| Summary: | Financial subsidies are an important regulatory tool for building marine ranches, increasing marine biological resources and expanding marine carbon sinks. This paper subdivided carbon sink friendly subsidies and non-carbon sink friendly subsidies based on the ecological and economic objectives of financial subsidies, and analyzed the differential effects of these two types of subsidies on the business performance using data from 2008 to 2020 of existing sea cucumber, fish and shellfish listed proliferative marine ranching operational enterprises. The main results were as follows: Non-carbon sink friendly subsidies outperformed carbon sink friendly subsidies before 2011, while the reverse was evident after 2011. There were differential effects of carbon sink friendly subsidies on the performance of proliferative marine ranching operational enterprises. For sea cucumber ranches, the sequence from largest to smallest is artificial reef subsidies, stocking subsidies, habitat restoration subsidies. For fish ranches, the sequence from largest to smallest is stocking subsidies, habitat restoration subsidies, artificial reef subsidies. For shellfish ranches, habitat restoration subsidies and stocking subsidies were not effective. The findings not only verify the promising effect of carbon sink friendly subsidies on the construction of marine ranches on a temporal level, but also provide guidance for optimizing the financial subsidy policies of marine ranches in the future.
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