农村金融发展、财政补贴与农业上市公司投资水平

Rural Finance Development,Financial Subsidy and Investment Level of Agricultural Listed Company

基于农业上市公司非平衡性面板数据,本研究实证估计了农村金融与财政补贴对农业上市公司投资水平的影响效果,并对该效应进行了稳健性检验与行业内部的异质性分析。实证发现:(1)农村金融发展水平对农业上市公司的投资水平在10%显著性水平上有正向影响,而政府财政补贴力度对农业上市公司的投资水平却在10%显著性水平上呈现出明显的负向影响。且该影响效果通过了差分GMM与LSDV估计法的稳定性检验,由此表明农村金融对农业上市公司投资水平具有显著的促进效应,而财政补贴则表现出较为明显的抑制效应。(2)农村金融与财政补贴对农业上市公司研发投资支出均存在抑制效应,且财政补贴的抑制效应较为强烈。(3)行业内异质性分析发现,农村金融对种植业类、林业类、畜牧业类上市公司投资水平均有正向促进效应,且对种植业类上市公司的促进效应显著有效,而对渔业类上市公司却表现出不显著的抑制效应;财政补贴对四类农业上市公司均有抑制效应,尤其对种植业类上市公司的抑制效应更为显著有效。

Based on the non-balance panel data of agricultural listed companies,this study empirically estimated the effect of rural finance and financial subsidy on the investment level of agricultural listed company,and gives the stability test and investigates the heterogeneity within the industry of this effect.The empirical research finds that:(1)The level of rural financial development has a positive impact on the investment level of agricultural listed company at the significance level of 10%,while the government financial subsidy shows an obvious negative impact on the investment level of agricultural listed company at the significance level of 10%.and the impact effect has passed the stability test of the Difference GMM model and LSDV estimation method,which shows that the rural finance has a significant promotion effect on the investment level of agricultural listed company,while the financial subsidy shows a relatively obvious inhibitory effect.(2)Both rural financial and financial subsidy have a inhibitory effect on the R&D investment expenditure of agricultural listed company,and the inhibitory effect of financial subsidy is relatively strong.(3)The within-industry heterogeneity analysis finds that rural finance has a positive promotion effect on investment level of listed companies in planting,forestry and animal husbandry.Moreover,the promotion effect on listed companies in planting is significantly effective,and the financial subsidy has a inhibitory effect on all the four types of agricultural listed companies,especially for listed companies in planting.