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Digital finance and agricultural total factor productivity–From the perspective of capital deepening and factor structure

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  • Wu, Yaling
  • Wu, Bi
  • Liu, Xiaohong
  • Zhang, Shiwei

Abstract

This article uses the mediation effect model to analyze the internal mechanism of digital finance driving the transformation of agricultural production factor structure. The research results indicate that digital finance promotes the intensification of agricultural capital through "incremental supplementation" and "stock optimization", to enhance the effective supply of agricultural capital. Digital finance promotes the transformation of land flow, the organization of farmers, and the socialization of agricultural services, optimizing the input structure of agricultural production factors and improving the efficiency of agricultural capital. In major grain producing areas, digital finance has stronger driving effect on agricultural total factor productivity than other regions.

Suggested Citation

  • Wu, Yaling & Wu, Bi & Liu, Xiaohong & Zhang, Shiwei, 2025. "Digital finance and agricultural total factor productivity–From the perspective of capital deepening and factor structure," Finance Research Letters, Elsevier, vol. 74(C).
    • Handle: RePEc:eee:finlet:v:74:y:2025:i:c:s1544612324014788
    DOI: 10.1016/j.frl.2024.106449
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    References listed on IDEAS

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    2. Zhao, Zijian & Liu, Qiang & Qiu, Yunzhe, 2025. "Impact of supply chain digitalization on total factor productivity of agricultural enterprises," International Review of Financial Analysis, Elsevier, vol. 107(C).
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    4. Qiong Wu & Chenyujing Yang & Xiaomeng Liang & Yongji Xue, 2026. "Exploring the influencing factors and applying practices for the coordinated integration of digital economy and agricultural systems: evidence from China," Asia-Pacific Journal of Regional Science, Springer, vol. 10(1), pages 1-36, March.
    5. Bo, Jing & Lu, Jian, 2025. "Digital technology application, agricultural productivity enhancement, and financial capital flows: An analysis of the mechanisms affecting sustainable agricultural development," Finance Research Letters, Elsevier, vol. 86(PG).

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