在中国近代化进程中 ,要完成对传统农业的改造就必须对农业进行投资 ,而且是投资于现代生产要素的引进。在私人投资方面 ,农业的自我投资依赖于农业剩余的供给 ,而近代中国的贸易赤字和财政赤字却剥夺了大量的农业剩余 ,造成农业自有资金的枯竭。在农民变得越来越贫困的同时 ,投资的重任转移到地主身上。可是 ,与非农业部门相比 ,较低的农业投资收益率对投资者毫无吸引力。与此相反 ,农村资金却大量流向了城市 ,造成了城市的泡沫繁荣 In the process of China’s modernization, to complete the transformation of traditional agriculture, we must invest in agriculture and invest in the introduction of modern production factors. In private investment, self-investment in agriculture relies on the supply of agricultural surplus while the trade deficits and fiscal deficits in modern China deprive large amounts of agricultural surplus and cause the depletion of agricultural self-owned funds. As peasants became more and more impoverished, the burden of investment shifted to the landlord. However, the lower rate of return on agricultural investment is less attractive to investors than the non-farm sector. In contrast, rural capital flowed heavily into the cities, creating a bubble boom in the city