Financial Support Efficiency of Rural Revitalization: Based on Three-Stage DEA Model and Malmquist Index Model

Financial resources play a crucial role in rural revitalization. Understanding the efficiency of financial support is essential for the scientific and rational allocation of these resources. Therefore, we conducted an assessment over the period 2011–2020 utilizing the three-stage DEA model and the Malmquist index model to measure the efficiency of financial support for rural revitalization across 30 Chinese provinces (excluding Hong Kong, Macao, Taiwan, and Tibet) from both static and dynamic perspectives. The results indicate the following: (1) Despite an overall downward trend, efficiency increased during specific intervals, namely 2012–2013, 2015–2016, and 2018–2019. (2) Regionally, the decline in the efficiency of financial support for rural revitalization is particularly notable in the northeast region. The eastern and central regions also experienced this trend to a lesser extent, whereas the western region experienced a more moderate decrease. However, a detailed analysis revealed that 10 provinces experienced efficiency gains. (3) Stochastic Frontier Analysis (SFA) regression results suggest that environmental variables have a measurable impact on the efficiency of financial support for rural revitalization.