Study On The Effect Of Agricultural Comprehensive Development Investment On The Growth Of Agricultural Total Factor Productivity

As the basis of the national economy,agriculture has always been an important part of "agriculture,rural areas and farmers".The No.1 central document in 2020 explicitly requested that we must ensure the supply of important agricultural products,take care of quality and quantity,and complete the task of high standard farmland construction.Because of the particularity of agricultural production,the coexistence of natural risk and market risk is a typical high-risk "weak industry".The importance and particularity of agriculture together determine that the development of agriculture in China can not do without the support of financial funds.As the most important part of the central government's work plan for agriculture,rural areas and farmers,agricultural comprehensive development has played an important role in improving agricultural comprehensive production capacity and comprehensive benefits.The constraints of the environment and the scarcity of economic resources together determine that the improvement of agricultural comprehensive production capacity needs to rely on the growth of total factor productivity.Whether the effect and role of agricultural comprehensive development will directly or indirectly affect the growth of agricultural total factor productivity has become a problem worthy of study.Based on combing the research results of relevant scholars and combining the theories of public finance and agricultural investment,this paper analyzes the current investment situation of the comprehensive development of agriculture.Calculating the agriculture TFP and its composition in 2003-2017 by using the DEA Malmquist index method,and then uses the difference GMM estimation method to estimate the investment scale,capital source structure and capital investment of agricultural comprehensive development Three aspects of project structure are used to test the impact of agricultural comprehensive development investment on China's total factor productivity and its component growth.It is found that from 2003 to 2017,the average annual growth rate of agricultural TFP is 8.6%.The growth of agricultural total factor productivity shows a benign pattern of agricultural technology progress and agricultural technology efficiency improvement driven by two wheels.The regional differences of agricultural total factor productivity gradually narrow,showing the distribution characteristics of "slightly higher in the West and slightly lower in the Middle East".Investment in agricultural comprehensive development can significantly promote the growth of agricultural total factor productivity.For every 1% increase in investment in agricultural comprehensive development,the growth rate of agricultural TFP will increase by 0.06%.and its impact comes from the progress of agricultural technology and the improvement of agricultural technology efficiency.Specifically,in the capital source structure,the financial fund of agricultural comprehensive development plays a significant role in promoting the improvement of agricultural TFP.For every 1% increase in financial funds,the growth rate of agricultural TFP will increase by 0.16%,while the self raised funds and bank loans play a relatively weak role;in the capital investment projects,the investment of agricultural comprehensive development land governance project can significantly promote the improvement of agricultural TFP through the improvement of agricultural technology progress.For every 1% increase in investment in land governance projects,the growth rate of agricultural TFP will increase by 0.206%.Thus the industrialization of operation The project investment did not significantly affect the improvement of agricultural TFP,but promoted the improvement of agricultural technology efficiency.Among the control variables,the development of rural electricity consumption,opening degree and human capital significantly promoted the improvement of agricultural TFP,while urbanization to some extent inhibited the growth of agricultural TFP,while the impact of industrialization process and agricultural structure adjustment coefficient on the growth of agricultural TFP was not significant.Overall,research puts forward some recommendations about policy: first,the scale of investment in agricultural comprehensive development should be expanded to be a stable growth mechanism.Second,expand the financing channels of agricultural comprehensive development,and optimize the structure of capital sources.Third,deepen the land governance projects,and promote the appropriate scale of land management;Fourth,improve the project construction management mechanism,and improve the efficiency of capital utilization.