农地确权是否提升了家庭农场投资效率?——基于17809个家庭农场25482个样本的微观数据

Has the confirmation of farmland rights increased the efficiency of family farm investment?—Based on the micro data of 25482 samples from 17809 family farms

利用2014—2018年全国农地确权数据与17809个家庭农场25482个样本数据相匹配,采用双重差分模型实证分析农地确权对家庭农场投资不足和投资过度的影响,并从总体上评估农地确权对家庭农场非效率投资的影响。研究结果表明:大多数家庭农场存在非效率投资,其中具有投资不足现象的家庭农场更普遍。农地确权能显著抑制家庭农场投资不足的现象,但对家庭农场投资过度的影响不显著。由于后者的作用强度更大,因此从总体上看,农地确权对家庭农场的非效率投资改善不显著。多种稳健性检验方法检定结果表明以上结论成立。进一步分析结果表明,农地确权通过降低家庭农场融资约束来改善其投资不足。农地确权对家庭农场投资不足的改善作用存在差异性,其对盈利能力强、资产周转率较高及中西部地区的家庭农场作用更显著。相应的启示在于:国家应进一步完善农地确权政策来盘活经营权和激活生产要素,由此提高家庭农场的生产要素配置效率,并进一步提升组织治理,从而改善家庭农场的投资不足和投资过度,提升其投资效率。

Using the national farmland right confirmation data from 2014 to 2018 matched with 25482 sample data of 17809 family farms,a double difference model was used to empirically analyze the impact of farmland right confirmation on the underinvestment and overinvestment in family farms,and to assess the impact of farmland right confirmation on the inefficient investment in family farms in general.The results show that inefficient investment is widespread in family farms,with a higher number of family farms having underinvestment.Farmland confirmation significantly discourages underinvestment in family farms,but not on overinvested family farms.As the latter effect is stronger,the overall improvement in inefficient investment in family farms is insignificant.Various robustness tests were used to show that these findings still hold.Further analysis shows that the confirmation of farmland rights improves the underinvestment of family farms by reducing their financing constraints of family farms.The effect of land rights confirmation on underinvestment in family farms varies,with the effect being more significant for family farms with higher profitability,higher asset turnover and in the central and western regions.The corresponding implication is that the state should further improve the agricultural land ownership policy to revitalize management rights and activate production factors,thereby improving the efficiency of the allocation of production factors of family farms,and further improving organizational governance,so as to improve the underinvestment and overinvestment of family farms and enhancing their investment efficiency.