Measurement And Regional Difference Research Of Agicultural Allocation Efficiency In China

Economic development is always the increase of the capital-input and improvement of the capital-output in a certain sense.The capital accumulation and formation are an important driving force of the economic development.In the early stages of economic structural changes, the total output growth contributed from capital investment is generally48%-58%.(Chenery,1962) Ie,the initial acceleration of the growth is mainly the result of the capital investment and capital accumulation.However, the investment is not a simple process to inject the funds. Agricultures, as the basic industries of a country, need more funds to input which is the orientation of the stats'policy. But the policy is often result in this phenomena:put the more funds in to agriculture, but loss the more funds by many channels. The loss of agricultural funds have not been effectively curbed. And there are many funds precipitation on some inefficient projects.Many observation and studies have shown that the shortage of agriculture is the capital rather than the funds.The key of capital formation and agglomeration is to improve the capital efficiency.The paper use the theory of capital allocation into the agricultural industry and calculate the agricultural capital allocation efficiency, which is always included in the macro-efficiency.At the same time, on the basis of the spatial economics theory and regional economics theory, the paper analyze the China's agricultural regional differences in a more in-depth study. Lastly,the paper analyze quantitatively the effective factors of the agriculture capital allocation efficiency of regional difference.The paper is a useful exploration of the theory of capital allocation efficiency and empirical research in agricultural industry.The main contents1.Theoretical basis of agricultural capital and capital allocation efficiency. The theoretical definition of agricultural capital is the basis of the value of this research. There are two errors in the existing research,the one is from a funding perspective to study the agricultural capital. But usually more investment entities, and part of the input body size and quality can not be verified, such as farmers' capital investment, resulting in the study has some limitations.The other is to put the funds equal to the then capital. But in fact the funds into the agricultural sector, rural areas are not necessarily all can be converted into capital to be able to bring the industry value-added. So, Only from the perspective of funding to study the efficiency can not be a powerful argument agricultural sector capital allocation efficiency. Agricultural capital as a special segments of the industrial capital. This study seeks to be a comprehensive scientific analysis and understanding.2.Two ways to measure China's agricultural capital allocation efficiency.The measure of the efficiency of capital allocation in China's agriculture is a key part of this study and empirical basis. This study calculate the agricultural efficiency of capital allocation from the total investment perspective and the investment structure perspective. Total investment perspective the use of capital-output ratio (K/Y) as a measure of the indirect indicators of the efficiency of capital allocation;and the investment structure perspective use the Jeffery Wurgler (2000) model.3.Two perspectives to examine the regional differences of China's agricultural capital allocation efficiency.This section focuses on the efficiency of capital allocation in China's agriculture regional differences in conditions. And examine whether the regional differences of the efficiency of capital allocation has convergence characteristics and economic benefits of the empirical analysis.4.Quantitative analysis of factors affecting agricultural capital allocation efficiency of regional differences.Effective rural financial development and government support is bound to the configuration of the agricultural capital.Agricultural science and technology level, market level determine the magnitude of capital appreciation to some extent.On the whole, the development of rural finance, government investment in agricultural technology development level, the degree of agricultural markets has become the main factors affecting.This section will be relevant factors and indicators of quantitative analysis.5.Optimize the efficiency of capital allocation in China's agriculture Countermeasures.on the basis of the theoretical and empirical analysis,the research investigate the optimization of agricultural capital allocation path selection and provide the operational policy recommendations.Conclusion1.Agricultural capital is a special segments of the industrial capital,which will demonstrate an unique property formation mechanism and laws. Agricultural capital have some economic attributes, such as high scarcity, part of the profit-driven,policy guiding,high risk and seasonal periodicity. China's agricultural capital formation has many features,such as farmer's investment is limitied and obviously fluncutation; Government investment in recent years intensified a larger scale, but to invest a smaller proportion in the industrial development, and the guide needs to be strengthened and other features.2.The agricultural capital allocation efficiency is an efficiency of capital allocation in the agricultural sectors and an effective indicator to measure the efficiency in the use of agricultural capital within the agricultural industry. Agricultural allocative efficiency is reasonable or not play a critical role to some extent,which can guide agricultural investment behavior of more scientific and reasonable, the agricultural industry more responsive to demand.Agricultural efficiency of capital allocation in this study is a macro, stock and static efficiency,which is a combined result of market allocation behavior and Government configurtion behavior. The Optimization of agricultural capital allocation