数字普惠金融对农户生产经营投资的影响

The Impact of Digital Inclusive Finance on Farmers’ Investment in Production and Operation

本文基于中国家庭金融调查2015年、2017年和2019年的数据,以及北京大学数字普惠金融指数,研究了数字普惠金融对农户生产经营投资的影响。研究结果表明,数字普惠金融促进了农户的生产经营投资。具体而言,数字普惠金融对农户农业生产经营投资的影响不显著,但对农户工商业生产经营投资有促进作用。使用工具变量法处理内生性后,研究结论仍然成立。机制分析发现,数字普惠金融主要通过增加农户的融资规模、提高农户的信息互动水平来促进农户的生产经营投资。异质性分析发现,数字普惠金融对农户工商业生产经营投资的影响具有异质性:数字普惠金融对小规模经营和低人力资本农户的工商业生产经营投资具有更明显的促进作用。农业生产经营投资受传统金融服务的影响较大,数字普惠金融借助传统金融服务基础能够促进农户的农业生产经营投资。本文研究对数字普惠金融更好地服务促进农村产业兴旺和全面推进乡村振兴具有重要意义。

Based on the data from the China Household Finance Survey in 2015,2017,and 2019,and the Peking University Digital Financial Inclusion Index,this article analyzes the impact of digital financial inclusion on farmers’production and operation investment.The results show that digital inclusive finance has promoted farmers’investment in production and operation.Specifically,the impact of digital inclusive finance on farmers’investment in agricultural production and operation is not significant,but digital inclusive finance can promote farmers’investment in industrial and commercial production and operation.The results are robust to alternative choice of instrument variables.Mechanism analysis finds that digital inclusive finance mainly promotes farmers’production and operation investment by increasing the financing scale of farmers and improving the level of farmers’information interactions.Heterogeneity analysis finds that the impact of digital inclusive finance on farmers’industrial and commercial production and operation investment is heterogeneous.Digital inclusive finance has a more obvious role in promoting small-scale operation and low human capital farmers’industrial and commercial production and operation investment.Investment in agricultural production and operation is greatly affected by traditional financial services.Digital inclusive finance can promote farmers’investment in agricultural production and operation with the help of traditional financial services.The study is of great significance for digital inclusive finance to better serve and promote the prosperity of rural industries and comprehensively promote rural revitalization.