The Impact of the Implementation of Agricultural Credit Guarantee Policy on Agricultural Total Factor Productivity
Agricultural credit guarantee is not only an innovative model of financial support to agriculture,but also an important financial intermediary.Based on the panel data of 1254 counties in China from 2011 to 2021,this paper regards the implementation of agricultural credit guarantee policy as a quasi-natural experimentand,uses propensity score matching and multi-period DID method to examine the impact of the implementation of agricultural credit guarantee policy on agricultural total factor productivity(TFP).The study finds that,first,the implementation of the policy has significantly improved agricultural TFP.Second,the mediation effect shows that the policy improves agricultural TFP by supporting credit,guiding industries,and supporting new agricultural business entities.Third,digital credit has a suppressing effect on the improvement of the policy on agricultural TFP,but the suppressing effect is weakening with the spread of digital technology and the accumulation of digital footprints,transforming to a promoting effect between 2019 and 2021.Furthermore,the heterogeneous analysis reveals more prominent effects of the policy on agricultural TFP in large grain-producing counties,poor counties,and counties with adequate financial infrastructure.
NETL
NSTL
万方数据
