Digital Financial Inclusion for Capital Deepening and Agricultural Total Factor Productivity Mechanism of Action Research

Taking digital inclusive finance,agricultural capital deepening and agricultural total factor productivity into a unified framework,this paper analyzed the impact effects and action paths between 30 provinces (excluding Hong Kong,Macao,Taiwan and Tibet) in China from 2011 to 2020.The empirical results showed that digital inclusive finance and its three sub-dimensions could effectively improve agricultural total factor productivity,and the effect of digital financial coverage was the most obvious.Deepening of agricultural capital played a part-intermediary role in the process of digital financial inclusion in promoting the growth of agricultural total factor productivity.The heterogeneity results showed that digital inclusive finance had a more significant effect on the growth rate of agricultural total factors in central and western regions.Therefore,in order to comprehensively improve the level of total factor productivity in agriculture,it thought that we should vigorously promote the construction of rural digital inclusive finance to meet the development needs of digital agriculture.