Research On The Impact Of Financial And Tax Subsidy On The Operational Efficiency Of Agricultural Listed Companies

The agricultural listed companies,a representative of the advanced productive forces,playing an important role in guiding the rapid development of economy in our country.In order to promote agricultural industrialization,the government has adopted fiscal subsidy policies to support the development of agricultural listed companies vigorously.However,with the increase of support,the business situation of agricultural listed companies is getting worse and worse,instead of achieving the desired goals.The operating efficiency reflects not only the company's own operating conditions,but also the operation efficiency of the whole national economy to some extent.Throughout the current studies and research literature,most of them only focus on the impact of fiscal subsidies on corporate performance instead of the relativity of the fiscal policies and the operating efficiency.Therefore,from the perspective of agribusiness,this paper analyzes the impact of fiscal and tax subsidies on operational efficiency,understands the effect of the policies,and improves the implementation structure of fiscal and tax subsidies,which is of great significance for improving the efficiency of agricultural listed companies.Based on the relevant data of A-share listed agricultural companies from 2012 to 2016,this paper systematically analyzes and thoroughly tests the effects of the financial and tax subsidies on the operating efficiency of agricultural listed companies.The main research contents include the following aspects:First of all,on the basis of introducing relevant theories of agricultural listed companies,financial subsidies and tax preference,the paper conducts a systematic statistical analysis on the current status of the agricultural listed companies and the financial subsidies they received.Second,using data envelopment analysis,the operational efficiency of the agricultural listed companies is measured.The result shows that the overall level of operating efficiency is comparatively high.Finally,a multivariate regression analysis was used to empirically examine the effects of financial and tax subsidy policies on the operating efficiency of agricultural listed companies.The research shows that there is a significant negative effect between fiscal subsidy policy and the operating efficiency of the companies,and there is a positive correlation between the tax preference and the operating efficiency of the companies.Therefore,the government should focus on tax preference policies,adjust the current mode of subsidy and improve the subsidy mechanisms.The use of subsidies must be supervised strongly.At the same time the companies should rationally use fiscal subsidies to increase their operating efficiency.Only in this way,the development of the companies become sustainable.