efficiency Can configure and use to further improve efficiency, promote output under the given capital factor inputs.3.The paper calculated the agricultural capital allocation efficiency by the perspective of the total investment.It found that the average of agricultural capital-output ratio(K/Y) is0.6728between1978-2009, the average of the incremental capital output ratio(ICOR) is0.8752between1979-2009.The average of the two indicators is indifferent. But for the Eigen value of the period, the incremental capital output ratio (ICOR) show greater volatility; the characteristics of the agricultural capital of the ICOR to show the trend is not significant, while the agricultural capital-output ratio (K/Y) is the relative trend features optimized, showing a more obvious "U" type trend.4.The paper calculate the agricultural efficiency of capital allocation by the perspective of the investment between1979-2009years. It found that the agricultural efficiency of capital allocation is not more stable trend, while showing a volatile and high sensitivity; agriculture capital allocation efficiency presents certain characteristics of the region, in descending order of the eastern, central, western. Eastern region agricultural capital allocation efficiency for an average is0.7889, central region average is0.6757, the western region for an average is-0.0189; the provinces agricultural efficiency of capital allocation is not the more obvious feature presentation.5.The paper by the perspective of traditional economics and spatial economics perspective, analyzed the regional differences in the efficiency of capital allocation and the convergence of the inspection.Investigated from the perspective of traditional economic method, statistical indicators show that China's national agricultural efficiency of capital allocation in global regional differences in the narrowing trend, and the difference between the region of eastern, central and western regions dominate the global changes in the difference trend; Cross-sectional regression analysis shows that the absolute β convergence phenomenon of inter-provincial agricultural efficiency of capital allocation in the years1978-2009do not exist.The agricultural efficiency of capital allocation in the provinces did not adjust towards their equilibrium state.Into the time dummies, found that exist the βconvergence, and the βconvergence fluctuated in a certain period.the1996and2002year are the two important points of fluctuation;The time series of random convergence test of China's three major regional agricultural capital allocation efficiency of long-term did not exist the trend of narrowing the gap.6.Investigated from the perspective of Spatial Economics found that the30provinces capital-output ratio in the region, exist obvious differences, significant positive correlation and spatial heterogeneity in1978-2009, the spatial heterogeneity have gradually strengthened trend. At the same time, the agricultural efficiency of capital allocation in the inter-regional existed the oconvergence, but it is periodic. Specifically, can be divided into two phases, from1978to the mid-1990s exist the presence of β convergence trend, since1996, there are not exist σ convergence. The existence of absolute β convergence tendency of the agricultural efficiency of capital allocation in the region, and geospatial effect convergence has a positive effect on the efficiency of capital allocation in agriculture, capital-output ratio of error for the value of the neighborhood there are spillover effects.7.The paper analyze the internal mechanism of the influence factors of the agricultural efficiency of capital allocation by opportunity cost perspective.Through the empirical examination,found that the farmers operating scale rates of change in the level of development of rural financial services, dual economic structureable to bring forward the effect of changes in agricultural capital, while the proportion of states financial support for agriculture, agricultural market level optimization of the efficiency of capital allocation for agriculture has a reverse effect, farmers'investment have minimal impact for the agricultural efficiency of capital allocation.Innovation1.The research have a more systematic study of agricultural capital allocation efficiency from the perspective of the theory and practice,which is also unusual in the domestic research. This research will enrich and develop the research investment in agriculture and economic theory to a certain extent.2.The reseach definite the connotation of agricultural capital and exploratory structure connotation theoretical system of agricultural capital, which will add new content to the theoretical basis for the agricultural sectors of economic research with the theoretical and practical guiding significance. Existing studies f more directly use the concept of the "agricultural capital",but the connotation is different.This research attempt to clarify the theoretical system of agricultural capital.which will add a new theoretical perspective for this research field and give an opinion to critical correction for other research schalor3.The research inspecte multi-angly the agricultural capital allocation efficiency and its regional differences,which further expand the depth and breadth of the efficiency of investment in agriculture research.This research use the two calculation methods and outcome indicators to reflect the trends and characteristics of the agricultural efficiency of capital allocation--Total investment perspective and Investment structure perspective.At the same time,select a dual perspective to analyze the regional differences of the agricultural efficiency of capital allocation. The industrialization of agriculture characteristics make agricultural capital allocation must show a certain space, and regional characteristics,which is lacking in existing research.This reseach creatively choose two pespectives to examine the reginal differences,especially the spatial economic perspective.