An empirical study on the high-quality development of listed agricultural machinery enterprises driven by digital finance

doi:10.14088/j.cnki.issn0439-8114.2025.11.031

Abstract

Abstract: Taking A-share listed agricultural machinery enterprises from 2011 to 2022 as the research object, a high-quality development evaluation system based on innovation, coordination, green, openness, and sharing was constructed, and a two-way fixed effect model and mechanism analysis method were used to empirically test the driving effect of digital finance on the high-quality development of agricultural machinery enterprises and its heterogeneity. The results showed that for every 1% increase in the development level of digital finance, the high-quality development index of listed agricultural machinery enterprises increased significantly by 0.369%, and the results remained robust after excluding special samples, replacing municipal indicators and instrumental variable methods;the mechanism of action showed that digital finance promoted the high-quality development of listed agricultural machinery enterprises by alleviating financing constraints and promoting technological innovation; heterogeneity analysis showed that the promotion effect of digital finance on private enterprises was significantly better than that of state-owned enterprises, and the promotion effect of non-digital economy first-tier city enterprises was significantly better than that of digital finance first-tier city enterprises. The research conclusion provided several inspirations for optimizing the precision of the "agriculture + finance" policy: On the basis of promoting the balanced development of digital finance in various regions, it was necessary to strengthen the digital transformation of traditional financial institutions to reduce transaction frictions in the "agriculture, rural areas and farmers" sector;the appropriate digital finance penetration plans should be formulated for private enterprises and underdeveloped regions;in light of the particularity of the agricultural machinery industry, a multi-level digital finance risk prevention and control mechanism should be established.

Key words: digital finance, agricultural machinery enterprises, high-quality development, heterogeneity

CLC Number:

F832
F320

LI Ping, ZHAO Yue, PANG Yi-zhang. An empirical study on the high-quality development of listed agricultural machinery enterprises driven by digital finance[J]. HUBEI AGRICULTURAL SCIENCES, 2025, 64(11): 230-238.

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