Study On The Influence Of Digital Inclusive Finance On Agricultural Total Factor Productivity

With the rapid development of China’s digital economy,digital inclusive finance based on digital technology can improve the coverage rate and penetration rate of rural finance.In this context,it is of great significance to empirically study the influence effect and action mechanism of digital inclusive finance on agricultural total factor productivity for the realization of rural revitalization and the construction of a modern economic system.This paper uses literature review,theoretical analysis,empirical test and other methods to explore the influence mechanism and effect of digital inclusive finance on agricultural total factor productivity,aiming to provide theoretical support for promoting the development of digital inclusive finance and agriculture in China.Based on the existing academic achievements,this paper first sorts out the relevant literature of digital inclusive finance and agricultural total factor productivity,clarifying the theoretical connotation and related theoretical basis of digital inclusive finance and agricultural total factor productivity,discussing the current situation of digital inclusive finance and agricultural development in China,analyzing the mechanism of digital inclusive finance’s influence on agricultural total factor productivity from the theoretical point of view.Secondly,this paper uses the digital inclusive finance index of Peking University to measure the development level of digital inclusive finance,and uses the SFA-Malmquist index method to calculate the agricultural total factor productivity of 270 prefecture-level cities in 2011-2020,and then analyzes the temporal change trend and spatial distribution characteristics of digital inclusive finance and agricultural total factor productivity in China.Finally,with the panel data of prefecture-level cities,the two-way fixed effect model is used to empirically test the effect of digital inclusive finance on agricultural total factor productivity.The reliability of model estimation is ensured through robustness test,and endogeneity test and heterogeneity analysis are made.The action mechanism of digital inclusive finance on agricultural total factor productivity is analyzed through intermediary effect.The research obtains the following conclusions:(1)Digital inclusive finance and agricultural total factor productivity show an increasing trend in the time dimension,and regional differences in the spatial distribution;(2)Digital inclusive finance has a significant promotion effect on agricultural total factor productivity;In the first-level index,the usage depth of inclusive finance has the most positive promotion effect on agricultural total factor productivity,followed by the coverage breadth and digitalization degree;In the second-level index,both insurance usage index and credit usage index can improve the growth of agricultural total factor productivity,and there are interactive effects;(3)In the robustness test,after reproducing the model with replacing the core explanatory variables,adding the control variables,and deleting the provincial capital city samples,digital inclusive finance still has a positive effect on agricultural total factor productivity;(4)In the heterogeneity analysis,it is found that digital inclusive finance has the greatest positive effect on agricultural total factor productivity in central cities,followed by western cities and the smallest in eastern cities;Large-scale planting areas’ positive effect of digital inclusive finance on agricultural total factor productivity is greater than that of small-scale planting areas,;Major grain producing areas’ positive effect of digital inclusive finance on agricultural total factor productivity is greater than that of non-grain producing areas;(5)The mediation effect results indicate that the deepening of agricultural capital,urbanization and the optimization of industrial structure are the important driving forces for improving agricultural total factor productivity.Based on the conclusion of this paper,the following policy suggestions are put forward:(1)to vigorously develop rural digital inclusive finance and improve agricultural production efficiency;(2)to improve the deepening degree of agricultural capital and accelerate the progress of agricultural technology;(3)to accelerate the construction of new urbanization and give full play to the advantages of “bringing the city with the countryside”;(4)to continuously optimize the industrial structure to facilitate agricultural transformation and upgrading.