Abstract: Against the backdrop of the integration and development of traditional finance and digital technology,digital finance has become a core element in enhancing the total factor productivity (TFP) of new agricultural operating entities.Utilizing the digital inclusive finance index and survey data from Chinese small and micro enterprises,this paper employs a generalized difference-in-difference model to examine the impact of digital finance on the TFP of new agricultural operating entities and explores its mechanisms.The findings reveal that digital finance significantly promotes the TFP of these entities,a conclusion that remains robust after addressing endogenous issues and conducting a series of robustness checks.Mechanistically,digital finance enhances TFP by alleviating credit constraints,promoting agricultural mechanization,and broadening access to information.Heterogeneous analysis indicates that the effect of digital finance on TFP is less pronounced in terms of coverage breadth and usage depth compared to its digitization level.Moreover,for new agricultural operating entities located in eastern regions,burdened with heavy capital loads,possessing good government-enterprise relationships,and having decision-makers with higher financial literacy,the positive impact of digital finance on TFP is more significant.Therefore,governmental bodies should continuously promote the digitalization of rural finance,further enhance the empowerment effects of digital finance on new agricultural operating entities,and tailor policies to the specific characteristics of these entities to maximize the precision of digital finance support for agriculture.

Key words: finance, digital finance, new agricultural operating entities, total factor productivity (TFP), agriculture