Drawing on data from agribusinesses spanning 2000 to 2022, we uncover the non-linear effects of digital inclusive finance breadth and depth on their digital transformation. First, a U-shaped relationship exists between the breadth and depth of digital inclusive finance and the digital transformation of agribusinesses. Second, cash flow moderates the U-shaped relationship between the breadth of digital inclusive finance and digital transformation. This moderation flattens the U-shape, potentially inverting it beyond a certain point. Notably, cash flow does not moderate the relationship between the depth of digital inclusive finance and digital transformation. Third, the U-shaped relationship between the breadth and depth of digital inclusive finance and agribusinesses’ digital transformation is significant only in the eastern and central regions and is observed exclusively before the onset of the COVID-19 pandemic.

中文翻译：

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数字普惠金融的广度和深度对农业综合企业数字化转型的不对称影响


利用 2000 年至 2022 年农业综合企业的数据，我们揭示了数字普惠金融的广度和深度对其数字化转型的非线性影响。首先，数字普惠金融的广度和深度与农业综合企业的数字化转型之间存在 U 型关系。其次，现金流调节了数字普惠金融的广度与数字化转型之间的 U 型关系。这种缓和使 U 形变平，可能会使其反转超过某个点。值得注意的是，现金流并不能调节数字普惠金融的深度与数字化转型之间的关系。第三，数字普惠金融的广度和深度与农业综合企业数字化转型之间的 U 型关系仅在东部和中部地区显著，并且仅在 COVID-19 大流行开始之前观察到。