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

The purpose of this paper is to study the relationship between digital inclusive finance and the integrated development of the three rural industries.After the central government proposed to promote the integrated development of the three rural industries,the integration of rural industries has become an effective way to promote industrial upgrading,empower agricultural and rural modernization,and help rural revitalization.However,there are still problems such as backward infrastructure construction,insufficient promotion of electronic information technology,insufficient financial literacy of rural residents and insufficient supply of financial products and services in China’s rural areas,and the financing needs of farmers are severely restricted,and the development of rural industrial integration is seriously hindered.With its advantages of wide coverage,high efficiency and low acquisition cost,digital inclusive finance has guided the financial system in rural areas to carry out in-depth self-reform and upgrade,and initially built a new "digital rural" pattern with low financial threshold and less financing constraints.Therefore,studying the relationship between digital inclusive finance and rural industrial integration and exploring the inner mechanism of action is crucial to solving the problem of integrating the three rural industries,making rural industrial integration an effective engine for the construction of the rural modernization system,thus increasing the number of agricultural jobs and farmers’ income generation.This paper adopts a combination of theoretical and empirical analysis.The theoretical part starts from the research results of domestic and foreign scholars on digital finance and rural industrial integration,and establishes an analytical framework for the relationship between digital inclusive finance and rural industrial integration after tracing the theories of both,based on which the channels and manifestations of digital inclusive finance affecting rural industrial integration are analyzed.The empirical analysis is based on the evaluation index of rural industrial integration and the digital inclusive finance index of each province from 2011 to2020,and the empirical evidence is conducted by using a dynamic panel model to investigate how digital inclusive finance affects the integration of three rural industries;secondly,digital inclusive finance is subdivided into three levels,namely,the breadth of coverage,the depth of use and the degree of digitization,to study the impact of digital inclusive finance on rural industries at different levels and different businesses respectively.In addition,the moderating effects of fiscal spending,financial regulation and information technology construction,and the mediating effects of entrepreneurial activity and fixed asset investment are also examined;finally,regional heterogeneity analysis is conducted.Based on the results,we conclude that: first,digital inclusive finance effectively contributes to the integration of rural three industries;second,convenient payment,credit support and insurance support are direct drivers of digital inclusive finance for the integration of rural industries;third,digital inclusive finance promotes the integration of rural industries by enhancing rural entrepreneurial activity and fixed asset investment;fourth,the factors of fiscal expenditure,financial regulation and information technology construction play an important role in the development of digital inclusive finance for the integration of rural industries.inclusive finance can produce positive effects in the process of promoting the integration development of rural industries.