S1 Data -

Improving agricultural total factor productivity is crucial for comprehensive rural revitalization and building a strong agricultural nation. Digital inclusive finance amalgamates the benefits of digital technology and inclusive finance, mitigating financial exclusion in agricultural production. It fosters rural revitalization and the modernization of agriculture by bolstering farmers’ innovation, entrepreneurship, and agricultural technology advancements. Consequently, it significantly enhances overall agricultural total factor productivity. This study uses panel data from 2011 to 2020 to empirically investigate the impact and mechanism of digital inclusive finance on agricultural total factor productivity in Zhejiang Province, China. The research results show that digital inclusive finance significantly enhances agricultural total factor productivity in Zhejiang Province, which holds true even after a series of robustness tests. Analysis of the mechanism reveals that the integrated development of rural industries plays a crucial mediating role in empowering agricultural total factor productivity through digital inclusive finance. Furthermore, heterogeneity analysis indicates that the positive effect of digital inclusive finance on agricultural total factor productivity is more pronounced in the northeastern region of Zhejiang Province and in areas ranked in the second tier of agricultural development. Therefore, we recommend comprehensively enhancing the development of digital inclusive finance in rural areas, fostering a financial ecosystem that integrates rural industries, promoting the coordinated development of digital inclusive finance in different regions, and comprehensively improving agricultural total factor productivity.

提升农业全要素生产率（agricultural total factor productivity），对于全面推进乡村振兴、建设农业强国至关重要。数字普惠金融（Digital inclusive finance）整合数字技术与普惠金融的优势，可缓解农业生产领域的金融排斥问题。其通过赋能农户创新、创业及推动农业技术进步，助力乡村振兴与农业现代化进程，进而显著提升农业全要素生产率整体水平。本研究采用2011-2020年的面板数据，对中国浙江省数字普惠金融对农业全要素生产率的影响及其作用机制开展实证检验。研究结果显示，浙江省数字普惠金融可显著提升农业全要素生产率，该结论在经过一系列稳健性检验后依然成立。机制分析表明，农村产业融合发展在数字普惠金融赋能农业全要素生产率提升的过程中，扮演着关键的中介角色。进一步的异质性分析显示，数字普惠金融对农业全要素生产率的正向促进作用，在浙东北地区以及农业发展水平处于第二梯队的地区更为突出。据此，本研究提出如下政策建议：全面推进农村地区数字普惠金融发展，构建融合农村产业的金融生态体系，推动不同区域数字普惠金融协同发展，进而全面提升农业全要素生产率。