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| Digital Inclusive Finance, Risk-taking and Agriculture-related Enterprises Innovation |
| Bao Huricha,Chen Chibo |
| (School of Business Administration,Zhongnan University of Economics and Law, Wuhan 430073, China) |
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Abstract Science and technology have been the fundamentally decisive forces of agricultural and rural modernization. The enhancement of agricultural science and technology and promotion of its core components are the keys to realize the rural revitalization. The greatest dynamics and vitality of agricultural sciences and technology innovations are from the agriculture-related enterprises which has been an essential force in industrializing the agriculturally scientific and technological achievements. It is of great significance to strengthen the construction of the innovation capacity of agricultural enterprises and further consolidate the leading position of agricultural enterprises in technological innovation for accelerating the high-quality development of agricultural industry in the new stage and improving the international competitiveness of agricultural industry. Therefore,both practice and academic fields focus on the measures to improve the innovation ability of agricultural enterprises. Since innovation presents the characteristics of high investment, high risk and long cycle, it requires continuous and sufficient financing from enterprises. Thus, finance has always been an essential external resource for enterprise development. Financial systems can assist enterprises in financing, optimizing resource allocation and screening innovative projects. An effective financial environment is the basis and guarantee for enterprises to implement technological innovation. However, in the traditional financial environment, the employees of financial institutions generally lack the knowledge of biology and agronomy, which has led to a severe problem of information asymmetry in assessing agricultural products and biological assets innovated by agriculture-related enterprises, resulting in high transaction costs and hindering the innovation investment and innovation ability of agriculture-related enterprises.#br#With the rapid development of information age, digital inclusive finance based on artificial intelligence, big data analysis, cloud computing and block-chain has come into reality, providing a new solution to the financing problem of small and medium-sized customers unable to be covered by traditional finance. The rapid growth of digital finance has broken through the limitations of traditional finance to a certain extent. Thus, can the development of digital finance really improve the innovation investment and efficacy of agriculture-related enterprises? Using the data of agriculture-related enterprises listed in Shanghai and Shenzhen A shares from 2011 to 2020, this paper theoretically analyzes the mechanism of digital inclusive finance affecting agriculture-related enterprises innovation. The study empirically tests the relationship between risk taking in digital inclusive finance and agriculture-related enterprises innovation. It is found that the development of digital inclusive finance could effectively promote the innovation of agriculture-related enterprises, while its development in three different dimensions of breadth, depth and digitization exerts a significant promoting effect. The development of digital inclusive finance could also effectively improve the risk-taking of agriculture-related enterprises, thereby elevating the innovation investment level of agricultural enterprises. Besides, the mediating effect of digital inclusive finance based on risk-taking exhibits the heterogeneity of regional economic development level and enterprise life cycle, which is evident at the low levels of the economic development group and the growth group. #br#Given the above findings, this paper puts forward corresponding countermeasures and suggestions for promoting the development of digital inclusive finance and raising the innovation level of agricultural enterprises. First of all, the government should improve the construction of digital infrastructure such as regional broadband networks to accelerate the development of digital inclusive finance. Secondly, agricultural enterprises should make full use of big data, Internet and block-chain to enhance their risk-taking ability; meanwhile local governments should also implement differentiated development policies of digital inclusive finance .#br#This paper presents the following new ideas. Firstly, it not only analyzes the advantages of developing digital inclusive finance for China's enterprise innovation, but also reveals the significant role of the development in advancing both China's agricultural industry and rural modernization. Secondly, by exploring the general path of digital inclusive finance affecting enterprise innovation from the perspective of risk-taking, the study clarifies its specific influence on agriculture-related enterprises innovation. Thus,it has practical significance for the improvement of the risk-taking abilities of agriculture-related enterprises and innovation motive stimulation.#br#
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Received: 06 May 2022
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