政府补贴、股权结构与涉农企业经营绩效——基于双固定效应模型的实证研究  

Government Subsidies,Ownership Structure and Agri-related Business Performance——Research Based on the Double Fixed Effects Model

作　　者：李晓阳[1] 龙贝 李晓雪 肖桑梦 LI Xiaoyang;LONG Bei;LI Xiaoxue;XIAO Sangmeng

机构地区：[1]西南大学,重庆400715

出　　处：《农业技术经济》2021年第12期127-144,共18页Journal of Agrotechnical Economics

基　　金：国家自然科学基金项目“博弈视阈下农民工市民化诱导机理研究”(编号:71373215);重庆市政府重大决策咨询项目“重庆发展现代山地特色高效农业总体思路和实现路径研究”(编号:2021ZB02);重庆市社科规划重点项目“成渝地区双城经济圈要素流动研究”(编号:2021NDZD08)。

摘　　要：政府补贴是政府鼓励涉农企业发展的重要手段,事实上,涉农企业的主营业务经营绩效与上市公司平均水平尚有较大差距,政府补贴能否有效提升企业经营绩效,亟待研究。本文基于2012—2019年沪深A股涉农企业的面板数据,构建双固定效应模型和系统GMM模型,考察政府补贴、股权结构与涉农企业经营绩效三者间的关系。研究发现:政府补贴具有滞后性,且滞后一期的政府补贴对涉农企业经营绩效的提升具有抑制性;股权结构对涉农企业经营绩效的影响具有异质性与调节性,即股权集中度越高,滞后一期的政府补贴对涉农企业经营绩效的抑制性越强;股权制衡度越高,滞后一期的政府补贴对涉农企业经营绩效的抑制性越弱。Government subsidies are an important means for the government to encourage the development of agriculture-related enterprises.In fact,the main business performance of agricultural enterprises and the average level of listed companies still have a big gap.Whether government subsidies can effectively improve the business performance of enterprises requires urgent research.Based on the panel data of agricultural-related enterprises from 2012 to 2019,construct a fixed-effect model and a systematic GMM model,and examine the relationship between government subsidies,equity structure,and the operating performance of agricultural enterprises.The study found that:government subsidies have a lag,and the government subsidies in the first phase have inhibition to the improvement of the operating performance of agricultural-related enterprises,the impact of equity structure on the business performance of agricultural-related enterprises have heterogeneous and regulatory,that is,the higher the concentration of equity,the stronger the inhibition of the management performance of agricultural-related enterprises,the higher the balance of equity,the weaker the government subsidies on the performance of agricultural-related enterprises.

关 键 词：涉农企业 政府补贴 经营绩效 股权结构 

分 类 号：F812.8[经济管理—财政学] F324F832.51