完善有效的金融市场能够帮助农业经济主体实现生产要素的有效配置，促进经济增长和减少贫困。进入全面乡村振兴阶段，农村社会经济的不断发展以及农业经营主体金融需求的不断多元化，对金融部门提出了更高的要求。政策部门在响应金融服务需求总量增加的同时，也逐渐意识到兼顾金融服务覆盖面、种类和层次的重要性，将普惠金融纳入金融供给侧的结构性改革中。多年来我国遵循渐进式的农村金融市场改革思路，推行一系列依靠传统普惠金融措施的农村金融改革，整体而言，虽然基本已经建立起以信贷为核心的多元化、多层次的农村金融服务体系，为提高农村金融普惠程度，起到了积极作用。但农村金融市场“融资难”、“融资贵”以及“融资慢”的问题仍未得到彻底解决。

由于农村地区居住分散、农业天然弱质性、农民群体信用信息不完善等特点，农村金融市场的信息不对称和高昂交易成本等问题，一直制约着传统普惠金融措施发挥其应有效果。这具体表现在，一是金融服务供给端，扎根于农村地区的金融机构，存在金融机构覆盖面和财务可持续双重目标难以兼顾的制度性缺陷。如将财务可持续性目标进一步分解，则双重目标冲突问题就拓展为传统普惠金融措施面临的“不可能三角”，即由于传统普惠金融措施所存在的制度性缺陷，使得金融机构覆盖广、成本可持续和风险可控三者互为掣肘，难以兼顾。二是金融服务需求端，传统普惠金融措施表现出对固有群体或特征地依赖，例如对资产收入、信用记录等等特征的偏好，这使得传统普惠金融措施触及目标群体，提高金融覆盖面的效果不甚理想。

近年来，从非洲国家兴起，而后在中国特别是农村地区发展迅速的数字金融，凭借其存在的天然优势，在提高农村金融普惠程度方面被寄予厚望。本研究以农村地区传统金融市场存在的固有缺陷——信息不对称和交易成本高，以及数字化转型的理论优势为逻辑起点，基于信息经济学等相关理论，研究关注了农村地区数字金融的发展机制与普惠效应。研究内容包括如下：首先，构建传统普惠金融措施、数字金融发展与农村普惠金融的理论分析框架。其次，梳理并检验数字金融降低信息不对称和降低交易成本，进而影响农村金融普惠程度的发展作用机制，对现阶段农村数字金融发展迅速的内在逻辑和机制进行了分析。再有，在农村金融机构的供给端，本研究首先在技术层面上给出数字金融发展下大数据和云计算引入对风险识别能力的证据基础上，进一步地，考察了数字金融发展对金融机构服务边界拓展和风控能力的影响。在微观农户的需求端，本研究以数字金融对地处偏远的“劣势群体”触及能力为落脚点，检验农村数字金融发展对缓解金融机构物理距离排斥的作用，厘清农村数字金融发展所带来的服务边界拓展的具体方向，供需两端的证据共同勾勒出数字金融发展提高农村金融普惠程度的积极证据。

本研究得到基本结论如下：

第一，从农村数字金融发展的总体基本事实来看，在传统金融服务供给不足所留存的市场空间、早期行业政策的相对容忍以及通讯基础设施和智能终端快速普及的大背景下，农村数字金融发展迅速。值此农村地区的数字金融发展正处于方兴未艾之际，互联网公司、传统银行以及其他农村金融机构均在积极谋求金融业务的数字化转型。各类供给主体依据自身比较优势下，业已形成多样的农村数字金融服务模式。数字金融也已经逐渐成为农村金融市场服务三农，实现乡村振兴和共同富裕目标的重要推动力量。

第二，在农村数字金融发展迅速的态势背后，数字金融在农村地区已然初步形成一套与数字技术优势相契合的发展逻辑与机制。本研究识别并实证厘清了农村数字金融降低信息不对称和交易成本的发展机制。

