Research On The Impact Of Government Subsidy On The Performance Of Agricultural Listed Companies

Agriculture is the basic industry of the national economy.Due to its weak nature and basic characteristics,its development has long been concerned and supported by the government.Healthy and sustainable agricultural development is of paramount importance.From 2004 to 2018,the Central Committee of the Communist Party of China for 14 consecutive years of documents involving the three rural areas,the development of the three rural issues is the "top priority" of China's economic and social development.Government subsidies are one of the important policy instruments for the state to support the development of agricultural industries and listed agricultural companies.The government grants a large amount of subsidies to agricultural listed companies to help their development.As an agricultural listed company with agricultural industrialization management,its business performance affects the agricultural industry.Development and the solution of the three rural issues.At present,the management effect of agricultural listed companies as agricultural leaders is not known.Whether the government subsidy policy has effectively improved the industrial competitiveness of agricultural enterprises is still doubtful.The research on the impact of government subsidies on the performance of agricultural enterprises has important practical significance and theoretical value.Based on industrial policy theory,institutional theory,externality theory,and stakeholder theory,the paper builds a research framework,with 57 agricultural listed companies as samples,mainly using the financial data published by Guotaian database combined with descriptive analysis and quantitative analysis.The combination of qualitative and quantitative methods,combing the changes of agricultural subsidy policy from No.1 document,clarifying the development status of agricultural listed companies,constructing the theoretical framework of government subsidies affecting the performance of agricultural listed companies based on theoretical deduction,and demonstrating the government subsidies for agricultural listing The impact of the company and its mechanism of action.The empirical research of the article found that:(1)The direct subsidy method of financial subsidy is positively related to the development capability,profitability,operational capability and comprehensive performance of the enterprise,and negatively related to the solvency of the enterprise.Under the adjustment of the nature of the enterprise,the negative impact of financial subsidies significantly affects the profitability of enterprises,which means that the financial subsidies for non-state-owned enterprises can promote the profitability of enterprises,such as the return on net assets.(2)Tax incentives This indirect subsidy method is significantly negatively correlated with the company's development capability and overall performance,and is significantly positively correlated with the company's profitability.Under the adjustment of the nature of the enterprise and the size of the firm,tax incentives are positively affecting the firm.The development capability and overall performance negatively affect the profitability of enterprises.This means that the tax incentives granted by large-scale state-owned enterprises can promote the development capability and comprehensive business performance of small enterprises,while the small-scale non-state-owned enterprises obtain Tax incentives can better promote their profitability.(3)The characteristics of the agricultural sector have a positive and significant impact on the company's operational capability,profitability and overall performance.This indicates that the specialized operation of agriculture is conducive to the promotion of the comprehensive performance of agricultural listed companies and the profitability and operational capacity.The ability to improve the dimensions.On the basis of empirical research,the article proposes to actively implement strategies to improve the overall agricultural listed company's operating performance and sustainable development;pay attention to the differences in subsidy methods and indirect subsidies;the implementation of subsidy policies should pay attention to the marketization mechanism.And explore issues for further study.