| Digital economy is the mainstream trend of global development,and digital finance is one of the most active fields in the era of digital economy.Based on advanced underlying technology,digital finance takes knowledge and credit after digitization as key production factors,which provides a new way for inclusive financial development and social and economic inclusive growth.It is a hot topic in the field of agriculture,rural areas and peasants to develop and strengthen the rural economy,increase the employment opportunities of rural residents,broaden the channels of increasing income of rural residents and promote the growth of rural residents' income,which is also the central task of the work of agriculture,rural areas and peasants.After more than 40 years of reform and opening up,the income level of rural residents has been greatly improved,but compared with urban residents,their income level is still low,and the income gap between urban and rural areas is still large.As the economic growth slows down,the rural residents' employment is facing severe challenges.Under the double squeeze of the “floor” of agricultural production cost and the “ceiling” of agricultural products prices,the sustained growth of rural residents' income is facing greater pressure.The sudden COVID-19 also has a negative impact on the growth of rural residents' income.Finance is the core of modern economy,and financial development is an important channel to promote the growth of rural residents' income.However,traditional rural finance in China is faced with the problem of sustainability,and the support for rural economic development and rural residents' income growth is weak.It is necessary to seek new impetus to promote the continuous increase of rural residents' income.However,the rapid development of digital finance may bring new opportunities for rural residents' income growth.With the rapid development of internet,cloud computing,big data,artificial intelligence,blockchain and other digital technologies and their wide application in the financial field,human society has gradually entered the era of digital finance.As a product of the high integration of digital technology and financial services,digital finance has the advantages of low cost,wide coverage and sustainability.It reduces the dependence of credit services on traditional credit technologies such as financial statements,credit records and mortgage guarantee,and improves the availability of financial services support for the development of new business models and other ways to enhance the ability of financial services to the real economy,improve the entrepreneurship and employment environment of rural residents,and bring more opportunities to promote the growth of rural residents' income.Digital finance is expected to continuously narrow the digital gap through the innovation of financial organizations and financial services,and solve the long-term bottlenecks of rural inclusive Finance,such as low-income,high cost,difficulty to balance efficiency and security.It can benefit a large number of rural residents who are excluded by traditional finance,help to alleviate their financial constraints,facilitate low-cost payment,investment and financing,insurance and other financial services,improve their consumption behavior,promote their entrepreneurship,investment,operation and employment activities,improve the efficiency of rural capital allocation,promote rural economic development,and then promote the growth of rural residents' income.In view of this,from the perspective of digital finance,this paper focuses on the analysis of the mechanism and effect of digital finance on rural residents' income growth.This paper follows the logic of raising questions,theoretical research,empirical research and policy research,based on the actual situation of digital finance and rural residents' income growth,using the method of combining normative research and empirical research to provide policy basis for promoting the effective popularization of rural digital finance,promoting the development of digital finance and promoting rural residents' growth.Specifically,based on the in-depth analysis of the evolution process and structural changes of rural residents' income,the characteristics,facts and evolution trend of digital finance,this paper focuses on the theoretical framework of the impact of digital Finance on rural residents' income growth.Based on the provincial panel data of 2011-2018 and the data of China Family Finance Survey(CHFS),the paper empirically tests the influence effect and mechanism of digital finance on rural residents' income growth by means of instrumental variable method,quantile regression method,intermediary effect model,threshold estimation method,panel semi parameter estimation,spatial measurement,least square method,tendency score matching method and IV probit method.Finally,based on the conclusion,this paper puts forward some policy suggestions on the development of digital finance to promote the increase of rural residents' income.The research contents and conclusions of this paper are summarized as follows:Firstly,great achievements have been made in the development of digital finance in China.The digital financial gap between provinces is narrowing,but there are still problems in the service of digital finance to the real economy,which brings new risks and financial exclusion;Since the reform and opening up,rural residents' income and income structure have shown significant temporal and spatial differences.The income gap of rural residents' income in various provinces is narrowing,and the sources of rural residents' income show the characteristics of diversification.The rural residents' income growth between provinces has a significant spatial dependence,showing the characteristics of agglomeration;Digital finance and rural residents' income have a general positive correlation and nonlinear characteristics.It has become a global consensus to accelerate the deep integration of digital technology and financial services,and promote financial development to improve quality and efficiency.Great achievements have been made in the application and popularization of various digital financial services in China.The development gap of digital finance among provinces is narrowing,the financial universality is significantly improved,and the ability to serve the real economy is significantly enhanced.However,there are still problems in the development of digital finance itself and in the service of the real economy.Some problems existing in traditional financial system are not solved because of digital finance,but some problems are further strengthened in the field of digital finance.The development of digital finance has brought new problems and risks,as well as new financial exclusion.Digital finance will strengthen supervision in the short term,and pay equal attention to risk