| The implementation of the rural revitalization strategy,conducive to the building of a moderately prosperous society in all respects and the modernization of agriculture,is a major strategic decision and plan made at the 19 th national congress of the communist party of China.Finance is not only the core of modern economy,but also one of the key links to serve the rural revitalization.In recent years,the development of inclusive finance promoted by the take-off of digital technology has lowered the transaction cost and the threshold of financial services,providing a new solution to the financing difficulties of farmers.It is of great significance to study the influence of the development of digital inclusive finance on the borrowing behavior of farmers,who are one of the main demand subjects of the rural financial market,to improve the borrowing environment of farmers and promote the rural digital inclusive finance to better serve "agriculture,rural areas and farmers".Based on the above background,this paper analyzes the impact of the development of digital financial inclusion on farmers' borrowing behavior from a micro perspective by using the database of rural microeconomics in China and the development index of digital financial inclusion compiled by the digital finance research center of Peking University.The research of this paper is mainly divided into theoretical research and empirical analysis.Firstly,this paper reviews the basic theories of farmers' borrowing behavior and digital inclusive finance development,further analyzes the economic explanation of farmers' borrowing behavior and the development process of digital inclusive finance,and proposes two research hypotheses.Secondly,this paper introduces the current situation of rural loans and the development of digital inclusive finance.Finally,with panel data from 2014 to 2017 in database of rural microeconomics in China and the development index of digital financial inclusion compiled by the digital finance research center of Peking University,this paper makes a descriptive statistical analysis of farmers' borrowing behavior,and then empirically analyzes the influence of digital inclusive finance on loan availability and loan size of different channels and makes a heterogeneous analysis.Through the research,it is found that the development of digital inclusive finance improves the availability and loan scale of farmers' formal channel loans,and reduces the availability and loan scale of farmers' informal channel loans.The "breadth of coverage index" and "depth of use index" in the secondary index of digital financial inclusion have a significant positive impact on the availability of loans from formal channels and a significant negative impact on the availability of loans from informal channels.In the three-level index of financial inclusion,only "credit" index has a significant negative impact on the availability of loans from different channels,and the impact on informal channel loans is greater than that on formal channel loans.The development of digital inclusive finance has a significantimpact on the loans from different channels for households with lower income,but not for households with higher income.The development of digital inclusive finance has a significant positive impact on the availability of loans from formal channels when the household head has an educational background above the junior high school level,and a significant negative impact on the availability of loans from informal channels when the household head has an educational background below the junior high school level.Based on this,the paper puts forward some policy Suggestions such as supporting the construction of hardware and software facilities of digital technology,building a differentiated and multi-level digital inclusive financial ecosystem,improving the precision and pertinence of digital inclusive financial services,and strengthening basic education and financial education in rural areas. |
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