Abstract: Based on 30 listed agricultural companies data from 2012-2017 as the research object, this paper mainly investigates the influence of government subsidies on the performance of agricultural enterprises and whether there are differences in the influence of government subsidies on the performance of enterprises under different property rights. The results show that the proportion of government subsidies to total assets of state-owned agricultural companies is 2.5% higher than that of non-state-owned agricultural companies. In the analysis of the lag effect of the previous government subsidy data on the enterprise performance, it is found that the government subsidy has no significant effect on the enterprise performance of agricultural companies. At the same time, government subsidies of non-state-owned agricultural listed companies have a worse effect on their corporate performance than state-owned agricultural listed companies.