중국정부의 재정지원정책이 농업기업의 경영성과 및 가치에 미친 영향에 대한 분석

An Analysis of the Effects of Government Financial Support Policies in China on the Performance and Values of Agriculture Companies

Purpose - The purpose of this study is to examine the effects of the government s financial supports for agricultural companies on company performance and values in China. Government subsidy, loan interest subsidy, and tax reduction are selected as means of government financial support in this study. Design/methodology/approach - The empirical analysis is conducted on agricultural companies listed in the Shanghai and Shenzhen stock markets from 2004 to 2017 through the CSMAR and RESSET data system using multiple regression. Findings - The results show that tax reduction is the most effective method of increasing company performance. Loan interest subsidy is the second effective method; however, government subsidy has no effect on company performance. On the other hand, all three methods of government financial support have effects on company values with tax reduction being found as the most effective method. In summary, this study shows that tax reduction is the most effective method as means of government financial support for agricultural companies to improve company performance and values. Research implications or Originality - The results of this study offer contribution to the government of China to establish policies for developing agricultural companies in the country. The endogenous problem is also considered for this study.