Assessing the impact of digital financial inclusion on agricultural total factor productivity in China

Based on panel data from the National rural fixed point survey from 2011 to 2018 and the Peking University digital financial inclusion (DFI) index data, this article uses the dynamic panel fixed effect model to analyze the effect of access to digital inclusive financing platforms on agricultural total factor productivity (TFP) and its contributing factors at the household level. The results show that DFI have a significant hysteresis positive impact on agricultural TFP and its two components, agricultural technical progress and agricultural technical efficiency change. And the usage depth of financial services has the greatest effect in three dimensions of DFI index.

本研究基于2011至2018年全国农村固定观察点调查面板数据与北京大学数字金融普惠（Digital Financial Inclusion, DFI）指数数据，采用动态面板固定效应模型，在农户层面探析数字普惠金融平台可得性对农业全要素生产率（Total Factor Productivity, TFP）及其驱动因素的影响效应。研究结果显示，数字金融普惠指数对农业全要素生产率及其两大组成维度——农业技术进步与农业技术效率变化均存在显著的滞后正向影响；且在该指数的三大维度中，金融服务使用深度的作用效果最为突出。