EMPIRICAL ANALYSIS OF SMART AGRICULTURE’S IMPACT ON THE AGRICULTURAL ECONOMY BASED ON THE COBB-DOUGLAS PRODUCTION FUNCTION

This paper uses panel data from Sichuan Province and Shandong Province from 2012 to 2022 to build an evaluation index system for the development of smart agriculture. Based on the Cobb-Douglas production function and panel regression methods, it systematically assesses the impact and internal mechanism of smart agriculture on regional agricultural economic growth. The regression results show that for each unit increase in the level of smart agriculture development, the elasticity contribution to agricultural economic output is 0.42, which is significantly higher than that of capital (0.28) and labor (0.17). Provincial regressions reveal significant differences, with Sichuan showing an elasticity coefficient of 0.45 and Shandong 0.37. Smart agriculture plays a significant and positive role in promoting agricultural economic growth, and its effect surpasses that of traditional input factors. Moreover, the effect of smart agriculture varies across regions. The analysis of mediation effects further shows that technological progress serves as a key pathway through which smart agriculture influences agricultural economic growth. Robustness checks and extended analyses confirm the reliability of these findings. Finally, the paper puts forward policy recommendations focusing on strengthening technological innovation, improving infrastructure, and cultivating talent.