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Based on provincial panel data from China spanning 2010 to 2022, this paper applies the Super- Slacks-Based Measure Global Malmquist–Luenberger (SBM-GML) index model to measure agricultural total factor productivity (TFP). It further constructs a two-way fixed effects model and moderation effect models to explore the impact and mechanisms of fiscal and financial support for agriculture—both independently and synergistically—on TFP. The empirical results indicate that fiscal support, financial support, and their coordination all significantly promote improvements in agricultural TFP. Technological progress and labor supply exert significant moderating effects on the relationship, further enhancing TFP. The synergistic effect is especially pronounced in southern regions, areas with lower urbanization, and during the pre-2018 period. Based on these findings, the paper proposes several policy recommendations: establishing a coordinated fiscal-financial agricultural support mechanism, implementing a technology–capital–labor coupling strategy, adopting regionally differentiated support policies, and fostering two-way flows of rural–urban production factors. These measures aim to enhance agricultural productivity and contribute to high-quality agricultural development in China.
Ma et al. (Fri,) studied this question.