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| Have Government Subsidies Improved the Efficiency of Grain Circulation? Verification Based on Micro-data at the Enterprise Level |
| ZHU Qingqing |
| School of Business, Senmin University of China |
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Abstract: During the supply-side structural reform of the grain industry, government subsidies, as a direct means to support and guide the transformation and development of the grain industry, play an important role in transforming the development mode of the grain enterprises and improving the operating efficiency of enterprises. Based on the data of listed grain enterprises in China and theoretical analysis, this paper empirically examines the impact of government subsidies on the circulation efficiency of grain enterprises. The results show that government subsidies can improve the circulation efficiency of grain enterprises. The heterogeneity test shows that the promotion effect of government subsidies on grain enterprise circulation efficiency is more obvious in non-state-owned grain enterprises and main grain production and sales areas, but the new round of grain circulation reform slightly weakens the incentive effect of government subsidies. Panel threshold regression results show that government subsidies have a positive impact on the circulation efficiency of grain enterprises in the marketization development. However, there are differences in the degree of its influence: the largest at the high-level marketization, the second at the general level, and the smallest at the low level. Therefore, we should attach importance to the effective incentive effect of government subsidies in order to maximize the contribution of government subsidies to the circulation efficiency of grain enterprises. As to maximize the effect of government subsidies, we should fully consider the market development level of different regions and implement differentiated subsidy methods according to the nature of enterprises and regional heterogeneity.
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Received: 24 August 2022
Published: 15 November 2022
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2022, Vol. 42 
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