Research On The Impact Of Digital Financial Inclusion On Agricultural Economic Growth

Agriculture is a basic industry in our country and it’s also an important one that determines food security.Promoting high-quality growth of agricultural economy is an important part of China’s high-quality economic development and the only way to build a modern agricultural power.In recent years,under the guidance of a series of national policies and measures,China’s agricultural development has achieved remarkable results.However,for a long time,China’s agricultural economic growth still faces many challenges such as unreasonable industrial structure,deterioration of ecological environment,lack of agricultural resources and agricultural technology to be improved,and there is still room for further development.As a new driving force in economic development,digital inclusive finance has played an important role in the process of promoting agriculture from an extensive development model with a large input of capital factors and labor factors to an agricultural development model that relies on technology and knowledge.How to give full play to the digital and inclusive advantages of digital inclusive finance,make it serve to improve agricultural total factor productivity,encourage agricultural enterprises to carry out agricultural scientific and technological innovation,popularize more advanced agricultural production technology and concept for agricultural producers,promote the continuous transformation of agricultural scientific and technological achievements into agricultural production tools with actual economic value,and promote the optimization and iteration of agricultural production? Enabling our agricultural economic growth is due to the high quality development of our agriculture.Therefore,from the perspective of total factor productivity,this paper studies the direct and indirect impacts of digital financial inclusion on agricultural economic growth,so as to provide empirical reference for digital financial inclusion to better promote the improvement of agricultural total factor productivity and promote agricultural economic growth.Based on literature review and relevant theories,this paper analyzes the relationship among digital inclusive finance,agricultural total factor productivity and agricultural economic growth,and analyzes the internal mechanism of the three,so as to put forward the hypothesis of this paper.This paper uses the Peking University Digital Inclusion Finance Index from 2011 to 2020 to build an empirical model of the impact of digital inclusion finance on agricultural economic growth,discusses the impact of digital inclusion finance on agricultural economy and its regional heterogeneity,and then uses DEA-Malmquist index method to measure agricultural total factor productivity.The agricultural total factor productivity was included into the model as an intermediate variable,and the mediating effect of agricultural total factor productivity in this process was discussed.The robustness test was carried out by lagging one phase behind the core interpretation variable and changing the explained variable,so as to confirm the validity and reliability of the research results.Finally,through the intermediate effect test of the two sub-indicators of agricultural total factor productivity for further analysis,better verify the direct and indirect impact of digital financial inclusion on agricultural economic growth,improve the perspective of total factor productivity related research.Combined with theoretical guidance and empirical test results,this paper concludes: first,digital inclusive finance has a significant role in promoting agricultural economic growth.Second,digital financial inclusion can promote the improvement of agricultural total factor productivity and promote the growth of agricultural economy,and the intermediary effect of agricultural total factor productivity is mainly realized through the progress of agricultural technical efficiency.Therefore,this paper puts forward the following suggestions: First,accelerate the construction of digital financial inclusion infrastructure.Second,increase investment in agricultural science and technology so that digital financial inclusion can better promote agricultural total factor productivity.Third,improve the scientific and financial literacy of agricultural producers,better leverage the role of digital financial inclusion in supporting agricultural production,and improve agricultural technical efficiency to promote agricultural economic growth.