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《Industrial Economics Research》 2006-03
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Effect of Governmental Tax Preferences and Direct Subsidies on the Performance of Listed Agribusiness

ZOU Caifen~1,XU Jialin~2,WANG Yapeng~1(1.Economic & Management School,Huazhong Agriculture University,Wuhan 430070,China;2.Accounting School,Zhongnan Finance & Law University,Wuhan 430060,China)  
Chinese listed companies generally enjoy national taxpreferences and direct subsidies from regional governments.The most typical case is the listed agribusiness.To use security market for promoting the development of agriculture integration,the listed agribusiness were provided with more abroad and lasting taxpreferences and subsidies by the central and local governments.The paper made an analysis of taxpreferences and subsidy on operating performance with a sample of 36 publicly-traded agribusiness before or in 1998 on an unbalanced panel data.The result implicated that taxpreferences had no statistically significance on the growth of the listed agribusiness and an unexpected side-effect was found that the direct subsidy improved firms' solvency position substantially,which led to the rent-seeking and shirking behavior of firms' management team.
【CateGory Index】: F224
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