关于农村数字金融降低信息不对称的发展机制，本研究以软信息搜集验证能力在不同客户经理间存在差异为切入点，首先验证相较之本地客户经理而言，软信息搜集验证能力的天然劣势使得外地客户经理的风控和获客能力均有所折扣，也相应造就外地客户经理更高的离职概率。其次，在信息渠道补充和贷款流程简化的双重作用下，数字化转型后外地客户经理和本地客户经理之间的离职率差距呈现显著缩小态势，软信息的边际作用有所下降，数字技术初步表现出对客户经理信贷业务能力的赋能效应，降低了农村金融市场的信息不对称程度。

关于农村数字金融降低交易成本的发展机制，本研究发现，与以往传统金融模式中放弃小额度贷款思路不同的是，数字技术引入是以替代人工的思路，在保证小额度贷款能够被数字信贷产品满足的同时，将人工的信贷审批资源推向可以通过规模摊平交易成本的信贷产品中去，从而降低使用人工信贷审批资源的交易成本。数字化信贷产品额度的增加，会对未引入数字信贷技术的大额度信贷业务产生增加放贷和降低违约的积极影响。

第三，在农村数字金融发展的普惠效应方面，本研究先以供给端的农村金融机构为研究对象，以信息不对称和交易成本等问题，造成金融机构的传统普惠金融工作天然面临普惠金融所言机会平等和商业可持续原则互为掣肘的困境为研究切入点，结合普惠金融的目标与经济内涵，考察农村数字金融实现金融机构服务边界拓展和风险可控双目标兼顾的普惠效应。本研究发现，得益于数据和模型补充的底层技术优势，数字信贷风控模型具有较之传统信贷风控模型更为优异的风险识别能力，这是数字金融赋能金融机构，提高金融普惠程度的重要技术驱动力量。在明确农村数字金融发展所具有的技术优势后，本研究基于中国农村现阶段最大规模的小额信贷机构——中和农信项目管理有限公司的月度-分支机构面板数据，利用北大数字普惠金融发展指数，采用广义双重差分估计发现：首先，数字化转型扩大了金融机构的信贷业务规模，拓宽了服务边界。其次，数字化转型带来的规模增加不是以牺牲风控为代价。总体来看，数字金融在农村地区的快速发展，已经初步显现出突破农村传统金融服务所面临边界拓展和风险可控双目标互为掣肘困境的向好局面。

其次在需求端，本研究在数字金融所具有的拓宽服务边界的方向上进一步聚焦，重点关注在普惠金融的目标及经济内涵下，数字金融发展是否对那些因农村地区地处偏远等原因，而被传统信贷部门排斥在外的“劣势群体”，具有更好的触及能力，构建更为完整的数字金融发展的普惠证据。得到如下结论：依托智能手机和信息基础设施的快速覆盖，数字信贷获得实现了物理距离地穿透，为偏远农户提供了同质的数字金融服务，表现出一定程度的普惠性质。同时，数字禀赋是农户使用数字金融服务的技术保障，金融素养是农户使用数字金融服务的金融知识前提，两者都是影响数字信贷获得的关键因素。

本研究关于学术创新的边际贡献在于：在理论层面来看，本研究构建了传统普惠金融措施、数字金融发展影响农村普惠金融的理论分析框架，提供了兼顾考虑了数字金融发展对普惠金融中覆盖面与商业可持续目标影响的研究框架，这是本文在理论层面的边际创新与贡献。在研究视角和策略上，本研究从客户经理和贷款层面的微观特征出发，找寻引起信息不对称和交易成本差异的特征指标，直接给出了数字金融发展降低信息不对称程度和交易成本问题底层逻辑的证据，填补了相关研究空白。最后在研究方法上，本研究力图实现对数字金融发展影响农村普惠金融的因果推断，而非简单的相关关系检验。例如，在研究数字金融发展对样本金融机构金融服务边界和风控能力的影响时，以及考察数字金融发展降低信贷业务交易成本的作用机制研究中，本研究均构建准自然实验研究框架，采用广义和标准双重差分法的识别策略，提供关于数字金融发展机制和普惠效应影响的更为严谨实证证据。

