Government Subsidies,Investment Direction And Operational Performance Of Listed Agricultural Enterprises

With its weakness,externality,multi-functionality and public goods attributes,agriculture is often difficult to occupy a dominant position and improve its competitiveness in the international market by itself,so it needs policy support and assistance from the state.However,agricultural listed enterprises,as representatives of advanced productive forces,have long received various forms of subsidized support from the government,but their performance in terms of operating conditions has been unsatisfactory,and even with increasing support,their operating performance has decreased rather than increased.In addition,the overall investment scale of China’s agricultural listed enterprises is relatively small and the investment efficiency is not high.Therefore,it is important to study how government subsidies affect the operating performance of listed agricultural enterprises and what role investment direction plays between the two.In this paper,the relationship between government subsidies,investment direction(fixed asset investment,R&D investment and outbound investment)and operating performance is first studied by using fixed-effects model,and then the path of influence of investment direction between government subsidies and operating performance is analyzed by using mediating-effects model.Finally,further research is conducted by classifying enterprises according to the nature of property rights and economic regions.The results show that:(1)government subsidies have a considerable beneficial impact on business performance,and government subsidies have a significant incentive effect on all three investment directions,and the three investment directions have a significant promotion effect on business performance;(2)in the analysis of the influence mechanism,fixed assets investment,R&D investment and outbound investment all play a part in the intermediary role between government subsidies and business performance,with different degrees;(3)in the heterogeneity analysis,it is worth noting that the positive relationship between subsidies and business performance of non-state enterprises is not significant,subsidies have a negative relationship with R&D investment of state-owned enterprises,subsidies have a negative relationship with fixed asset investment of eastern enterprises,and there is little evidence that government subsidies have a significant promoting effect on foreign investment in the central and western regions.Accordingly,this paper puts forward targeted opinions from two perspectives of government and enterprises,respectively:(1)the government should increase subsidy support for listed agricultural enterprises,implement differentiated government subsidy policies,and strengthen the standardization of the existing government subsidy system from the perspectives of pre-approval,post-issuance and post-supervision;(2)it is necessary for enterprises to make reasonable investment decisions,enhance the awareness of worries and risks,improve the efficiency of the use of government subsidies,develop the ability of selfblood generation,optimize the performance evaluation system of government subsidies and reduce the high dependence on subsidies.