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

摘要： 近年来，“三农”问题受到极大关注。为了应对外部资源、环境、科学技术等多重压力对农业升级与发展的影响，政府出台了诸多政策支持农业企业的技术研发与创新。本文从政府干预视角分析政府补助和税费返还两种形式的政府创新支持政策对农业企业研发投入的影响，重点分析机构投资者与大股东参与公司内部治理以及社会审计事务机构参与公司外部治理这两者所发挥的不同监督作用。研究发现：第一，不同形式的政府创新支持（政府补助和税费返还）对农业企业研发投入的影响并不一致。政府补助产生替代效应，税费返还则产生互补效应。第二，持股监督（机构投资者和大股东的持股比例上升）能增强政府补助对农业企业研发投入的替代效应，也能增强税费返还对农业企业研发投入的互补效应。第三，审计监督（社会审计事务机构的审计意见）会减弱政府补助支持对农业企业研发投入的替代效应，也会减弱税费返还对农业企业研发投入的互补效应。本文的研究发现为政府制定适宜的创新支持政策，以及合理发挥持股监督与审计监督的内外部治理作用，提供一定的决策依据和理论支持。

关键词: 政府补助, 税费返还, 持股监督, 审计监督