Sci-Tech Finance to Improve Agricultural Production Efficiency: Empirical Evidence from Pilot Policies

China’s agricultural development not only has the weakness of insufficient technological investment but also faces the constraint of a shortage of financial support. In this context, promoting the combination of technology with finance in agricultural production activities is very important for China’s agricultural modernization. Based on two batches of “the pilot policy for promoting the combination of science and technology with finance”, this paper investigates the policy effect and mechanism of sci-tech finance on agricultural production efficiency. The results show that sci-tech finance policy is able to promote the improvement of agricultural production efficiency significantly in pilot areas compared with non-pilot areas, and this treatment effect continues to expand over a long period after the implementation of the policy. In terms of space partition, the agricultural support effect of sci-tech finance not only shows regional heterogeneity but also performs better in cities with weaker technological innovation ability and a lower degree of financial deepening. The “offering fuel in snowy weather” effect on non-central cities is stronger than the “adding brilliance to its present splendor” effect on central cities. Lastly, the sci-tech finance policy successfully builds a long-term mechanism for policies to take effect at multiple points and continues to exert force from three aspects: accelerating the process of agricultural mechanization, promoting the development of modern rural industries and improving the human capital of farmers. The research conclusions provide policy recommendations for promoting science and technology finance from policy pilot to comprehensive promotion, and promoting and implementing the construction of agricultural power, for example, by “strengthening agricultural science and technology and equipment support” and “improving [the] rural financial service system” proposed by the report of the 20th National Congress.