数字金融与绿色金融协同赋能涉农企业新质生产力发展理论分析与经验证据

Synergistic empowerment of digital finance and green finance in the development of new quality productive forces in agriculture-related enterprises: Theoretical analysis and empirical evidence

  • 摘要: 提升涉农企业新质生产力水平是实现农业高质量发展的重要抓手。数字金融与绿色金融作为金融领域的新型业态, 两者协同发展在驱动涉农企业新质生产力形成中发挥关键作用。本文基于2011—2022年我国A股涉农上市企业面板数据, 探究数字金融与绿色金融协同对涉农企业新质生产力发展的影响效应及其作用机制, 并进一步考察金融监管和知识产权保护的调节效应。本研究主要结果如下。1)数字金融与绿色金融协同能够显著提升涉农企业新质生产力水平, 该结论经过一系列内生性及稳健性检验后依然成立。2)数字金融与绿色金融协同通过缓解融资约束、推动数字化转型和降低信息不对称3种渠道促进涉农企业新质生产力发展。3)强有力的金融监管和知识产权保护放大了数字金融与绿色金融协同发展对涉农企业新质生产力水平的提升作用。4)对于国有性质、规模较小、处于成长期和成熟期、位于东部地区和粮食主销区的涉农企业, 以及属于重污染行业、农林牧渔类、生产不可食用产品的涉农企业, 数字金融与绿色金融的协同赋能效应更加显著。基于此, 政府应该推动数字金融与绿色金融协同发展, 加强金融监管和知识产权保护, 实施差异化支持策略, 以促进涉农企业新质生产力发展。

     

    Abstract: Enhancing the level of new quality productive forces in agriculture-related enterprises is a crucial approach to achieving high-quality agricultural development. Currently, agriculture-related enterprises generally face the realistic dilemma of difficult and expensive financing, and there is an urgent need for innovation in financial business forms to provide effective support. As emerging forms within the financial sector, digital finance and green finance play a pivotal role in driving the formation of new quality productive forces in agriculture-related enterprises through their synergistic development. Based on the panel data of China’s A-share agriculture-related listed enterprises from 2011 to 2022, this paper constructs an evaluation index system for new quality productive forces from four dimensions: new quality labor force, new quality means of labor, new quality labor objects, and optimized combination. It explores the impact effect and underlying mechanism of the synergy between digital finance and green finance on the development of new quality productive forces in agriculture-related enterprises, and further examines the moderating effects of financial supervision and intellectual property protection. The findings are as follows. 1) Both digital finance and green finance individually can significantly enhance the level of new quality productive forces in agriculture-related enterprises, but the promotion effect of the synergy between the two is stronger. This conclusion remains valid after a series of endogeneity and robustness tests. 2) The synergy between digital finance and green finance promotes the development of new quality productive forces in agriculture-related enterprises through three channels: alleviating financing constraints, promoting digital transformation, and reducing information asymmetry. 3) Strong financial supervision and intellectual property protection amplify the enhancing effect of the synergistic development of digital finance and green finance on the level of new quality productive forces in agriculture-related enterprises. 4) For agriculture-related enterprises that are state-owned, small, maturity period, located in eastern regions and major grain-consuming areas, as well as those belonging to heavy polluting industries, the agriculture, forestry, animal husbandry and fishery sector, or producing non-edible products, the synergistic empowerment effect of digital finance and green finance is more significant. However, for agriculture-related enterprises in the decline period, located in central and western regions and balanced production and sales areas, the synergy between digital finance and green finance does not exert promoting effect on new quality productive forces. Based on this, the government should promote the synergistic development of digital finance and green finance, strengthen financial supervision and intellectual property protection, and implement differentiated support strategies to boost the development of new quality productive forces in agriculture-related enterprises.

     

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