资本负向扭曲与粮食加工企业利润率提升——以稻谷加工业为例

Negative Capital Distortions and Increased Profitability of Food Processing Companies——Take the Rice Processing Industry as an Example

基于工业企业数据库中的企业数据,实证考察稻谷加工业中企业资本扭曲情况及其对利润率的影响。研究发现,稻谷加工业中企业资本扭曲现象普遍,且以资本负向扭曲为主。负向扭曲程度的加深对原资本正向扭曲企业利润率的缓解作用不显著,但对原资本负向扭曲企业的利润率有明显负向作用。由此可知,在选择农产品加工业扶持政策时,政府应放开而不是强化对金融市场的干预。

Based on the industrial enterprise database, this paper will do an empirical study of capital negative distortions on corporate profitability of rice processing industry. It is found that the capital distortions of the rice processing industry are complex. For the companies with positive original capital distortions, the deepening of the negative distortions show less significant effect on alleviating the margins, while it has an obvious negative impact on the margins of the negative original capital distortions enterprises. Therefore, when making policies supporting agricultural products processing industry, the government should liberalize rather than strengthen the intervention in financial markets.