Research On The Impact Of Digital Inclusive Finance On Agricultural Total Factor Productivity

As a basic industry,the development of agriculture is fundamental to the economic development of a country or region.China’s agricultural development has made great achievements since the reform and opening up,but the current development of China’s agriculture suffers from many problems such as decreasing land resources and labor force,deteriorating resources and environment,part-time agriculture,and fragmented operation of small-scale farmers.Thus,it is necessary to expand the role played by total factor productivity in agricultural growth and promote high-quality development of agriculture.Thus,the improvement of total factor productivity in agriculture has become an important and worthy concern.The development of digital inclusive finance has an important role in supporting agricultural production activities,and the improvement of total factor productivity in agriculture cannot be achieved without the support of digital inclusive finance.Digital inclusive finance is an innovative form of inclusive finance,a product of the integration of digital technology and inclusive finance,with innovative features such as rich and diverse financial products,differentiated pricing,accurate customer acquisition,targeted marketing and intelligent risk management.Thus,digital inclusive finance can further alleviate financing constraints and optimize resource allocation,which is of great significance to enhance total factor productivity in agriculture.Based on this,this study further explores the impact of digital inclusive finance on total factor productivity in agriculture and its impact paths from the relationship between digital inclusive finance and total factor productivity in agriculture,and provides relevant suggestions for high-quality agricultural development in China.Based on the existing studies at home and abroad,this study firstly defines the definition of digital inclusive finance and agricultural total factor productivity and summarizes the theoretical basis of the relationship between them;secondly,it uses the SBM-GML index to measure the changes of agricultural total factor productivity in 31 provinces(municipalities directly under the Central Government and autonomous regions)in China;then it uses the panel data of 31 provinces(municipalities directly under the Central Government and autonomous regions)in China from2011 to 2020 to The following three aspects are used to analyze the impact of digital inclusive finance on total factor productivity in agriculture.The first is to construct a fixed-effects model to investigate the impact of digital inclusive finance on agricultural total factor productivity and its decomposition term;the second is to use a mediated-effects model to investigate the impact of"digital inclusive finance-agricultural capital deepening-agricultural total factor productivity" and"digital inclusive finance-rural total factor productivity"."Third,the spatial Durbin model is used to empirically test the spatial spillover effects of digital inclusive finance on agricultural total factor productivity.The research results show that:(1)digital inclusive finance can effectively improve agricultural total factor productivity,in which agricultural technology progress plays an important role.(2)Digital inclusive finance can enhance agricultural total factor productivity by promoting the deepening of agricultural capital and the integration of rural industries.(3)The impact of digital inclusive finance on agricultural total factor productivity has regional heterogeneity and dimensional heterogeneity.(4)Although digital inclusive finance has a positive impact on agricultural total factor productivity in the region,it has a negative impact on agricultural total factor productivity in neighboring regions,and the total effect of spatial spillover effect of digital inclusive finance on agricultural total factor productivity is negative.Accordingly,suggestions are made to promote the development of digital inclusive finance in rural areas,improve the financial literacy of agricultural production and operation subjects,promote the deepening of agricultural capital and the integration of rural industries,and focus on the coordinated regional development of digital inclusive finance to promote the improvement of agricultural total factor productivity.