农地资本化困境：粮食增产与农户增收.

With the active promotion of the concept of common prosperity, farmland has once again become the focus of attention in political and academic circles, and many scholars have advocated the further visualization of the property value of farmland elements to increase farmers' income. To promote the coordinated development of China's food security and common prosperity strategies, this paper attempts to reveal the dilemma facing farmland capitalization. Theoretically, based on the factor allocation decision logic of full-time and part-time farmers, this paper proposed the dilemma of farmland capitalization between increasing food production and farm household income. We empirically constructed a model to measure farmland capitalization and characterized its degree in 27 provinces in China's mainland from 2004 to 2020. The study also provided empirical support for the theoretical analysis by using a threshold regression model and a mediating effect model based on 790 microsamples from typical provinces. The results found that: ① Farmland capitalization showed a trend of increasing year by year nationwide, with a spatial distribution pattern of spreading from the center to the surrounding areas, and the provinces with a higher degree of farmland capitalization were concentrated in the main grain-producing areas. ② The impact of farmland transfer prices on grain production had structural effects depending on the degree of farmland capitalization: In the moderate capitalization scenario (farmland capitalization≤1.011), farmland price increases promoted the expansion of food crop acreage; in the excessive capitalization scenario (farmland capitalization≥1.154), farmland price increases suppressed food crop acreage. ③ Farmland capitalization helped to meet farmers' psychological expectations on the value of farmland assets, and significantly increased farmers' income by promoting two paths: the outflow of farmland and off-farm employment. ④ Farmland capitalization in China was facing a dilemma between increasing food production and increasing farmers' income, which posed an important potential problem for national food security. The capitalization of farmland can not only improve the problem of insufficient property income in the income structure of farm households, but also promote the non-farm transfer of rural labor, but behind it is the fact that a large amount of farmland is 'nongrain.' In the future, the Chinese government should emphasize the production factor attributes of farmland, use policy tools to guide the rational return of farmland prices, improve the market for productive agricultural services, and prevent the risk of farmland over-capitalization. [ABSTRACT FROM AUTHOR]