基于2014—2022年中国A股涉农上市企业面板数据，从劳动力、劳动工具和劳动对象三个方面构建新质生产力的评价指标体系，探究了数字普惠金融对涉农企业新质生产力的影响，并从农村产业融合视角探究了背后的作用机制。结果表明：数字普惠金融可以显著提升涉农企业的新质生产力。其中，数字普惠金融覆盖广度对涉农企业新质生产力的提升作用大于使用深度和数字化程度。机制分析表明，数字普惠金融能够助力涉农企业参与多种形式的产业融合，包括纵向拓展型和交叉融合型产业融合，即涉农企业从事农产品加工销售等农业纵向行业，以及旅游、休闲或观光农业等交叉行业。在异质性方面，对数字化转型程度低和所在地区传统金融不发达的企业而言，数字普惠金融的积极作用更为明显，充分体现了数字普惠金融的“普惠性”。

Based on the panel data of China’s A-share agricultural-related listed enterprises from 2014 to 2022, this study develops an evaluation index system for new quality productive forces across three dimensions: labor, labor tools, and labor objects. It explores the impact of digital inclusive finance on the new quality productive forces of agriculture-related enterprises, and analyzes the underlying mechanism from the perspective of rural industry integration. The results indicate that digital inclusive finance markedly boosts the new quality productive forces of agriculture-related enterprises, with broader coverage expansion having a more notable effect than the intensity of use and the level of digitalization. The mechanism analysis reveals that digital inclusive finance aids agricultural enterprises in engaging in diverse industry integration models, encompassing both vertical extension and cross-industry integration. This includes participation in vertical agricultural industries, such as the processing and marketing of agricultural produce, as well as in cross-sector industries like tourism, leisure, and agritourism. In terms of heterogeneity, the positive effects of digital inclusive finance are more pronounced for enterprises that have not yet undergone significant digital transformation and for those in areas where traditional financial services are less developed, highlighting the inclusive essence of digital inclusive finance.

F324；F832

国家社会科学基金项目（23BJL078）；广东省高等教育学会“十四五”规划课题（24GYB209）