agricultural enterprises as samples,studied the empirical data.This paper discusses the mechanism of government subsidy on corporate financing behavior and path are analyzed,and put forward government subsidies have signal effect and income effect of two kinds of effect,and then introduced the agricultural enterprise with government subsidies and the present situation of the financing,and mainly on government subsidies and agricultural enterprises financing needs,financing ability of practical relations are described.After complete description of the status quo,this article separately on government subsidies for agricultural enterprise equity financing and debt financing has carried on the empirical analysis.In terms of the impact on the equity financing,using event analysis method,this paper chose the companies announced its accept subsidies information after the stock abnormal returns as an index,measure the external investors receive subsidies to the enterprise the evaluation of the incident,and based on the analysis of the government subsidies to the agricultural enterprise equity financing.In terms of subsidies to the impact of debt financing,based on the short-term debt financing increases with the increase in long-term debt financing to be explained variable,regression using the two stage method to analyze how subsidies will make the agricultural enterprise debt financing behavior produces change.The empirical analysis part has abundant conclusions.In terms of equity financing,overall government subsidies for enterprises to obtain external equity financing,and if the different types of subsidies,respectively discussed,then the enterprise special subsidies is helpful for enterprises to obtain equity financing,research and development,innovation,business subsidies,subsidies cost does not favor the enterprise to obtain equity financing;State-owned enterprises to obtain the government subsidies relative to the private enterprise is more advantageous to their equity financing;From the central government subsidies relative to the local government is more advantageous to the enterprise to obtain equity financing.In terms of debt financing,the government subsidy funds will make the enterprise to expand its short-term debt financing scale,with no significant impact on its long-term debt financing scale.According to the empirical research on a series of conclusions,in this paper,we put forward four suggestions to optimize government subsidies for agricultural enterprise: one is to give full play to the subsidies financing leading role,the second is to strengthen the government subsidies of signal transmission function,third is to reduce profitable supplement government subsidies,four is to build information mechanism of government subsidy.