本研究主要结论背后所蕴含的政策建议和启示是直观的，对于金融机构自身或金融行业来看，在促进大数据和云计算等数字技术和金融业务结合的同时，要跟进金融机构内部配套制度和流程建设，形成数字化转型的合力。对于政策监管部门，应当在进一步坚持以市场化的农村金融改革导向为主，兼顾建立竞争有序的农村数字金融市场新体系的同时，一方面，在保证信息公开、数据治理和隐私保护的前提下，推动不同市场主体之间联通的去中介化，实现政府、企业、社会组织和公民之间的数据互通，为数字金融服务乡村振兴培养“数据”土壤。另一方面，要鼓励培养金融素养和消除“数字鸿沟”，重点关注弱势群体的数字金融可获得性，为数字金融发展助力农村普惠金融提供良好政策导向。

Improving effective financial markets can help agricultural economic entities realize the effective allocation of production factors, promote economic growth and reduce poverty. Entering the stage of rural comprehensive revitalization, the continuous development of rural social economy and the continuous diversification of financial needs of agricultural business entities have put forward higher requirements for the financial sector. While responding to the increase in the total demand for financial services, policy departments have gradually realized the importance of taking into account the coverage, types and levels of financial services, and incorporated inclusive finance into a series of structural reform plans on the financial supply side. After years of following the idea of gradual rural financial market reform and implementing a series of rural financial reform measures relying on traditional inclusive financial means, on the whole, although a diversified and multi-level rural financial service system with credit as the core has been basically established, which has played a positive role in improving the degree of rural inclusive finance. However, on the one hand, there are still a large number of unmet credit needs in the rural financial market, on the other hand, the targeting of the inclusive financial policy at this stage is not high, and the overall effect needs to be improved.

At this stage, due to the institutional defects such as information asymmetry and high transaction costs in the rural financial market, it is a common phenomenon that the traditional inclusive financial means are difficult to improve the degree of Inclusive Finance. This is specifically reflected in: first, on the supply side of financial services, financial institutions rooted in rural areas need to seek a balance between the conflict between coverage and financial sustainability. If the goal of financial sustainability is further decomposed, the problem of dual goal conflict will expand into the "Impossible Triangle" faced by the traditional inclusive financial means, that is, due to the institutional defects of the traditional inclusive financial means, the wide coverage of financial institutions, sustainable cost and controllable risk are constrained by each other and difficult to trade-off. Second, on the demand side of financial services, traditional financial measures show convergence and dependence on inherent characteristics.

In recent years, thanks to the rapid development of information technology in rural areas, China hopes to ease the exclusion of information technology, especially in rural areas. At the beginning of its development, digital finance has received continuous attention from scholars. The research contents include the measurement of the development level of digital finance, development model, operation mechanism and the impact of economic consequences including inclusive effect. This study takes the institutional defects existing in the traditional financial market in rural areas - information asymmetry and high transaction cost, as well as the theoretical advantages of digital transformation as the logical starting point. Based on the relevant theories such as information economics, this study focuses on the development logic and inclusive effect of digital finance in rural areas. Specifically, the research contents include the following: firstly, build the theoretical analysis framework of traditional Inclusive Finance, digital finance development and rural Inclusive Finance. Secondly, taking the service boundary expansion and risk control ability as the starting point, this paper examines the overall impact of the development of digital Finance on rural Inclusive Finance. Furthermore, based on the evidence of the introduction of big data and cloud computing on risk identification ability under the development of digital finance at the technical level, sort out and test the development mechanism of digital finance to reduce information asymmetry and transaction costs, and then affect the degree of rural Inclusive Finance. Finally, from the perspective of digital credit acquisition of micro main body and the perspective of medium (macro) view of county economic growth, this paper clarifies the inclusive effect and economic consequences of the development of digital finance.

