Based on the perspective of total factor productivity, this paper aims to discuss the relationship between inclusive financial development and rural poverty. This

paper applies the Total Factor Productivity(TFP) index which is measured by DEAMalmquist and the provincial panel data of China to conduct an empirical test. The results of the mediation effect test model show as follows: (1) Inclusive financial development plays an important role in poverty reduction by the mediating effect of total factor productivity. (2) From further research, we find that the increase in the penetration of inclusive financial services has the most significant impact on poverty. Besides, inclusive financial development can promote the growth of total factor productivity by the way of increasing technological advancement and efficiency improvement. (3) The robustness test shows that the level of inclusive financial development in different regions of China is quite different, it also shows a large imbalance in the TFP promotion as well as rural poverty reduction. Accordingly, we put up some policy recommendations. Firstly, we should continue promoting inclusive financial development to achieve the goal of comprehensive poverty alleviation in 2020 by taking a full advantage of TFP. Secondly, we should insist on strengthening the financial infrastructure in rural area to reach the financial services equivalence. Finally, we should try to narrow the difference of financial resources and pay attention to the fairness of regional development, so that we can achieve the goal of sustainable development.

本文用DEA—Malmquist指数法测算了全要素生产率指数，结合2006—2016年中国内地省际面板数据，基于全要素生产率视角，运用中介效应模型实证分析了包容性金融发展对农村居民贫困的影响。实证结果表明：（1）包容性金融发展能够通过全要素生产率的中介效应发挥减贫作用。（2）进一步的研究发现，包容性金融服务渗透度的提升对贫困的影响最为显著；同时，包容性金融发展可通过技术进步和效率提升作用来推动全要素生产率增长，进一步作用于贫困。（3）稳健性检验表明，我国东部与中西部地区包容性金融发展水平差异较大，对全要素生产率的提升乃至农村减贫的贡献表现出较大不平衡性。本文的政策建议为：首先，应持续推进包容性金融发展，充分发挥全要素生产率的中介效应，以更快实现2020年全面脱贫目标；其次，要继续加强农村金融基础设施建设，以实现金融

服务均等性，充分发挥金融减贫的优势；最后，要合理配置金融资源，注重地区间发展的公平性，以实现经济社会均衡发展。