Mediating effect test of family entrepreneurship.

Digital finance provides a long-tail mechanism for alleviating relative poverty caused by unequal opportunities and rights. According to the inference of an improved Cobb-Douglas production function and Ramsey-Cass-Koopmans two-stage household consumption model, the long-tail mechanism for digital finance to alleviate the relative poverty of farmers includes productive investment mechanism, credit mechanism, financial asset allocation and entrepreneurial mechanism. An empirical analysis of 11,519 rural households across China based on CHFS2019 data shows that digital finance can significantly and steadily alleviate relative poverty by improving credit availability and promoting household entrepreneurship, while its effect on increasing productive investment opportunities and optimizing financial asset allocation is less certain. Therefore, it is necessary to continue to improve the "blood making" long tail mechanism of digital finance for farmers’ credit and innovation and entrepreneurship, and at the same time guide the digital finance to empower the development of rural industries to increase farmers’ productive investment opportunities, cultivate endogenous growth momentum, and improve the wealth allocation function of rural digital financial market.

数字金融为缓解因机会与权利不均等引发的相对贫困提供了长尾机制。基于改进型柯布-道格拉斯生产函数（Cobb-Douglas Production Function）与拉姆齐-卡斯-库普曼斯（Ramsey-Cass-Koopmans）两阶段家庭消费模型的推导，数字金融缓解农户相对贫困的长尾机制涵盖生产投资机制、信贷机制、金融资产配置机制与创业机制。基于中国家庭金融调查（CHFS）2019年数据对全国11519户农村家庭开展的实证分析显示，数字金融可通过提升信贷可得性、推动家庭创业，显著且稳定地缓解相对贫困；但其对增加生产投资机会与优化金融资产配置的作用尚不明确。因此，需持续完善数字金融面向农户信贷与创新创业的“造血”长尾机制，同时引导数字金融赋能乡村产业发展，以增加农户生产投资机会、培育内生增长动力，并健全农村数字金融市场的财富配置功能。