The basic conclusions of this study are as follows:

First, from the overall basic facts of the development of rural digital finance, the development of digital finance has shown a good situation of Inclusive Finance to broaden the service boundary and improve the ability of risk control. The development of digital finance in rural areas is in the ascendant. Internet companies, traditional banks and other rural financial institutions are actively seeking the digital transformation of financial business. Based on their comparative advantages, various supply entities have formed a variety of rural digital financial service modes, which initially shows a new situation that helps to break through the mutual constraints between the two objectives of border expansion and risk control faced by rural traditional financial services. Further, based on the monthly branch panel data of Zhonghe Rural Credit Project Management Co., Ltd., the largest microfinance institution in rural China at this stage, this study uses the digital inclusive financial development index of Peking University to estimate the economic performance of the digital transformation of rural financial institutions by using generalized double difference. The conclusion shows that, firstly, the digital transformation has increased the proportion of first loan customers in branches and widened the service boundary. Secondly, digital transformation does not come at the expense of risk control. At the same time, the positive impact of digital transformation on business expansion ability and risk control ability is greater in counties with more backward economic development and a larger proportion of agriculture, showing certain inclusive characteristics.

Second, this study first proves from the technical level that the richer data characteristics, including unstructured data such as digital footprint, and the digital credit risk control model driven by stronger computing power algorithm have better risk identification ability than the traditional credit risk control model, and gives the direction judgment of the development of digital finance. These evidences are not only a response to the underlying technical logic that digital finance can broaden the service boundary and optimize the risk control ability, but also an attempt to verify the preconditions for the subsequent action mechanism test.

Third, under the framework of the overall paper, this study focuses on and verifies the mechanism of the development of digital finance. First, the development of digital finance can reduce the degree of information asymmetry in rural areas, and then have a positive impact on the development of financial business and Inclusive Finance. Specifically, compared with local loan officers, the natural disadvantage of information collection and verification ability makes the risk control and customer acquisition ability of foreign loan officers discounted, which also leads to a higher turnover probability of foreign loan officers. Secondly, under the dual effects of information channel supplement and loan process simplification, after the digital transformation, the turnover rate gap between foreign loan officers and local loan officers shows a significant narrowing trend. Digital technology initially shows the enabling effect on the credit business ability of loan officers, reducing the degree of information asymmetry in the rural financial market.

Fourth, the development of digital finance can reduce the high transaction costs in rural areas, and then have a positive impact on the boundary expansion and risk control ability of financial business. This study found that, different from the idea of abandoning small amount loans in the traditional financial model in the past, the introduction of digital technology is to replace the idea of manual. While ensuring that small amount loans can be met by digital credit products, the manual credit approval resources are pushed to credit products that can amortize transaction costs through scale, So as to reduce the transaction cost of using manual credit approval resources. The increase in the amount of digital credit products will have a positive impact on the large amount of credit business without the introduction of digital credit technology to increase lending and reduce default. Secondly, for the above phenomena, this study verifies the mechanism.

Fifth, this study further pays attention to the economic consequences of the development of digital finance. The empirical results show that the digital credit has broken through the limitation of the supply end of traditional financial outlets, showing a certain universal nature. At the same time, the level of financial literacy significantly affects the acquisition of digital credit. Considering the objective fact that the financial literacy of peasant households is generally low, the financial literacy of peasant households on the demand side limits the universality of digital finance. Moreover, we also find that the digital endowment of farmers also has a significant impact on the access to digital credit.

In conclusion, this study starts with the basic facts and overall results of the impact of digital finance development on the supply side lending behavior of financial institutions. At the technical level, this study compares the marginal contribution of data introduction and algorithm introduction to the ability of risk identification, and further takes the above results as the basis through the test of two logical mechanisms of digital finance development: reducing the degree of information asymmetry and transaction cost. This paper observes and tests the inclusive effect of the development of digital Finance on the acquisition of digital credit at the micro level. On the one hand, the conclusion of this study helps to deepen the understanding of rural digital finance from development mechanism to economic consequences and provide relevant empirical evidence. On the other hand, it can provide a reference basis for scientific decision-making at the policy level to further guide digital technology to serve the rural financial market, help rural revitalization and promote the development of rural digital finance industry.

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