| The No.1 document of the Central Government in 2023 states,"Strengthen agricultural science and technology and equipment support,promote key core agricultural technologies,improve the agricultural science and technology innovation system,and accelerate breakthroughs in cutting-edge technologies".Accelerating agricultural technology innovation and giving full play to the driving role of agricultural technology innovation in the modernisation of agriculture is of great significance in achieving high-quality agricultural development in China in the new era.The inherent weakness of agriculture and the public goods attribute of agricultural technology make agricultural technology innovation in various countries generally suffer from insufficient R&D capacity and low production efficiency,which cannot be separated from external support.Financial support for agriculture and foreign direct investment(FDI)are two important drivers of agricultural technology innovation(Lu Dongning,2011;Wen Yanbing,2015),representing two types of resources from domestic and foreign markets respectively,with the former being gratuitous and closed,and the latter being paid and profitable.The government is the main body of resource allocation in China,but the intensity of government investment in research and innovation in agriculture is much lower than the average level of developed countries such as the United States and Japan.Under the conditions of tight fiscal expenditure constraints,FDI is an important complement to the sustainability of agricultural research funding and the effectiveness of market mechanisms.While many scholars have conducted rich investigations on the relationship between FDI and technological innovation,this thesis is based on the analysis of the impact of FDI on agricultural technological innovation,and incorporates the important factor of financial support to agriculture into the mechanism of FDI’s impact on agricultural technological innovation.Based on the above background,this thesis firstly conducts a literature review from three aspects:the impact of FDI on agricultural technology innovation,the impact of financial support to agriculture on agricultural technology innovation and the impact of financial support to agriculture on the relationship between FDI and agricultural technology innovation,in order to provide a basis for the following mechanism analysis.Then,this thesis analyses the current situation of agricultural FDI,financial support to agriculture and agricultural technology innovation in China,and conducts a preliminary investigation into the relationship between the three.The thesis then analyses the theoretical mechanism from four perspectives: the impact of FDI on agricultural technology innovation,the impact of fiscal support on agricultural technology innovation,the moderating role of fiscal support in the impact of FDI on agricultural technology innovation and the non-linear characteristics of fiscal support on the moderating effect of FDI on agricultural technology innovation,and puts forward theoretical hypotheses.Finally,using inter-provincial panel data in China from 2000 to 2020,this thesis establishes a two-way fixed-effects model to empirically study the impact of FDI,fiscal support for agriculture on agricultural technology innovation and the moderating effect of fiscal support for agriculture,further uses a panel threshold model to test the non-linear performance of fiscal support for agriculture on the regulation of FDIinfluenced agricultural technology innovation,and explores the heterogeneity of the moderating effect of fiscal support for agriculture,and based on the Based on the findings of the study,countermeasures were proposed to promote the development of agricultural technology innovation.The findings show that:(1)agricultural FDI is conducive to promoting agricultural technology innovation,and the direct impact of fiscal support to agriculture on agricultural technology innovation is not significant,but plays a positive moderating role in the process of FDI promoting agricultural technology innovation.The basic findings remain robust after a series of robustness tests.(2)Further analysis shows that financial support for agriculture exhibits a significantly positive and increasing marginal effect on agricultural technology innovation in a non-linear manner,with the promotion of agricultural technology innovation becoming more pronounced after financial support crosses the 0.095 threshold.In addition,heterogeneity analysis shows that the moderating effect of fiscal support to agriculture is affected by the level of economic development,the level of marketization and the level of fiscal decentralization,etc.The moderating effect of fiscal support to agriculture on the impact of FDI on agricultural technology innovation is more significant in regions with higher level of economic development,higher level of marketization and higher degree of fiscal decentralization.Combined with the above analysis,in order to better promote agricultural technology innovation,this thesis puts forward several countermeasure suggestions: first,steadily promote the opening up of agriculture to the outside world,control the overall quality of FDI,and give full play to the role of foreign investment in promoting agricultural technology innovation;second,improve the level of financial support for agriculture,guide the orderly flow of FDI to rural areas,promote the clustering of innovation resources,and improve the efficiency of using innovation resources;third.In the process of introducing foreign investment and formulating government support policies,different programmes to encourage agricultural technology innovation should be strategically developed for different regions. |
