Research On The Impact Of Digital Inclusive Finance On Rural Industrial Integration

In 2015,the No.1 Central Document clearly put forward the problem of rural industrial integration for the first time,and has been continuously promoting the integrated development of rural industries for seven consecutive years.As the economic and social development and the supply-side structural reform of agriculture in the new era increasingly demand the transformation and upgrading of traditional agriculture,the "rural revitalization strategy" provides a rare opportunity to promote the deep integration of agriculture,industry and service industry.Rural industrial integration is also an important measure for the development of agriculture,rural areas.In China,rural industrial integration starts from agricultural industrialization,provides space for development and innovation for agricultural development through industrialization and urbanization,and deeply explores innovative ways of realization such as path,format and tools,so as to improve the competitiveness of rural industries and increase farmers’ income.With the continuous application of digital technology and information technology,various fields have become more convenient due to digital technology,including inclusive finance.With the support of digital technology,inclusive finance is no longer completely dependent on financial institution outlets,but can provide financial services to more users through digital media and gradually penetrate into rural areas.In addition,digital inclusive finance can understand user risk preference,loan term preference,investment demand,etc.through big data analysis,user portrait and other technical means,so as to provide personalized financial services.Each link of rural industrial integration needs financial support.The emergence of digital inclusive finance provides a new way to solve the financial dilemma of the main body of rural industrial integration.This paper adopts the method of combining theoretical analysis with empirical analysis,Starting with the concept of rural industrial integration,the concept of digital inclusive finance,the theory of industrial integration,the theory of inclusive finance,the theory of financial exclusion and other theoretical bases,this paper expounds the rural industrial integration and studies the relevant theories of digital inclusive finance,to elaborate the theoretical research related to rural industrial integration and digital inclusive finance,and combines the development status of rural industrial integration and digital inclusive finance.Analyze the direct influence and intermediary effect of digital inclusive finance on rural industrial integration.The empirical analysis part takes China’s inter-provincial panel data from 2011 to 2020 as the research sample,analyzes the impact and heterogeneity of digital inclusive finance on rural industrial integration,and discusses the intermediary effect of fixed asset investment,technological innovation,etc.between digital inclusive finance and rural industrial integration.Firstly,the rural industrial integration index is measured,and the entropy method is used to evaluate and calculate the rural industrial integration index by selecting indicators such as the extension of the rural industrial chain,the integration of multiple functions,the integration of service industry,the penetration of agricultural technology,the level of informatization development and the intensity of environmental protection.Secondly,the fixed effect model is used to estimate the direct impact of digital inclusive finance on rural industrial integration,and the heterogeneity of the impact of digital inclusive finance on rural industrial integration is analyzed by taking data from the eastern,central and western regions as samples.Third,we select fixed asset investment and technological innovation as intermediary variables to analyze their intermediary effects between digital inclusive finance and rural industrial integration.In order to eliminate the problem that the model estimation results are not robust due to endogenous and missing variables,the system GMM model and two-step OLS regression are used to carry out endogenous and robustness tests to ensure the robustness of the model estimation results.Through the above theoretical and empirical analysis,we can draw the following conclusions: First,digital inclusive finance has a significant positive role in promoting rural industrial integration;Second,fixed asset investment plays a positive intermediary role in the relationship between digital inclusive finance and rural industry integration.Fixed asset investment can enable digital inclusive finance and thus promote the integrated development of rural industry.Moreover,scientific and technological innovation can play a positive intermediary role in the relationship between digital inclusive finance and rural industry integration,so scientific and technological innovation can enhance the promoting role of digital inclusive finance in rural industry integration.Based on the conclusion of theoretical and empirical analysis,measures and suggestions are put forward from the perspectives of improving the service level of digital inclusive finance,promoting the integration of rural industries and regional coordinated development.