| The technological innovation capability of an enterprise plays an important role in expanding market share,enhancing core competitiveness,and improving business results,and it has a positive incentive effect for promoting stable economic growth.In2015,the Central Committee of the Communist Party of China and the State Council issued “Several Opinions on Increasing Reform and Innovation to Accelerate the Construction of Agricultural Modernization”,emphasizing the need to take the road of agricultural modernization with Chinese characteristics and accelerate the reform of agricultural science and technology innovation.According to documents issued by the Central Committee and the State Council,local governments at all levels continue to increase investment in R&D of enterprises.Although they can bring financial assistance for enterprises to carry out technological innovation activities,they also bring about “rent-seeking” behaviors of enterprises and individuals or government officials.Negative impact of “lease creation” behavior.Especially in the context of the inadequacy of various legal systems in China,the “rent-seeking” and“lease-creating” behaviors are extremely likely to occur.Many scholars at home and abroad have explored the relationship between government subsidies,technological innovation and corporate performance,laying a solid foundation for exploring ways to improve corporate performance.Judging from the situation of the relevant literature,most of the existing literature is discussing the relationship between government subsidies and enterprise performance.There are few studies on the path of government subsidies on enterprise performance,and it is rare to choose agricultural enterprises as the sample.According to the theory of resource allocation,the path of government subsidies on corporate performance is government subsidies—R&D investment subsidies or investment scale subsidies—enterprise performance,so technological innovation capability is chosen as an intermediary.When selecting indicators to measure technological innovation capability,due to the limitation of data availability,it is mostly measured by single indicators such as R&D capital investment,R&D personnel input or patent application volume,and less comprehensive indicators are used for characterization.It is of great significance for government departments to formulate and implement relevant policies to clarify theimpact mechanism of government subsidies on enterprise performance.Therefore,it is necessary to understand the working principle of government subsidy policy and empirically test the relationship between government subsidies,technological innovation capability and agricultural enterprise performance.This article uses 146 agricultural A-share listed companies in Shenzhen and Shanghai as research samples from 2014 to 2018.Based on resource allocation theory,innovation theory,rent-seeking theory and agricultural weakness theory,this paper uses Stata14.0 software to empirically study government subsidies,The impact of technological innovation capability on the performance of agricultural enterprises,and verified the mediating effect of technological innovation capability between government subsidy policies and the performance of listed agricultural enterprises.Theoretically,technological innovation capability is used as an intermediary variable for the impact of government subsidies on the performance of agricultural enterprises,which expands the relevant research on government subsidy policies and supplements the research path of “government subsidies-technological innovation capabilities-agricultural enterprise performance” to broaden Research ideas.In terms of indicators,the principal component analysis method is used to reduce the five indicators that measure the input,output,and transformation capabilities of an enterprise’s technological innovation into one indicator that represents the enterprise’s technological innovation capability,and to prevent subjectivity and information loss caused by a single indicator as much as possible.The following conclusions are obtained through research.(1)Direct subsidies can have a significant promotion effect on the financial performance and market performance of agricultural enterprises,and tax incentives can incentivize the financial performance of agricultural enterprises,but the promotion effect on market performance is not significant.(2)Government direct subsidies,tax incentives and technological innovation capabilities are all significantly negatively correlated.(3)The technological innovation ability significantly inhibits the improvement of the financial performance of agricultural enterprises,but the promotion effect on market performance is not significant.(4)The intermediary effect test concludes that technological innovation capability shows a significant intermediary effect betweengovernment direct subsidies and the financial performance of agricultural enterprises,indicating that direct subsidies provided by the government can act on finance through the “intermediary effect” of technological innovation capabilities Performance;direct subsidy policies can have a direct impact on the market performance of agricultural enterprises,and can also indirectly affect market performance through the “cover-up effect” of technological innovation capabilities;tax incentives can only directly affect financial performance,but not through technological innovation capabilities.The financial performance of an enterprise has an indirect impact;the direct incentive effect of preferential tax policies on market performance improvement is not significant,but it can indirectly affect the improvement of the market performance of agricultural enterprises through the “masking effect” of technological innovation capabilities.Finally,according to the research conclusion of this article and the actual situation of agricultural enterprises in my country,some policy recommendations are put forward for the reference of government departments and agricultural enterprise operators. |
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