Abstract: On the basis of using the DEA-Malmquist index method to measure agricultural total factor productivity, this paper selected the panel data of 31 provinces （municipalities and autonomous regions） from 2004 to 2020, and used the fixed effect model and the threshold effect model to test the impact of financial agricultural subsidies on agricultural total factor productivity. The results showed that there was an inverted “U” type relationship between financial agriculture and agricultural total factor productivity, which was still established after changing the measurement method, replacing explanatory variables and considering endogenous problems. When the data was divided into three regions, the study found that the inflection point came the earliest in the eastern region and the latest in the western region. The increase of investment in agricultural science and technology would delay the arrival of the inflection point between financial agriculture and agricultural total factor productivity and improve the use efficiency of financial support for agriculture.

Key words: financial subsidies for agriculture, agricultural total factor productivity, agricultural science and technology input, financial efficiency for agriculture