The Impact Of Financial And Tax Subsidy On The Operating Efficiency Of Agricultural Listed Companies

Agriculture is double restricted by the natural environment and the market environment.Also with a positive externality,it plays a certain role in improving the ecological environment and promoting the development of other industries.So the government implements lots of supporting policies on Agriculture.Agricultural listed companies especially enjoy a variety of fiscal subsidy policies as an important part of the agricultural industry.The government subsidies and the income tax concessions are the most important two subsidy policies.The government subsidies are directly conducive to the total profits of agricultural listed companies.The income tax concessions are able to increase the net benefit of the agricultural listed companies indirectly by reducing the corporate tax burden.Both can improve the performance of the enterprises,However,will the operating efficiency,the indicator which really reflects the production management ability of agricultural listed companies,be affected by fiscal subsidy policies?To find the answer in this paper,the author analyzes the possible impacts of fiscal subsidy policies on agricultural listed companies operating efficiency,by reviewing the existing related literature,drawing lessons from the thoughts and methods of domestic and foreign scholars on fiscal subsidy policies effect and the influencing factors of the agricultural enterprises' operating efficiency,basing on the theories of Weekness and positive externality and Principal-agent theory.That is,although the total profits and net benefits of enterprises increase due to fiscal subsidy policies,the profit level is actually inflated,As it is more likely for agricultural listed companies to be used to relying on fiscal subsidy policies and to become lazy.They may ignore improving their own management and production technology,and even take "rent-seeking" behavior for more fiscal subsidies.In order to validate this analysis,this paper uses DEA-Tobit two-step method to design the research plan:Select current assets,fixed assets,intangible assets,the three major costs and the main business cost as the input indicators.Select total profit and the main business income as the output indicators.Calculate the operating efficiency of agricultural listed companies,and as an explanatory variable to the government subsidy income rate and income tax rate for the interpretation of variables,Control the factors like enterprises scale,property attribute,establishment history and territory.Conduct Tobit regression and get the answer which is that the government subsidy is negatively correlated with the operating efficiency of agricultural listed companies,and the income tax has no significant correlation with the efficiency of agricultural listed companies.Further analysis shows that the government subsidy is mainly negatively correlated with the listed company technology efficiency,so that operating efficiency is affected finally.Basic on this,it is concluded that financial subsidy policies do not help improving the agricultural listed companies operating efficiency,even playing a hindrance to a certain extent.That is,financial subsidy policies can't fundamentally effectively promote the management capacity improving,not conducive to the long-term development of agricultural listed companiesIn the end,this paper puts forward relevant countermeasures and suggestions from the perspective of government and enterprises,according to theoretical analysis and verification results.First,the government should enact more specific financial subsidy policies to improve ways of fiscal subsidies,and set up agricultural scientific research fund to encourage and promote the development of agricultural production companies in the level of technology.Second,agricultural listed companies should get expanded appropriately,keep improving the level of production technology,strengthen their own management and scientific decision-making.