A study of the development of digital inclusive finance alleviating financing constraints:Empirical analysis based on agricultural enterprises
With the vigorous development of digital economy,digital inclusive finance provides new possibilities and paths for alleviating the financing constraints of agriculture-related enterprises. By matching the municipal data of Peking University Digital Inclusive Finance from 2011 to 2020 with the data of China agriculture-related enterprises,the authors empirically test the influence of the development of digital inclusive finance on the financing constraints of agriculture-related enterprises. The research shows that:1) The development of digital inclusive finance can significantly alleviate the financing constraints of agriculture-related enterprises,and this conclusion is still valid after various robustness tests. Among them,the influence of digital inclusive finance coverage is better than the depth of use and the degree of digitization 2) The development of digital inclusive finance can alleviate the financing constraints of agriculture-related enterprises by reducing financing costs and improving information transparency 3) The development of digital inclusive finance has a greater alleviation effect on the financing constraints of non-state-owned enterprises than that of state-owned enterprises,and it has a greater alleviation effect on the financing constraints of processing service enterprises than that of aquaculture and planting enterprises. The better the development of traditional finance,the more effective the development of digital inclusive finance will be in alleviating the financing constraints of enterprises. Generally speaking,the "profit-seeking" of digital inclusive finance is greater than its "inclusiveness" in alleviating the heterogeneity of financing constraints of agriculture-related enterprises. This paper provides theoretical reference and practical guidance for solving the financing problems of agriculture-related enterprises and boosting the development of agricultural economy under the background of "rural revitalization":First,we should continue to promote the development of digital inclusive finance and provide a large number of new financial services with rich formats for agriculture-related enterprises Second,agricultural enterprises should actively disclose information,reduce the degree of information asymmetry with financial institutions,and broaden their own financing channels Third,we should increase the support and resource inclination for backward areas and enterprises engaged in farming and planting,and give full play to the proper meaning of "digital inclusive finance".
digital inclusive financeagriculture-related enterprisesfinancing constraintsfinancing costinformation transparency
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