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How does digital finance shape technological upgrading in the agricultural industry: The roles of FinTech, total factor productivity, and fiscal expenditure

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  • Zhu, Linna
  • Gao, Yong

Abstract

Using provincial panel data for 31 Chinese provinces from 2012 to 2023, this study examines how digital finance shapes agricultural industrial upgrading and its operative mechanisms. The findings show that FinTech significantly boosts agricultural total factor productivity (TFP) and fosters industrial structural upgrading, thereby advancing rural revitalization. Government agricultural fiscal expenditure strengthens these effects, with larger impacts in less urbanized and less developed regions. The analysis employs fixed-effects estimations alongside mediation and moderation tests.

Suggested Citation

  • Zhu, Linna & Gao, Yong, 2026. "How does digital finance shape technological upgrading in the agricultural industry: The roles of FinTech, total factor productivity, and fiscal expenditure," Finance Research Letters, Elsevier, vol. 90(C).
    • Handle: RePEc:eee:finlet:v:90:y:2026:i:c:s1544612325025772
    DOI: 10.1016/j.frl.2025.109328
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    References listed on IDEAS

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