The Research On The Effects Of Fiscal Investment Of Agriculture On Hunan's Agricultural Total Factor Productivity

Hunan province,whose rural population accounts for 70.1%of the total population and agricultural GDP ranks sixth among the 32 provincial-level administrative regions in the country,is a large agricultural province of the central region.However,the total output value of agriculture,forestry,animal husbandry and fishery in the province was 372.590 billion yuan in 2016,accounting for only about 10%of Hunan's regional GDP.This means that relying solely on adequate rural labor force and vast land resources in Hunan Province to increase agricultural output is not a long-term mechanism.Therefore,we need to turn our attention to improving the efficiency of agricultural production.However,agriculture is a weak industry,with a low rate of return on investments and inadequate inputs from itself and externalities,which required the government's financial support.Therefore,we need to focus on the improvement of agricultural production efficiency in agricultural inputs from finance.Hunan Province is selects as the research area in our paper,and the impacts of financial investment on total factor productivity of agriculture are investigated from the perspectives of the scale and structure of financial investment.This paper adopts the DEA-Malmquist index method to measure the total factor productivity of agriculture in Hunan Province from 2001 to 2015 and thus the cumulative total agricultural productivity in Hunan Province is obtained.On this basis,the impact of fiscal investment on total factor productivity of agriculture was theoretically and empirically analyzed from the perspective of the scale and structure of financial investment.The main conclusions are as follows:(1)The overall scale of financial investment in Hunan Province is insufficient,and the proportion is relatively small.The internal structure is not reasonable enough.The proportion of supporting agricultural production and other undertakings has been over 80%for a long time.There is a serious shortage of fees that supporting the technology with only 1%for the vast majority of years.(2)From the calculation of total factor productivity of agriculture in Hunan Province,it can be seen that Hunan's total factor productivity of agriculture showed an upward trend from 2001 to 2015.But overall,the growth rate of Hunan's agricultural total factor productivity is relatively slow,indicating that total factor productivity of Hunan's agriculture still has a lot to tap.(3)Based on empirical analysis on the impact of financial investment scale on the total factor productivity of agriculture in Hunan,in can be found that:The scale of financial investment in agriculture affect significantly and positively the total factor productivity of agriculture with an elasticity of 0.2577.(4)Analyses of Hunan's fiscal investment structure and total factor productivity of agriculture show that there are long-term equilibrium relationships and causal relationships between fiscal investment funds and total factor productivity of agriculture.The fees that supporting rural production,various causes and agricultural science and technology can affect positively on the total factor productivity of agriculture.The agricultural capital construction expenditure can not increase effectively the total factor productivity of agriculture,but even play a counter-productive role.Based on the theoretical and empirical analysis of the impacts of Hunan's fiscal investment on the total factor productivity of agriculture,this paper presents countermeasures and suggestions on the scale,structure,and management system of Hunan's fiscal investment.