利用32家农业上市公司2010—2018年的面板数据，采用固定效应模型及门限回归模型，从微观层面研究政府补助对农业上市公司全要素生产率的影响。结果表明：政府补助对农业上市公司全要素生产率具有非线性影响，二者之间存在倒“U型”关系，当政府补助强度不超过0.016时，政府补助正向作用于农业上市公司全要素生产率；当政府补助强度高于0.016时，政府补助负向作用于农业上市公司全要素生产率。稳健性检验结果表明，适度的政府补助可以通过增加农业上市公司研发支出提升全要素生产率，过度的政府补助则会通过“寻租”起阻碍作用。

Based on the panel data of 32Chinese agricultural listed companies from 2010 to 2018, the fixed effect model and threshold regression model were adopted to study the impact of government subsidies on the total factor productivity (TFP) of Chinese agricultural listed companies from the micro level. The results show that government subsidies have a non-linear effect on the TFP of Chinese agricultural listed companies, and an “U-shaped” relationship between them exists. When the intensity of government subsidies is lower than 0.016, government subsidies have a positive effect on TFP of Chinese agricultural listed companies. When the intensity of government subsidies is higher than 0.016, the government subsidies have a negative effect on TFP of Chinese agricultural listed companies. Robustness test results show that moderate government subsidies can promote the TFP of Chinese agricultural listed companies by increasing their investment in R&D while excessive government subsidies will hinder TFP through "rent-seeking".

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