and innovation in the long term,so as to promote the development of inclusive finance and enhance the ability of financial services to the real economy.Since the reform and opening up,the income growth and income structure of rural residents have shown obvious temporal and spatial differences.The level of rural residents' income has gradually improved,and the sources of income have become increasingly diversified.The form of rural residents' income has been highly monetized.Wage income surpasses business income and becomes the main source of rural residents' income growth.Transfer income has become the highlight of income growth in recent years,and the level of property income is still low.In recent years,the convergence rate of income gap is slowing down.The growth of rural residents' income in each province shows a significant spatial dependence.Provinces with higher income and provinces,with lower farmers' income have the characteristics of agglomeration.With the development of digital finance,the level of rural residents' income is also increasing.The development of digital finance,the dimensions of digital finance and the businesses of digital finance are positively correlated with farmers' income,and have nonlinear characteristics.Digital finance has positive correlation with wage income,operating income,property income and transfer income,and shows nonlinear characteristics.There is a positive correlation between digital finance and rural residents' income in all regions,and there is a nonlinear characteristic.Secondly,the development of digital finance can increase rural residents' income by promoting the income growth of wage income,operating income and so on.The groups in different income quantiles can benefit from the development of digital finance,especially the low-income groups.There are significant differences in the income increasing effects of digital finance development in different regions.First of all,both the total index of digital finance and the index of each dimension are significantly positively correlated with the growth of rural residents' income,and have a significant lag effect.The estimation results of endogeneity control by GMM and LIML show that the above conclusions are robust.Payment,credit,insurance and other digital financial services can promote the growth of rural residents' income.Secondly,digital finance can significantly promote the growth of operating income,wage income,property income and transfer income.Thirdly,there are significant regional differences in the impact of digital finance on the growth of rural residents' income,with the strongest effect on the western region.Finally,rural residents in all income quantiles can benefit from digital finance and development of all dimensions,especially the low-income group.The impact of digital finance on the growth of rural residents' income reflects the characteristics of inclusiveness.Thirdly,the impact of digital financial development on rural residents' income growth has its own nonlinear characteristics,and there are human capital threshold effect and positive spatial spillover effect.First of all,digital finance and the development of all dimensions have double threshold effect on the growth of rural residents' income,which shows that the impact of digital finance on the growth of rural residents' income has nonlinear characteristics.With the development level of digital finance and its dimensions beyond the corresponding threshold,its role in promoting the growth of rural residents' income is gradually enhanced.At present,the development of digital finance in all provinces has crossed the second threshold.Secondly,on the whole,the threshold effect of digital finance on the growth of rural residents' income is not obvious,but there are structural differences in the threshold effect of various dimensions of development on the growth of rural residents' income.With the human capital crossing the corresponding threshold,the effect of increasing farmers' income is gradually enhanced.The coupling of coverage and rural human capital helps to promote the increase of rural residents' income.The threshold effect of using depth is not significant.There is a single threshold effect of human capital in the degree of digitalization.With the human capital crossing the threshold,the effect of income increase is weakened.In the sample period,the human capital of most provinces is still in the threshold range of digital income increasing effect.Thirdly,digital finance and all dimensions of development have significant spatial agglomeration characteristics.On the whole,the spatial spillover effect of digital finance is not significant.The spatial spillover effects of digital finance on rural residents' income growth are different.Specifically,the coverage is not only conducive to the growth of farmers' income in the province,but also can improve the growth of rural residents' income in neighboring provinces.The depth of use is conducive to improve the income growth of rural residents in the province,but has no significant impact on the income growth of rural residents' income in neighboring provinces.The degree of digitization has no significant impact on the growth of rural residents' income in the province,but has a significant role in promoting the growth of rural residents' income in neighboring provinces.Fourthly,the development of digital finance promotes the macro-economic growth,and is conducive to the growth of of rural residents' income mainly through the process of urbanization.In the case of controlling economic growth,industrial structure and urbanization itself are also effective channels for digital finance to affect of rural residents' income growth.In addition to mediating variables,digital finance can directly promote the growth of of rural residents' income.First of all,the development of digital finance and all dimensions has a significant and steady positive impact on economic growth.Further considering the differences of social and economic conditions in different provinces,the study finds that in the central and western regions,as well as in provinces with relatively low initial internet penetration rate and higher education proportion of residents,the positive effect of digital finance and development of various dimensions on economic growth is stronger;In the provinces with low development level of traditional finance and high proportion of private enterprises,the economic growth effect of digital finance is restrained to a certain extent.Secondly,the development of digital finance and all dimensions can promote of rural residents' income through economic growth.Further analysis shows that under the control of other variables,the impact of economic growth on of rural residents' income growth is mainly realized through urbanization,and the change of industrial structure and urbanization are also important ways for