The Role of Digital Finance Embedded in Green Agricultural Development: Evidence from Agribusiness Enterprises in China

Digital inclusive agriculture refers to an agricultural development model that integrates various digital technologies into the agricultural production process, aiming to deliver benefits for all stakeholders throughout the agricultural value chain. This paper draws on the ecological symbiosis theory, embeds the concepts of digital finance and social responsibility into the goal of green development in agriculture, selects 395 agribusiness enterprises in China from 2013 to 2022 as the analysis sample, and examines the impact by adopting an improved weighted least squares (WLS) fixed effects model. Results show that digital finance has a significant effect on the quantity and quality of green innovation in agribusiness enterprises, and good social responsibility performance can enhance the innovation promotion effect of digital finance. Heterogeneity analysis reveals that agribusiness belonging to the processing and distribution type, located in the eastern region, and in the growth stage benefit more clearly. This paper provides theoretical references and practical guidelines for solving agricultural financing problems, boosting their green innovation capacity in the digital age. It is of great practical significance for realizing the green symbiotic ecology of responsible agricultural industry, promoting the win-win situation between enterprises and society, and the high-quality development of agriculture.