Research on the Impact of Digital Green Finance on Agricultural Green Total Factor Productivity: Evidence from China

Green development has become one of the important concepts leading China's economic developments, and it is extremely meaningful to boost the continuous growth of agricultural green total factor productivity (AGTFP) to achieve the construction of a powerful agricultural country. Using China's provincial data from 2011 to 2020, this manuscript calculates AGTFP through the SBM-GML model, and the digital green finance (DGF) through a comprehensive indicator system. The double fixed-effect model, quantile model and spatial Durbin model are used for in-depth study of the benchmark influence, the nonlinear effect and spatial spillover effect of DGF on AGTFP. The main research conclusions of the article are as follows: (1) DGF is significantly conducive to the improvement of AGTFP. Along with the continuous growth of AGTFP, the promoting effect of DGF has gradually increased. (2) In terms of impact path, green finance can properly promote the growth of AGTFP, while the role of the degree of digitization is not very significant. Meanwhile, the main channel for DGF to promote AGTFP is through green technology efficiency. (3) The impact of DGF on AGTFP varies spatially, while the role is more effective in regions with a higher degree of economic development and well-developed modernization. (4) There is a spatial spillover effect of DGF's impact on AGTFP, which means that DGF can simultaneously promote the growth of AGTFP in local regions and neighboring regions.