digital finance to affect of rural residents' income.Thirdly,digital finance and its dimensions not only affect the growth of of rural residents' income through intermediary variables,but also directly promote the growth of of rural residents' income.Finally,there are regional differences in the transmission path of digital finance and its dimensions affecting of rural residents' income growth.Fively,digital finance promotes family entrepreneurship,thus promoting the growth of rural residents' income.The use of digital finance can promote the entrepreneurial activities of rural households,improve the entrepreneurial performance,and increase the income of rural households.The level of community digital finance has a significant positive spillover effect.In addition,compared with entrepreneurial families,digital finance has a more significant impact on the non-agricultural employment level of non entrepreneurial families.First of all,the use of digital finance helps to promote the growth of household income,and the improvement of community digital finance has a significant positive spillover effect on the increase of household income.Specifically,compared with households that do not use digital finance,the use of digital finance reduces agricultural income and increases non-agricultural income,that is,digital finance promotes the increase of household income and changes income structure;The improvement of the level of community digital finance has a significant positive spillover effect on the household income of all peasant household.For heterogeneous peasant household,the income increasing effects of digital finance use and community digital finance level are different.On the whole,with the increase of the quantile,the income increasing effect of the use of digital finance and the level of community digital finance firstly decreases and then increases slowly.The income increasing effect is stronger for the non poor farmers,the farmers in the eastern region,the farmers with low social capital and financial knowledge,and weaker for the poor farmers and the farmers in the central and western regions.Secondly,the use of digital finance helps to promote household entrepreneurship and improve the level of non-agricultural employment.The level of community digital finance has a significant positive spillover effect on household entrepreneurship and non-agricultural employment.From the perspective of entrepreneurial activities,compared with households that do not use digital finance,the use of digital finance can significantly improve the probability of entrepreneurship,especially the opportunity entrepreneurship,and improve the entrepreneurial intention of non entrepreneurial families;For rural household who do not use digital finance,the improvement of community digital finance level has spillover effect on their entrepreneurial activities,but has no significant impact on entrepreneurial intention.From the perspective of entrepreneurial performance,the use of digital finance can significantly improve the project operating income and operating profit,and the level of community digital finance has a positive spillover effect on the operating income and operating profit.Compared with entrepreneurial families,the use of digital finance and the level of community digital finance have a more significant impact on non-agricultural employment of non entrepreneurial families.Compared with the existing research,the possible innovations of this paper are as follows:(1)Research perspective.This paper analyzes the mechanism of digital finance on the growth of rural residents' income from the macro and micro levels,and carries out empirical verification.The existing research usually starts from one aspect.At the macro level,from the perspective of enabling real economy,this paper discusses the impact of digital Finance on rural residents' income through economic growth,and gradually tests the transmission path of economic growth on rural residents' income growth.The results show that in the sample period,economic growth mainly promotes the growth of rural residents' income by absorbing the rural population to the city.From the perspective of supporting family entrepreneurship,this paper discusses the impact of digital Finance on household income increase.The results show that digital finance promotes the entrepreneurial activities of rural families,especially opportunistic entrepreneurship,and improves the entrepreneurial performance,so as to promote family income.The existing literature focuses on the impact of digital economy on selfemployed employment and employed employment,but rarely from the micro perspective.This paper compares the impact of digital finance on employment activities of entrepreneurial families and non entrepreneurial families.The results show that digital finance has a greater impact on non-agricultural employment of non entrepreneurial families.That is to say,digital finance increases the nonagricultural employment opportunities of employed workers.(2)Research content.There is little literature on whether households without digital finance can benefit from the development of digital finance.This paper examines the spillover effect of the development level of digital finance on households not using digital finance from the community level.The results show that the level of community digital finance has positive spillover effects on rural household income,household entrepreneurship and non-agricultural employment.There are few literatures about the impact of digital Finance on the income growth of poor and non poor households.This paper compares the income increasing effects of digital finance on poor households and non poor households.The results show that the use of digital finance promotes the income increase of non poor households,but the effect on the income increase of poor families is not significant.The existing literature focuses on the impact of digital finance on non-agricultural income,but less on agricultural income.This paper analyzes the impact of digital Finance on household agricultural income and nonagricultural income.The results show that digital finance improves household non-agricultural income and reduces agricultural income.(3)Research methods.In this paper,the panel threshold model,quadratic panel model and panel semi parametric model are combined to study the nonlinear effect of digital finance on rural residents' income growth.The panel threshold model and interactive coupling co scheduling model are combined to study the threshold effect of human capital in digital finance.OLS,2SLS and PSM are used to study the effect of rural residents' income increase in digital finance.In order to enhance the reliability of the research results,the existing researches usually consider only one or two methods when dealing with similar problems. |
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