关键词: 政府补助, 税费返还, 持股监督, 审计监督

Abstract: In recent years, the problem of “agriculture, countryside and peasants” is very prominent. To deal with the severe challenges of agricultural upgrading and development from multiple pressures such as external resources, environment, science, and technology, the government departments have introduced many innovation incentive policies to inspire the R&D and innovation of technology of agricultural companies. This paper analyzes the impact of two forms of government innovation support policies, namely, government subsidies and tax & fee returns, on the R&D investment of agricultural companies from the perspective of government intervention, mainly focusing on institutional investors and leading shareholders participating in internal corporate governance and social audit institutions participating in external corporate governance to play a role between government innovation support and enterprises' R&D investment in the different supervision situations. The findings are as follows: Firstly, various government support policies (government subsidies and tax & fee returns) have different effects on R&D investment of agricultural companies. Government subsidies have substitution effects, while tax & fee returns have complementary effects. Secondly, the enhancement of shareholding supervision (the shareholding proportion of institutional investors and major shareholders) can strengthen the substitution effects of government subsidies and the complementary effects of tax & fee returns on R&D investment of agricultural companies. Thirdly, the enhancement of audit supervision (the audit opinions of social audit institutions) can weaken the substitution effects of government subsidies and the complementary effects of tax & fee returns on R&D investment of agricultural companies. These research findings can provide some academic supports and policy references for formulating appropriate government innovation support and giving fair play to the role of shareholding supervision and audit supervision in internal and external corporate governance.

Key words:  government subsidies, tax &, fee returns, shareholding supervision, audit supervision