Abstract: The agricultural industrialization management project is the basic path of agricultural scale and specialization development, which can effectively link up the needs of large market demand, but requires a large amount of financial support. Through the theoretical framework analysis of financial capital linkage, the path utility mechanism of financial capital crowding is explored, and the transaction cost and principal-agent theory is introduced to compare and analysis the support effect differences of different crowding paths. Taking the panel data of 30 provinces and regions in China from 1995 to 2018 as the research sample, the DEA-Malmquist index and ARCH model are comprehensively used to empirically analyze the temporal and spatial regularity of financial and financial linkage. The results show that the efficiency of financial and financial linkages in the eastern, central and western regions is decreasing, and the evolutionary rules of fiscal and financial linkages have clustering and non-leveraging effects, and corresponding policy interventions should be given.

Key words: fiscal capital, financial capital, leverage utility, synergy