An Empirical Study Of Fiscal Policy On Agriculture Listed Companies Corporate Performance

As the first industry of our country,agriculture plays an irreplaceable role in the process of China's economic development,as the mainstay of China's agricultural development,agricultural listed companies is our country's representative of the advanced agricultural productivity,which speeds up the industrialization and modernization of agriculture in our country,and has an important significance to promote the international competitiveness of China's agriculture.So our country's government has issued a series of policies to support the development of agricultural listed companies,of which the fiscal and taxation policies as the main support tool.However,in recent years,with the increase of government's subsidies for agriculture listed companies,the development of agricultural listed companies have not got promoted,the overall business performance is at a low level,even a part of the agricultural listed companies are gradually fading out the main business,turning to other non-agricultural industries,the present situation contraries to the original intention why the government carries out the fiscal and taxation policies.Therefore,by studying the efficiency of fiscal and taxation policies for agricultural listed companies and analyzing the influence of fiscal and taxation policies to the agricultural listed companies' operating performance,there is of great significance to grasp the direction of the fiscal and taxation policies of our country and improve operating performance of the agricultural listed companie s.This article adopts the method of combining theoretical analysis and empirical analysis,in-depth analyzing the fiscal and taxation policies' effect to the agricultural listed companies' operating performance.The main content of the research is as follows: first of all,after introducing the related concepts of the agricultural listed companies,the preferential tax policy and fiscal subsidies,analyzing the basic characteristics of agriculture and agricultural listed companies,and connecting with the externality theory,efficient market theory and signaling theory for analyzing the necessity why the government carries out fiscal and taxation policies to the agricultural listed companies.Then,simply analyzing the general situation of the fiscal and taxation policies to the agricultural listed companies.Later,using factor analysis method to obtain thefactor scores and comprehensive scores which can measure the business performance of agricultural listed companies.Finally,combing with the related theory analysis,respectively from the two aspects of income subsidies and tax incentives to carry out the empirical research of the efficiency of fiscal and taxation policies to listed companies of China's agriculture,and drawing the relevant conclusions.The research shows that subsidies income and tax incentives directly constitute profits of the agricultural listed companies,improve the companies' current level of profitability,but can't play a significant role in promoting the company's comprehensive performance.So,the fiscal and taxation policies of our country fails to achieve the desired effect.Therefore,this paper analyzes the causes of this conclusion,and putting forward relevant policies and suggestions from two aspects of the government and the enterprises.