The Impact Of Supply Chain Finance On Total Factor Productivity Of Agricultural Enterprises

Improving agricultural total factor productivity is not only an important measure to achieve high-quality agricultural development,but also the only way to solve the problems of rural areas and implement the strategy of rural revitalization.However,for a long time,the supply of financial services in China’s agricultural field has been insufficient.As an important subject of agricultural production,agricultural enterprises generally face the problem of financing constraints,which hinders the growth of individual total factor productivity of enterprises and restricts the improvement of total factor productivity of China’s overall agricultural industry.At present,the traditional supply chain financial model led by some commercial banks and core agricultural enterprises in China has become an important channel to ensure the financial supply of the agricultural field,this financial service model is based on the industrial chain to carry out financial services,can create a perfect agricultural industry chain financing system,smooth the supply chain capital flow,logistics,information flow and business flow,meet the capital and technical needs of total factor productivity of agricultural enterprises improvement,and provide financial support for the high-quality development of agriculture.Therefore,from the micro perspective of agricultural enterprises,this paper explores the impact of supply chain finance on the total factor productivity of agricultural enterprises,and provides targeted opinions and help for improving China’s agricultural total factor productivity and promoting the high-quality development of China’s agriculture.Based on the above background,this paper analyzes the impact of supply chain finance on total factor productivity of agricultural enterprises from a theoretical level based on domestic and foreign literature research,,and then takes the listed enterprises in the agriculture,forestry,animal husbandry and fishery sectors of Shanghai and Shenzhen A-share as the research object,selects the financial data of such enterprises from 2012 to 2021,empirically tests the impact of supply chain finance on total factor productivity of agricultural enterprises,first studies the relationship between supply chain finance and total factor productivity of agricultural enterprises,and further verifies the specific impact mechanism.Secondly,the differences in this influence between enterprises in different life cycles are analyzed,and finally,given that the mainstream mode of agricultural supply chain finance practice in China still stays in the traditional model dominated by commercial banks and core enterprises,the regulating effect of digital economy on the impact of supply chain finance on total factor productivity of agricultural enterprises is analyzed.The study conclusions suggest that:(1)The development of supply chain finance can significantly improve the total factor productivity of agriculture.(2)There are two paths for supply chain finance to act on the growth rate of agricultural total factors: "supply chain finance-financing effect-agricultural TFP" and "supply chain finance-relationship effect-agricultural TFP".(3)The role of supply chain finance in promoting total factor productivity of agricultural enterprises has life cycle heterogeneity,mainly in growth stage enterprises.(4)The digital economy has a significant positive role in promoting supply chain finance to improve total factor productivity of agricultural enterprises.This paper not only verifies the impact of supply chain finance on total factor productivity of agricultural enterprises enriches the theoretical research in the field of supply chain finance and total factor productivity of agricultural enterprises,provides a new direction for improving total factor productivity of agricultural enterprises-supply chain finance,but also provides effective suggestions on how to better use and improve supply chain finance in the agricultural field to enhance its positive promotion effect on total factor productivity of agricultural enterprises,so as to help the high-quality development of China’s agriculture.