Research On The Impact Of Digital Inclusive Fin Ance On Farmers’ Entrepreneurial Behavior

As an important way to improve farmers’ income and increase rural labor employment,farmers’ entrepreneurial behavior plays a key role in promoting rural revitalization strategy and realizing agricultural and rural modernization.However,due to the high risk of entrepreneurial activities and the financial exclusion of farmers,it is difficult for farmers to obtain sufficient financial support in the traditional financial system for entrepreneurial behavior,and financial constraints have become the primary problem restricting farmers’ entrepreneurial behavior.With the rapid development of digital technology,digital inclusive finance,a new financial model,has emerged.Digital inclusive finance alleviates the information asymmetry between farmers and financial institutions through digital technology,reduces the financing threshold and financing cost of farmers,improves the efficiency of financial services,helps farmers better obtain the funds needed for entrepreneurship,and has a positive impact on farmers’ entrepreneurial behavior.Therefore,it is of great theoretical and practical significance to study the impact of digital inclusive finance on farmers’ entrepreneurial behavior.Based on entrepreneurship theory,information asymmetry theory and financial exclusion theory,this paper summarizes the research trends at home and abroad,analyzes the development status of digital inclusive finance in China and the current situation of farmers’ entrepreneurial behavior;On this basis,the research framework is constructed,and the impact and internal mechanism of digital inclusive finance on farmers’ entrepreneurial behavior are analyzed theoretically,and corresponding research hypotheses are put forward;Select the data of China’s household finance survey in 2019 and match the provincial data of Peking University’s digital inclusive finance index to build a binary probit model to empirically test the impact of digital inclusive finance on farmers’ entrepreneurial behavior and its internal mechanism;Based on the regional distribution,entrepreneurial motivation and the age of the head of household,group regression is conducted to study the heterogeneity of digital inclusive finance in promoting the entrepreneurial behavior of farmers,and corresponding policy recommendations are put forward according to the research conclusions.This paper concludes that,first,digital inclusive finance can significantly promote the entrepreneurial behavior of farmers.Considering the endogenous problem,the conclusion is still valid after the spherical distance from each province to Zhejiang Province is treated as an instrumental variable,and the robustness of the conclusion is proved by replacing models and variables.The three sub-indexes of digital inclusive finance significantly promote farmers’ entrepreneurial behavior,of which the degree of digitalization plays the largest role,the depth of use takes the second place,and the coverage plays the smallest role.Second,credit availability plays an intermediary role in the process of digital inclusive finance promoting farmers’ entrepreneurial behavior.Digital inclusive finance improves the availability of farmers’ credit by reducing the access threshold of farmers’ loans,reducing the cost of farmers’ financing and alleviating the information asymmetry between financial institutions and farmers,thus promoting farmers’ entrepreneurial behavior.Third,the level of financial knowledge plays a positive regulatory role in the process of digital inclusive finance promoting farmers’ entrepreneurial behavior.For farmers with higher level of financial knowledge,digital inclusive finance plays a greater role in promoting their entrepreneurial behavior.Fourth,the promotion of digital inclusive finance on farmers’ entrepreneurial behavior is heterogeneous in terms of regional distribution,entrepreneurial motivation and the age of the head of household.Digital inclusive finance can significantly promote the entrepreneurial behavior of farmers in the eastern region,but it has no significant effect on the entrepreneurial behavior of farmers in the central and western regions;Digital inclusive finance can significantly promote farmers’ survival entrepreneurship and opportunity entrepreneurship,but it plays a greater role in promoting survival entrepreneurship;Digital inclusive finance can significantly promote the entrepreneurial behavior of low-age and high-age farmers,but it plays a greater role in promoting the entrepreneurial behavior of low-age farmers.According to the research conclusions,this paper puts forward the following policy recommendations:(1)Strengthen the construction of digital infrastructure;(2)Promote the digital innovation of rural financial products;(3)Improve farmers’ financial knowledge level;(4)Enhance the entrepreneurial ability of farmers;(5)Establish a digital inclusive financial supervision system.