Research On The Influence Of Tax Preference On The Performance Of Agricultural Listed Companies

In recent years,in order to promote the development of the agricultural industry,China has introduced a series of agricultural tax preferential policies.As the backbone of China’s agricultural industrialization and modernization process,agricultural listed companies have enjoyed a large number of tax incentives,but their business performance is still far below the average level of listed companies,and they are in a disadvantaged position in the market.Has tax incentives had a significant impact on the operational performance of agricultural listed companies? What is the positivity and magnitude of the impact? It is of practical significance to conduct research on the above issues and provide more targeted suggestions based on the research conclusions to better leverage the effectiveness of tax preferential policies.There is a policy lag in tax preferential policies.Will the impact of previous tax incentives on the operating performance of agricultural listed companies in this period be greater than the impact of current tax incentives? According to the Tax incentive theory,tax incentives will have a positive incentive on the operating performance of agricultural listed companies,but the existence of uncertain factors such as government enterprise information asymmetry and policy rent-seeking may have a moderating effect on the above impact,thus affecting the policy effectiveness of tax incentives.Will the adjustment variables affect the main regression? Will different regions and industries of agricultural listed companies have an impact on the correlation between tax incentives and operational performance of agricultural listed companies?This paper focuses on the above issues,selects 89 agricultural listed companies listed in 2016 and before as sample companies,and selects the data of sample companies from 2016 to 2021 to form panel data according to the relevant standards of Guotai’an Database.In consideration of the availability of data,the corporate income tax preference of unit operating income is selected as the explanatory variable,the total return on assets is taken as the explanatory variable,and the company size,age,equity concentration ratio,etc.are added to the model as control variables.Through relevant tests,it was found that the fixed effects model is more suitable for this study.Therefore,a time and individual dual term fixed effects model was constructed for testing,and the conclusion that tax incentives are significantly positively correlated with the operating performance of agricultural listed companies was ultimately obtained.On the basis of the above research,it was found that the impact of previous tax incentives on the operational performance of agricultural listed companies is smaller than that of current tax incentives.This means that the tax incentives have timeliness,and the impact of current tax incentives is more significant.Therefore,when implementing tax preferential policies,it is necessary to pay attention to the timeliness of the policies,and help agricultural listed companies enjoy tax preferential treatment in a timely manner through extensive publicity and timely guidance.In the heterogeneity test,it was found that in economically developed provinces,cities,autonomous regions,and industries such as agriculture,forestry,animal husbandry,and fishing in China,tax incentives have a greater impact coefficient on the operational performance of agricultural listed companies.Through the inter group difference test,it was found that regions do not bring structural changes to the model,while industries bring structural changes to the model,indicating that industries significantly affect the effectiveness of tax incentives.In the mechanism testing,by adding two moderating variables,information asymmetry and rent-seeking,it was found that rent-seeking and information asymmetry negatively regulate the positive incentive effect of tax incentives.Therefore,in the process of formulating and implementing tax preferential policies,it is necessary to reduce rent-seeking space through regulatory measures,in order to enhance the effectiveness of tax preferential policies.