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作者：Yanjun Jiang， Fang Liu,  Wei Chen,  Jiahu Xie*.

题名：Raising the bottom and expanding the middle: Digital finance adoption and common prosperity of farmers

期刊：《China Agricultural Economic Review》.2026,(4)

摘要： Digital finance injects new vitality into achieving shared prosperity among farmers and rural areas. This study investigates the impact and mechanism of digital finance use on farmers' income growth and intra-rural income inequality, specifically assessing its roles in "raising the bottom" and "expanding the middle" within the context of achieving common prosperity in China. In terms of heterogeneity analysis, it pays attention to the different income groups. Furthermore, the mechanism of digital finance use in promoting income growth and reducing income disparities is to be investigated. This study utilizes panel data from CRRS in 2020 and 2022 to construct multidimensional digital finance adoption indicators from three dimensions: digital payments, digital credit, and digital wealth management. It systematically evaluates the impact of digital finance adoption on farmers' income and rural income inequality, and identifies its underlying mechanisms. Findings The results show that digital finance adoption significantly increases farmers' income and reduces income inequality, with these effects mediated through the alleviation of credit constraints, enhanced efficiency in information utilization, and strengthened social interactions. Moreover, the income-enhancing effect of digital finance is most pronounced for low-income households, underscoring its "raising the bottom" function; it also substantially raises the likelihood that low-income households transition into the middle-income bracket, thereby exhibiting an "expanding the middle" effect. Adopting a micro-level household perspective, this paper empirically analyzes the dual effects of digital finance-spanning payments, credit, and wealth management-on farmer income levels and the income distribution. It further uncovers the mediating roles of credit accessibility, information efficiency, and social interactions. The study concludes that digital finance fosters inclusive growth by "raising the bottom and expanding the middle," thereby providing a robust empirical basis for policy-making aimed at enhancing the rural digital financial ecosystem.

数字金融为实现农民和农村共同富裕注入了新的活力。本研究调查了数字金融使用对农民收入增长和农村内部收入不平等的影响和机制，具体评估了其在中国实现共同富裕背景下“提高底部”和“扩大中间”的作用。在异质性分析方面，关注不同的收入群体。此外，还将研究数字金融在促进收入增长和缩小收入差距方面的作用机制。利用CRRS 2020年和2022年的面板数据，从数字支付、数字信贷和数字财富管理三个维度构建多维数字金融采用指标。系统地评估了数字金融采用对农民收入和农村收入不平等的影响，并确定了其潜在机制。研究结果表明，数字金融的采用显著增加了农民的收入，减少了收入不平等，这些影响是通过缓解信贷约束、提高信息利用效率和加强社会互动来实现的。此外，数字金融的收入增加效应对低收入家庭最为明显，突显了其“提高底层”功能；这也大大增加了低收入家庭向中等收入阶层过渡的可能性，从而表现出“扩大中间”效应。本文采用微观层面的家庭视角，实证分析了跨越支付、信贷和财富管理的数字金融对农民收入水平和收入分配的双重影响。它进一步揭示了信贷可及性、信息效率和社会互动的中介作用。同时得出结论，数字金融通过“提高底部和扩大中间”来促进包容性增长，从而为旨在加强农村数字金融生态系统的政策制定提供了强有力的经验基础。

关键词：Digital finance Raising the bottom Expanding the middle Rural common prosperity

数字金融；提低；扩中；农村共同富裕