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

Enhancing the level of new quality productive forces in agriculture-related enterprises is a crucial approach to achieving high-quality agricultural development. 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 agricultural-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 labor materials, new quality labor objects, and optimized allocation. 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 agricultural-related enterprises, and further examines the moderating effects of financial supervision and intellectual property protection. The study finds that: 1) The synergy between digital finance and green finance can significantly enhance the level of new quality productive forces in agricultural-related enterprises, and 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 agricultural-related enterprises through three channels: alleviating financing constraints, promoting digital transformation, and reducing information asymmetry. 3) Robust 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 agricultural-related enterprises. 4) For state-owned, smaller-scale, growth-stage, and mature-stage agricultural-related enterprises, as well as those located in eastern regions, major grain-producing areas, and major grain-consuming areas, the synergistic empowerment effect of digital finance and green finance is more pronounced. Based on these findings, the government should promote the coordinated development of digital finance and green finance, strengthen financial supervision and intellectual property protection, and implement differentiated support strategies.