Research On The Influence Of Inclusive Finance Development On Rural Capital Outflow

The outflow of rural capital has long been one of the important problems in the relationship between urban and rural areas and industry and agriculture in China.Researchers generally believe that there are three main channels of rural capital outflow,namely public finance channel,banking finance channel and price channel.The public financial channel refers to the difference between rural tax revenue and financial support for agriculture;the banking financial channel refers to the capital absorption caused by the financial institutions by largely taking deposit and credit rationing;the price channel refers to the hidden transfer of surplus of agricultural production to urban economy and industry under the price scissors difference between industry and agriculture.Although different measurement methods used by scholars lead to different specific estimates of these three channels,it is an indisputable fact that a large amount of rural capital has been flowing out of the country for a long time.The outflow of rural capital has caused a huge negative impact on rural economic and social development.Industrialization has gradually entered the middle and late stage recently,and entered the stage of promoting agriculture by industry,supporting agriculture by industry,and coordinating urban and rural development.Inclusive finance is a new concept put forward in recent years,has attracted wide attention for its emphasis on the universality,availability and sustainability of financial services could meet the requirements of current economic development and social progress.In particular,in the 13 th five-year plan,the development of inclusive finance has been promoted as a national strategy.It is worth studying whether the development level of inclusive finance has played an effective role in curbing the outflow of rural capital and what direction should be improved in the next stage of development to better serve the development of rural economy.This article has carried on the research to this,mainly includes the following several sections.First,the analysis of the current situation of rural capital outflow.This paper first describes the calculation method of rural capital outflow,and then analyzes the mechanism of rural capital outflow from three aspects: urban-rural dual economic system and urban preference,the vulnerability of rural economy and the commercialization of financial institutions.Second,the current situation of the development of inclusive finance.Firstly,this paper expounds the core characteristics of the theory of inclusive finance,and highlights the differences between inclusive finance and traditional finance.Then it introduces the supply system and current development achievements of inclusive finance,including policy Banks,commercial Banks,new rural financial institutions,fintech companies and insurance institutions.Finally,this paper introduces the situation of digital inclusive finance and places high hopes on its development prospect.Thirdly,the effect of inclusive finance development on rural capital outflow is analyzed theoretically.Two typical examples are given first,and then summarizes the three capacity advantages of inclusive finance,namely touching ability,risk-controlling ability,information mining ability and on this basis,analyzes the way to inhibit the action of the rural capital outflow,including direct effect is inclusive,credit rationing and long tail,indirect effects include demonstration effect and competition effect,development effect,carrier and the trickle-down effect.Finally,these effects are further illustrated by adding risk identification and cost factors into the simplified and improved S-W model.Fourthly,the econometric model is constructed to study the influence of financial development of inclusive finance on rural capital outflow.The panel data are used to test the effects of the rural commercial Banks transformed from rural credit cooperatives,the new rural financial institutions represented by rural Banks and the development of digital inclusive finance on the outflow of rural capital.Rural Banks have an insignificant restraining effect,while digital inclusive finance has a significant restraining effect,which reflects the heterogeneous effect of different types of inclusive finance.Finally,some policy suggestions are given.