The Impact of Financial Market Development on Agricultural Factor Misallocation: Household-Level Evidence from China
Table 1
Variable definitions and summary statistics.
Variable
Description
Income from agriculture (RMB)
The total value of agricultural product produced by the household
Capital input (RMB)
The value of capital used in agriculture
Labor input (dayswage)
The number of days households spend on agricultural productiondaily wage
Land（mu）
The area of land used by the household
Price of agricultural product (RMB)
China’s annual national agricultural product wholesale price
Interest rate (capital price, %)
Interest rate on bank loans (Since China Family Panel Studies (CFPS) survey households across China every year from March to July, we use the interest rates at the end of July in each year)
Wage (RMB)
The median value of the daily wage rate agricultural workers within each region
Land price (Yuan)
The median value of land transfer price in each region
Year
Statistics
Agricultural income (RMB)
Capital (RMB)
Land (mu)
Labor (RMB)
2010
Mean
11363.38
4296.68
11.13
24320.38
SD
17673.00
13334.78
31.90
14645.03
2012
Mean
12301.78
6123.87
12.62
50194.12
SD
25013.82
15757.77
41.68
16370.23
2014
Mean
16585.86
10491.21
8.83
33284.22
SD
33420.55
26149.58
22.84
14196.12
Notes: we obtain the price of agricultural product from “China’s Agricultural Information Network (http://pfsc.agri.cn/) and the benchmark interest rate for loans from the People’s Bank of China (http://http://www.pbc.gov.cn/rmyh/index.html). The other variables are calculated from the China Family Panel Studies (CFPS). The summary statistics are calculated from CFPS. “SD” stands for standard deviations.
