从制度变迁视角阐述了财政分权体制改革对农业要素流动及其结构变迁的影响，并利用1994—2017年省际面板数据进行了实证检验。研究发现：分税制改革以来，中国农业的劳动力和土地要素占比呈现下降趋势，农业资本深化程度不断提高。从区域差异来看，东部农业资本要素相对丰裕，中、西部农业劳动力和土地要素相对丰裕，但资本积累正在不断加快。财政分权对中国农业资本深化具有深刻的制度影响，一方面财政分权通过促进支农支出和工业化推动农业资本积累，另一方面财政分权通过促进工业化和城镇化抑制农业劳动力、土地要素积累，从而驱使农业经济增长路径呈现节约土地和劳动力的资本深化趋势；随着财政分权体制改革的推进，上述影响效应不断增强，且对中、西部地区的影响作用强于东部地区。

From the perspective of institutional changes, the impact of fiscal decentralization reform on the flow of agricultural elements and its structural change has been analyzed and the provincial panel data from 1994 to 2017 have been utilized for empirical test. The study shows that the proportions of agricultural labor and land elements in China have declined and the agricultural capital deepening has continuously increased since the reform of tax distribution system. At the regional level, the agricultural capital is relatively abundant in eastern China while the agricultural labor and land elements are relatively sufficient in the central and western areas and their capital accumulation is gaining momentum. Fiscal decentralization has a profound institutional impact on the deepening of China’s agricultural capital. On the one hand, fiscal decentralization promotes the accumulation of agricultural capital by promoting fiscal expenditure on agriculture and industrialization. On the other hand, fiscal decentralization restrains the accumulation of agricultural labor and land elements through accelerating industrialization and urbanization, thus making the agricultural economic growth show a trend of capital-deepening through land saving and labor saving. With the advancing of the fiscal decentralization reform, the above-mentioned effects are constantly reinforced, and exert more influence on the central and western China than on the eastern area.