Research On The Integration Of Industry And Finance With The Same Group Effect And The Innovation Input Of Agricultural Enterprises

At present,China’s agriculture is in an important period of development,and the key to achieving sustained and stable growth of agricultural economy lies in accelerating agricultural scientific and technological progress and innovation.Technological innovation of agricultural enterprises has problems such as difficult research and development,long production cycle,and low conversion rate of innovation results,resulting in insufficient innovation motivation and low innovation input level.The combination of industry and finance can introduce external innovation resources for agricultural enterprises,and then solve the key problems restricting the innovation and development of agricultural enterprises.Agricultural enterprises need to face major risks in making decisions on the integration of industry and finance under uncertain circumstances,so enterprises will refer to the decision-making behaviors of other enterprises with the same characteristics to rationalize decision-making behaviors and reduce the risk of decision-making failure.The industry-finance integration cohort effect refers to the phenomenon that agricultural enterprises adjust their own level of industry-finance integration according to the decisions of other enterprises.At the same time,the business environment plays an important role in influencing corporate behavior decisions and improving the investment environment of enterprises,and the establishment of a legal and standardized business environment is of great significance to promote the innovation and development of agricultural enterprises.Based on this,this paper takes agricultural enterprises as the research object to explore the relationship between business environment,industry-finance integration and cohort effect and innovation input,in order to provide reference opinions for solving the problem of insufficient innovation input faced by agricultural enterprises in China,so as to promote the innovation and development of agricultural enterprises in China.From the perspective of social interaction,this paper constructs a theoretical framework for the regional group effect and industry group effect of the combination of industry and finance in agricultural enterprises.Based on the research idea of cohort effect-economic consequences,the nonlinear relationship between industry-finance combination cohort effect and agricultural enterprises’ innovation input is discussed,and the quantile regression model is used to reveal the difference in the impact of economic consequences of cohort effect in agricultural enterprises with different levels of innovation input.At the same time,considering the influence of external macro factors,this paper explores the regulating effect of business environment on the same group effect and innovation input by constructing a comprehensive index system for the business environment in the agricultural industry.In order to combine theory and practice,this paper selects a total of 1329 samples of agricultural listed companies from 2009 to 2021 for empirical analysis,and draws reasonable conclusions.The regression results are as follows:(1)Agricultural enterprises have significant regional and industry cohort effects,that is,agricultural enterprises will be affected by enterprises in the same region or industry when making decisions on the integration of industry and finance.After distinguishing the nature of property rights,we find that nonstate-owned enterprises have a more significant regional cohort effect than state-owned enterprises,while state-owned enterprises have a more significant industry cohort effect.(2)When the level of innovation input of agricultural enterprises is low,there is a crowding effect on innovation input due to the same group effect of industry and finance.When the level of innovation input of agricultural enterprises is high,the combination of industry and finance and the group effect should be ineffective or there is a crowding out effect on innovation input.After distinguishing the nature of property rights,we find that when the level of innovation input of agricultural enterprises is low,the crowding effect of industryfinance integration and cohort effect of non-state-owned enterprises on innovation input is more obvious.When the level of innovation input of agricultural enterprises is high,the crowding out effect of the combination of industry and finance and the same group effect of state-owned enterprises on innovation input is more obvious.(3)The business environment can effectively regulate the relationship between the cohort effect and innovation input.When the level of innovation input of agricultural enterprises is low,the business environment can enhance the crowding effect of the cohort effect on innovation input.When the level of innovation input of agricultural enterprises is high,the business environment can suppress the crowding out effect of the same group effect on innovation input.The results show that agricultural enterprises should implement the imitation behavior of industry-finance integration and cohort that is compatible with their own innovation ability,so as to effectively play the role of industry-finance integration and cohort effect on innovation input.Accordingly,this paper provides reference for reasonable decision-making of enterprises and macro-control of the government.