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14 华中农业大学学报（社会科学版） （总169 期）

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Study on the Impact of Target Price Subsidy Policy Reform

on Total Factor Productivity of Grain

——Evidence from Soybean Farmers in China

LI Gucheng，YE Feng，HE Yaqin

Abstract The reform of target price subsidy policy for soybean is an important initiative for the re⁃
form of China’s agricultural subsidy system.Using a large sample of panel data from fixed observation
points in rural areas of China，this paper analyzes the impact of the reform of the target price subsidy
policy on farmers’ total factor productivity（TFP） of soybean on the basis of measuring farmers’ TFP of
soybean.The results show that from 2003 to 2019，China’s TFP of soybean increased annually，but the
growth rate was relatively low，with an average annual growth rate of 0.834%.The subsidy policy reform
can significantly increase the TFP of soybean，but there is obvious temporal heterogeneity，and the im⁃
pact shows a rising trend year by year.The effect of subsidy policy reform is more significant for farmers
with larger planting scale，non-pure soybean planting，and lower degree of part-time business.The results
of unconditional quartile indicate that there is a marginal incremental effect of the impact of subsidy
policy reform on the TFP of soybean.The subsidy policy reform will increase the TFP of soybeans by
promoting the enthusiasm for productive investment of farmers，improving the level of land resource allo⁃
cation，and fostering the appropriate scale of operation.It is proposed to adhere to the direction of subsidiz⁃
ing soybean producers in the reform，give full play to the decisive role of the market in resource allocation.
At the same time，it is necessary to increase the scale of soybean production to amplify the effect of sub⁃
sidy policy reform on TFP.In addition，it is necessary to improve the targeting of policies，implement het⁃
erogeneous subsidy policies and enhance subsidy efficiency.
Key words target price subsidy policy reform； producer subsidies； total factor productivity； soy⁃
beans
（责任编辑：陈万红）