数字金融促进家庭农场生存发展的实证研究——基于33402个家庭农场的微观证据

An Empirical Study on Digital Finance Promoting the Survival and Development of Family Farms——Based on the Microscopic Evidence of 33402 Family Farms

论文分析了数字金融影响家庭农场生存风险的作用机理,采用2014-2018年中国数字金融的县域数据和家庭农场数据,通过离散时间生存模型,实证检验了数字金融对家庭农场生存风险的影响。研究结果表明:数字金融的发展有利于降低家庭农场的生存风险;采用多种工具变量进行内生性处理及稳健性检验后发现结论仍然成立。机制分析表明,数字金融会通过缓解家庭农场融资约束和提供便利性金融服务来降低其生存风险;异质性分析表明,数字金融对家庭农场生存风险的影响存在显著差异,其对初创型、小型及西部地区的家庭农场作用效果更强,体现了数字金融的普惠性特征。

This paper analyzes the mechanism of action between digital finance how impact on the survival risk of family farms,and builds the discrete time survival model by using county data of China’s digital finance and family farm data from 2014 to 2018.The results show that the development of digital finance is beneficial to reduce the survival risk of family farms and the conclusion was still valid after making endogeneity treatment and robustness test with various instrumental variables.Mechanism analysis shows that digital finance can reduce the survival risk of family farms by alleviating financing constraints and providing convenient financial services.Heterogeneity analysis shows that digital finance has a significant difference in the impact on the survival risk of family farms,and it has a stronger effect on the start-up,small and western family farms,which reflects the inclusive characteristics of digital finance.