How does the development of digital finance affect the integration of rural industries in China?——An analysis based on provincial panel data
数字金融发展如何影响中国乡村产业融合？——基于省级面板数据的分析

摘要

数字金融与中国各经济领域的联系愈加紧密。那么，数字金融发展是否有助于我国乡村产业的融合，进而促进乡村全面振兴以及共同富裕目标的实现？本文以2011-2020年中国30个省级行政单位（不含西藏、港澳台）面板数据为研究对象，实证检验数字金融的影响及作用机制。基准回归表明，数字金融发展水平每提高1%，乡村产业融合水平显著提升0.035个单位。机制分析显示，数字金融通过提升电子商务发展水平间接促进产业融合。异质性分析发现数字金融对乡村产业融合的赋能作用在东部地区更明显。推进数字金融与传统金融的融合创新，关注区域差异与完善电商体系，补齐农业服务业与新业态短板。

Abstract

The connection between digital finance and various economic sectors in China is becoming increasingly close. Then, does the development of digital finance contribute to the integration of rural industries in our country, thereby promoting the comprehensive revitalization of rural areas and the realization of the goal of common prosperity? This paper takes the panel data of 30 provincial administrative units in China from 2011 to 2020 (excluding Tibet, Hong Kong, Macao and Taiwan) as the research object, and empirically examines the impact and mechanism of digital finance. The benchmark regression shows that for every 1% increase in the development level of digital finance, the integration level of rural industries significantly increases by 0.035 units. The mechanism analysis reveals that digital finance indirectly promotes industrial integration by enhancing the development level of e-commerce. The heterogeneity analysis finds that the enabling effect of digital finance on the integration of rural industries is more obvious in the eastern region. It is essential to promote the integration and innovation of digital and traditional finance, address regional disparities, improve the e-commerce system, and strengthen agricultural services and new business models.