Profit Delivery Proportion, Operation Performance and Bond Rating of Agricultural State-owned Enterprises

The distribution relationship between the profits of state-owned enterprises and the state has been constantly changing with the times. From the state implementing the policy that state-owned enterprises not pay profits to the state in 1994 to the constant growth of state-owned enterprises in the 21st century, their profits have become more and more abundant. Until 2007, the state issued a document stipulates that the state-owned enterprises should pay part of their profits to the state, but at the initial stage of trial implementation of the policy, the implementation was not effective, and finally in 2010 the state officially announced the collection of profits from state-owned enterprises and increased the proportion of collection. From the perspective of agricultural state-owned enterprises, using the difference-in-difference (DID) model, this paper studied the state policy of increasing the profit delivery proportion of state-owned enterprises in 2020. Through CSMAR database, we selected agricultural state-owned listed companies in the 2008-2013 as samples, tested the impact of the implementation of the new policy in 2010 on the operation performance of agricultural state-owned enterprises, evaluated the implementation effect of the policy through comparing the operation performance before and after the policy, and explored whether the policy has an impact on the bond rating.Through empirical research, it found that increasing the profit delivery proportion of state-owned enterprises is helpful for improving the operation performance of state-owned enterprises and improving the quality of bond ratings, and this policy has more prominent effects on stimulating the performance of monopolistic state-owned enterprises. Therefore, collection of some profits from state-owned enterprises can promote better development of state-owned enterprises and also benefit both the state and the people.