| With the continuous advancement of digital technology and industrial reform,Chinese agricultural enterprises are facing unprecedented historical opportunities.In order to promote the rapid development of modern agricultural industry,the government formulated a series of policies,which opened a new situation of the development of agricultural industry in the new era.As an important force in building a modern agricultural industrial system,leading agricultural enterprises play an important role in promoting the modernization of agricultural production,management and operation,and are pioneers of agricultural digitalization.The digitization of agricultural leading enterprises is helpful to speed up the process of agricultural industrialization,promote farmers’ employment and income and realize rural revitalization.Our country has been attaching great importance to the cultivation and support of agricultural leading enterprises,strengthening the subsidy for agricultural leading enterprises year by year,actively guiding agricultural leading enterprises to make digital investment.However,the performance of agricultural leading enterprises differs very much.The “black box“ between government subsidies and digital investment by agricultural giants has yet to be cracked.In this paper,a systematic review of the enterprise digital investment,government subsidies,financing constraints and the technical background of senior executives and other aspects of the research,combined with the resource-based theory,signal transmission theory and high-level echelon theory,put forward the research hypothesis,the construction of research model.From 1959 national agricultural leading enterprises,65 enterprises listed before 2017 and rated as agricultural leading enterprises by the Ministry of Agriculture from 2017 to 2021 were selected.Relevant financial data were collected from CSMAR,and empirical test was conducted by Stata software.Firstly,OLS,FE and RE are used to empirically test the relationship between government subsidies and digital investment,and the GMM model is used to eliminate the endogeneity of the research model and replace the dependent variable to test the robustness of the relationship between government subsidies and digital investment.The empirical results all show that government subsidies significantly promote the digital investment of leading agricultural enterprises.The interaction term of financing constraint and government subsidy is introduced to test the regulating effect of financing constraint on government subsidy and digitalized investment of leading agricultural enterprises.The results show that financing constraint enhances the promoting effect of government subsidy on digitalized investment of leading agricultural enterprises.Secondly,according to the technical background of directors of enterprises,the research data is grouped and the regression analysis is conducted respectively.When senior executives have technical background,government subsidies have a stronger promoting effect on digital investment of leading agricultural enterprises.Finally,further testing the impact of government subsidies and enterprise digital investment on enterprise performance shows that government subsidies significantly promote short-term performance of leading agricultural enterprises,but have no significant impact on long-term performance of leading agricultural enterprises.Enterprise digital investment significantly promoted the long-term performance of leading agricultural enterprises,but had no significant impact on the short-term performance of leading agricultural enterprises.At the end of the paper,the author makes an in-depth analysis of the research conclusions,and puts forward relevant suggestions on promoting digitalization investment in leading agricultural enterprises from the two levels of government and enterprises. |
