税收优惠、融资约束对农业上市公司经营绩效的影响研究

Research on the Influence of Tax Preference and Financing Constraint on the Business Performance of Agricultural Listed Companies

文章以我国2012—2020年农林牧渔业A股上市公司为样本,实证分析税收优惠政策对农业企业经营绩效的影响以及融资约束的调节效应。研究表明:税收优惠政策对农业上市公司的经营绩效具有显著的正向作用,引入融资约束这一调节变量后,融资约束程度越低,农业上市公司税收优惠政策表现越好。此外,若其他因素保持不变,融资约束程度会降低农业上市公司的税收优惠表现对企业绩效的正向促进效用。故在乡村振兴战略背景下,农业上市公司应积极利用税收优惠政策以提升企业绩效,政府部门应针对农业上市公司发展过程中的资金短缺问题加强财政扶持力度,缓解融资约束。

This paper empirically analyzes the impact of preferential tax policies on the business performance of agricultural enterprises and the moderating effect of financing constraints,based on the sample of A-share listed companies in China’s agriculture, forestry, animal husbandry and fishery industries from2012 to 2020. The research shows that the preferential tax policy has a significant positive effect on the business performance of agricultural listed companies. The lower the financing constraint, the better the preferential tax policy performance of agricultural listed companies. In addition, if other factors remain unchanged, the degree of financing constraints will reduce the positive effect of tax incentives on corporate performance of agricultural listed companies. Therefore, under the background of rural revitalization strategy,agricultural listed companies should actively use tax incentives to improve corporate performance, and government departments should strengthen financial support to alleviate financing constraints in view of the shortage of funds in the development process of agricultural listed companies.