| Government subsidy is One of the important policy means of the development of the industry.The government subsidized capital expenditure in various industries has increased year by year,which has greatly promoted the development of related industries.However,the effects of government support policy have been debated by economists.Because of agriculture weakness and basic industrial status,agriculture has been supported by the government for a long time.As an important subject of agricultural industrialization,agricultural listed companies have also obtained a large number of government subsidized funds.On the basis of various motives,the government gives the subsidy funds to the listed agricultural companies,but the theoretical research on the performance of the government subsidized funds is not comprehensive,and the conclusions are inconsistent.Under this background,in order to reveal the performance of the government subsidies for agriculture related companies in China and provide empirical evidence for the management department to improve the current agricultural subsidies policy,this paper classifies the performance of the company from the financial performance and non financial performance perspective.From the perspective of income related government subsidies and asset related government subsidies,the performance of government subsidized agricultural listed companies is analyzed.The object of this study is the relationship between government subsidies and corporate financial performance and non-financial performance.The theoretical basis,agricultural subsidy system,accounting and related research of government subsidies are analyzed and summarized.On this basis,this paper chooses 187 listed companies from Shanghai and Shenzhen stock market listed companies,and take 2007-2016 years’ financial report data of listed agricultural related companies as samples.Through descriptive statistical analysis,it reveals the status of government subsidies for listed agricultural related companies.Using the fixed effect model and the random effect model of the balanced panel data,the effect of government subsidy on the performance of the listed agricultural related companies is investigated from the perspective of financial performance and non-financial performance.And further the paper put forward suggestions to improve the performance of government subsidized agricultural listed companies.The main innovative works and conclusions of this paper are as follows:(1)The research samples are selected from the perspective of the whole industrial chain of agricultural.The agricultural production chain upstream production companies and agricultural industry chain downstream agricultural products processing companies were included in the research samples.It extends the current research mode of selecting research samples based on listed companies such as agriculture,forestry,animal husbandry and fishery.So it is more comprehensive and representative to study the performance of government subsidized agricultural listed companies.(2)From the four perspectives of agriculture subdivision industry,region,property right and subsidy forms,this paper studies the present situation of government subsidized agriculture related listed companies.It found that the government subsidies for agriculture,forestry,animal husbandry and fishery were significantly lower than those of other agricultural related industries.The average value of government subsidies in the eastern region is significantly lower than that in the central and western regions.There are various forms of government subsidies obtained from agriculture related listed companies.However,there is no significant difference in government subsidies obtained from the listed companies with different property rights.(3)From the perspective of CAS16’s classification of government subsidies,we find that government subsidies related to earnings promote short-term financial performance of listed agricultural companies.But it reduces the long-term financial performance of listed agricultural companies.Government subsidies related to assets do not promote short-term financial performance or long-term financial performance of listed agricultural companies.(4)From the perspective of financial performance,it is found that the efficiency of government subsidized funds in agriculture related listed companies is relatively low and it has no effect on the financial performance of the enterprise.This reflects the inefficient use of government subsidy funds by China’s agriculture related listed companies.(5)From the four angles of employment,R&D investment,fiscal revenue and social responsibility,the perspective of non-financial performance is defined.It is found that there is a significant positive correlation between government subsidies and employment level of agriculture related listed companies.Government subsidies for listed agricultural related companies have a significant positive correlation with the level of R&D investment.Government subsidies for listed agricultural companies have an incentive effect on R&D investment.Government subsidies for listed agricultural related companies are negatively related to the contribution of the company’s financial revenue.The government subsidies for listed agricultural related companies do not increase the financial revenue of the governments at all levels.There is no significant correlation between government subsidies and social responsibility of agricultural related listed companies.Government subsidies do not have the role of promoting the performance of social responsibility of agricultural related listed companies. |
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