Research On The Impact Of Financial And Tax Subsidy On The Performance Of Agricultural Listed Companies

Agricultural listed companies are a collection of advanced agricultural productive forces.To promote the development of agricultural industrialization,the government adopts fiscal subsidy policies to support agricultural listed companies.However,with the increase of support,the business situation of agricultural listed companies is getting worse and worse,instead of achieving the desired goals.By exploring the impact of fiscal subsidies on operating performance,we can better understand the implementation efficiency of fiscal subsidy.It is of great significance to improve the implementation of the structure of fiscal subsidies to enhance the operating efficiency of agricultural listed companies.The main contents and conclusions of this paper are as follows:(1)An analysis of the current operating status of agricultural listed companies and the implementation of fiscal subsidy.This paper analyzes the operation of agricultural listed companies in China from aspects of profitability,solvency,operational capacity and development capability,and calculates the quarterly performance of agricultural listed companies from 2003 to 2015 with the gray relational analysis method.It is considered that the operating status of the agricultural listed companies is poor and performances are low.The breadth and depth of the implementation of the fiscal subsidy policy are analyzed,and possible problems are pointed out.It is believed that the fiscal subsidy is wide and the supporting force is large,but the overall efficiency is low,mainly because the structure of fiscal subsidy is inappropriate,the implementation mode is unscientific and lack of effective supervision.(2)An analysis of the overall impact of financial subsidy on the performance of agricultural listed companies.Based on the calculation results of the performance of agricultural listed companies,this paper constructs the VAR model to explore the positive and negative effects,the hysteretic nature and the contribution degree of fiscal subsidies on business performance.The results show that the effect has no lag,and it can significantly improve the business performance,in which the contribution degree has reached 12%.(3)A comparative analysis of the effects of tax preference and income subsidy on business performance.This paper divides the fiscal subsidy into tax preference policy and income subsidy policy,selects the unit operating income tax preference and the unit operating income subsidy as the variables,and constructs the VAR model to carry out the empirical analysis.The results show that the implementation of fiscal subsidy policy focuses on tax preference;the effect of tax preference and income subsidy on the business performance have no lag;tax preference has a positive impact on business performance,while income subsidy has a negative impact;the contribution of income subsidy is greater than tax preference.(4)Case analysis of the BEI DA HUANG group.Based on the analysis of the operation status and the fiscal subsidy of the BEI DA HUANG group,this paper analyzes the impact of tax preference and income subsidy policies on the performance of the BEI DA HUANG.According to the analysis,it is found that while the government's policy to the BEI DA HUANG group focuses on the tax preference policies,the main effect on the business performance is from income subsidy policy.It significantly enhances the business performance in the short term,but not in the long term.(5)Research recommendations and possible innovations.This paper argues that the fiscal subsidy policy is propitious to the development of agricultural listed companies as a whole.It is recommended for the government implements the fiscal subsidy policy for agricultural listed companies over a long period of time,using income subsidy policy as an auxiliary tool while focuses on tax preference policy.It is also suggested that enterprises should make rational use of tax subsidies to enhance their competitiveness and sustainable development.Two main innovations of this paper are as follows:(1)The construction of VAR model to explore the impact of fiscal subsidies on the performance of agricultural listed companies,shows not only the positive and negative effects,but also dynamics of the impact and the degree of contribution.(2)The effects of tax preference and income subsidy on business performance are analyzed separately,and then an in-depth comparative analysis is conducted.