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本文使用基于贝叶斯层次方程的随机前沿生产函数,考察财政补贴对执行不同财务政策的农业上市公司科技创新的影响。模型估计及BF检验结果表明:财政补贴作为触媒,通过投入要素的产出弹生、技术效率和技术进步三个途径对农业上市公司的科技创新产生影响。执行不同财务政策的农业上市公司之间投入要素的产出弹性存在显著差异,财政补贴对固定资产存在互补效应,对中间投入存在替代效应。执行激进财务政策的农业上市公司在过去具有较高的产出增长率,但在财政补贴作用下的科技创新潜力逊于执行稳健财务政策的农业上市公司。
This paper uses the stochastic frontier production function based on the Bayesian hierarchy equation to examine the impact of financial subsidies on S & T innovation of agricultural listed companies that implement different financial policies. The results of model estimation and BF test show that financial subsidies play an important role in scientific and technological innovation of agricultural listed companies in three ways: output subsidy, technical efficiency and technological progress. There are significant differences in the output elasticity between the listed and listed companies in the implementation of different financial policies. The financial subsidies have the complementary effect on the fixed assets and the substitution effect on the middle investment. Agricultural listed companies that implement radical financial policies have had higher output growth rates in the past but have less potential for innovation in science and technology under the influence of fiscal subsidies than listed agriculture companies that implement sound financial policies.