金融学院知识库

在乡村振兴战略持续推进的过程中，涉农企业肩负着推动农业现代化、促进农村经济繁荣的重大使命。然而，相较于其他企业，涉农企业产品利润空间小、受自然和市场风险影响大、产业链条短且缺乏抵押物等导致其面临的融资约束问题严重，阻碍了其发展进程。在此背景下，数字普惠金融的快速发展为解决涉农企业融资问题提供了一个新的思路。本文围绕数字普惠金融对涉农企业融资约束的影响展开研究，并具体分析数字普惠金融对涉农企业融资约束产生影响的中介机制，最后从企业规模差异化、生产要素投入比例差异化和地理区位差异化的层面进一步研究检验，探究数字普惠金融的普惠性及其对不同类型的涉农企业融资约束产生的影响。

本文的研究思路如下，首先通过研究背景提出问题，梳理有关文献引出本文研究主题，其次界定关键变量概念并提出研究假设，选取样本数据和设定检验模型，最后根据实证分析的结果得出结论，并提出相应政策建议。本文选取 2013——2022年我国涉农上市企业数据与相应城市数字普惠金融指数匹配，构建实证模型，实证检验以下三方面问题：（1）研究数字普惠金融对涉农企业融资约束产生的影响；（2）研究数字普惠金融缓解涉农企业融资约束的中介机制；（3）按照企业属性、生产要素投入比例和区域划分等不同，数字普惠金融对涉农企业融资约束影响的异质性。

通过理论分析和实证研究，得出以下结论：（1）数字普惠金融总指数及其三大子维度对涉农企业的融资约束均具有缓解作用，其中数字普惠金融的覆盖广度在缓解涉农企业融资约束方面发挥的作用最强。（2）数字普惠金融主要通过降低企业财务费用和杠杆率来有效缓解融资约束。数字普惠金融打破了传统金融服务的地理与半径限制，使涉农企业能够便捷地获取金融服务，进而降低融资成本；同时，为企业开辟多元化融资渠道，优化融资结构，减少对债务融资的依赖，降低企业杠杆率。（3）异质性分析表明数字普惠金融缓解涉农企业融资约束的作用在不同的股权属性、生产要素投入比例和地区间存在异质性，凸显其普惠性。

基于以上研究结论，提出相应的政策建议：政府应强化数字普惠金融基础设施建设，完善信用体系并实施区域差异化政策；金融机构要开发多样产品、提供精准服务；涉农企业需加速数字化转型、注重人才培养与优化融资策略。

In the continuous promotion of rural revitalization strategy, agriculture-related enterprises shoulder the key mission of promoting agricultural modernization and rural economic prosperity. However, compared with other enterprises, agribusinesses face serious financing constraints due to small profit margins, high impact of natural and market risks, short industrial chain and lack of collateral, which hinder their development. In this context, the rapid development of digital inclusive finance provides a new idea for solving the financing problems of agriculture-related enterprises. This paper focuses on the impact of digital inclusive finance on the financing constraints of agriculture-related enterprises, analyzes the intermediary mechanism of the impact of digital inclusive finance on the financing constraints of agriculture-related enterprises, and further researches and examines the different levels of enterprise scale differentiation, industry type differentiation and geographic location, which is of great theoretical and practical significance.

The research idea of this paper is as follows: firstly, to raise the question through the research background, comb the related literature to introduce the research topic of this paper, secondly, to define the concept of key variables and put forward the research hypotheses, to select the sample data and set up the test model, and finally, to draw conclusions based on the results of the empirical analysis, and to put forward the corresponding policy recommendations. This paper selects the data of listed companies of agriculture-related enterprises in China from 2013 to 2022 and matches with the digital financial inclusion index of the corresponding cities, constructs an empirical model, and empirically examines the following three aspects: (1) to study the impact of digital financial inclusion on the financing constraints of agriculture-related enterprises; (2) to study the intermediary mechanism of digital financial inclusion in alleviating the financing constraints of agriculture-related enterprises; (3) according to the attributes of the enterprises, the industry type and regional division, etc., digital financial inclusion is not only a means to reduce the financing constraints of agriculture-related enterprises, but also a means to reduce their financing constraints. and regional division, etc., the heterogeneity of the impact of digital inclusive finance on the financing constraints of agriculture-related enterprises.

Through theoretical analysis and empirical research, the following conclusions are drawn: (1) The total index of digital inclusive finance and its three major sub-dimensions have a mitigating effect on the financing constraints of all agriculture-related enterprises, with the breadth of coverage of digital inclusive finance playing the strongest role in mitigating the financing constraints of agriculture-related enterprises. (2) Digital inclusive finance can effectively alleviate financing constraints mainly by reducing the financial expenses and leverage ratio of enterprises. Digital inclusive finance breaks the geographical and radius limitations of traditional financial services, so that agriculture-related enterprises can conveniently access financial services and thus reduce financing costs; at the same time, it opens up diversified financing channels for enterprises, optimizes the financing structure, reduces reliance on debt financing, and realizes the reduction of enterprise leverage. (3) Heterogeneity analysis shows that the role of digital inclusive finance in alleviating the financing constraints of agriculture-related enterprises is heterogeneous among different equity attributes, industry types and regions, highlighting its inclusive nature.

Based on the above findings, the following policy recommendations are put forward: the government should strengthen the construction of digital inclusive finance infrastructure, improve the credit system and implement regional differentiated policies; financial institutions should develop diverse products and provide accurate services; agribusinesses need to accelerate the digital transformation, pay attention to talent cultivation and optimize financing strategies.