| Agricultural Science and technology is the inevitable choice to break through the restriction of resources and environment,and also the decisive force to promote the development of agricultural modernization and industrialization.Agriculture-related enterprises,as the main body of agricultural science and technology innovation,are the strategic breakthrough of Vitalizing Rural Economy.However,the shortage of scientific and technological outlay,the shortage of scientific and technological talents,and the single input channel restrict the development of scientific and technological innovation of our country’s agriculture-related enterprises,the long cycle,technology spillover and environmental impact have greatly reduced the innovation willingness of agriculture-related enterprises,which leads to the lack of innovation ability and motivation.Therefore,the government needs to rely on the “ Visible hand ” to regulate to ensure the agriculture-related enterprises’ R&D input enthusiasm and sustainability.In recent years,the government has formulated a variety of support policies to guide and encourage innovation in agricultural enterprises,in order to promote sustainable agricultural development of high quality.However,in the process of the government’s innovation support to the agriculture-related enterprises,the enterprises also have the behavior of “False signal”,which makes it difficult for the government to allocate the subsidy resources effectively,the original intention of the government to implement the fiscal and tax subsidy policy has not been fully realized.Therefore,we can not help thinking: whether the agriculture-related enterprises get more government subsidies by means of earnings management,whether the subsidy funds can really stimulate enterprise innovation;Does the enterprise actively invest the government subsidy funds obtained by earnings management in R&D Innovation Projects? This paper discusses the relationship between earnings management,government subsidies and innovation of agriculture-related enterprises,with a view to providing policy suggestions for improving the effectiveness of government subsidies and innovation enthusiasm of agriculture-related enterprises.This paper selected agriculture-related listed companies in Shanghai and Shenzhen A-shares from 2008 to 2021 as samples,using OLS model and Tobit model,to test whether agriculture-related enterprises will use earnings management to meet the government’s subsidy standards and appropriate the subsidy funds,and whether the “False Signal” released by earnings management behavior will have an impact on the relationship between government subsidies and innovation of agriculture-related enterprises.The results are as follows:(1)The negative earnings management effectively promotes the government subsidy funds.(2)The government subsidy can promote the innovation of the agriculture-related enterprises.(3)The behavior of earnings management will weaken the marginal R&D investment of government subsidies,that is,the higher the degree of earnings management,the weaker the role of government subsidies in promoting innovation of agriculture-related enterprises.(4)Through further sample study,it is found that,the above influence relations mainly exist in the state-owned enterprise and the CEO two job separation enterprise.Specifically,state-owned enterprises can obtain more government subsidies through earnings management,and the earnings management behavior of state-owned enterprises negatively regulates the positive correlation between government subsidies and agriculture-related enterprises innovation;The enterprises with two CEO posts can get more government subsidies through earnings management,and the earnings management behavior of the enterprises with two CEO posts can negatively adjust the positive correlation between government subsidies and innovation of agriculture-related enterprises.According to the conclusion of the study,this paper puts forward policy suggestions from the two levels of government and enterprise.The government should improve the subsidy mechanism,improve the transparency and fairness of subsidies,implement differentiated and targeted subsidies.Agriculture-related enterprises should rationally and scientifically use accounting policies and allocate government subsidy funds,optimize their internal governance structure,and enhance their own innovation ability.To ensure that government subsidy funds are truly “Put into practice” “Used in practice” and “Bring into play their strengths”,so as to enhance the innovation capacity and willingness of agriculture-related enterprises and promote the improvement of the innovation level of agriculture-related enterprises,We will promote the high-quality development of agriculture,the modernization of agriculture and rural areas,and the all-round revitalization of rural areas. |
