惠农贷的精英俘获及其包容性增长效应研究

“Elite Capture” of PreferentialAgricultural Loans and the Inclusive Growth Effect

发展中转型经济体的一大特点是呈现出有限的资金被少数精英占有的精英俘获现象,使得广大群体面临严重的金融抑制。优惠性质农户贷款(简称惠农贷)的分类设计和精准施策是纾解农户金融抑制和实现包容性增长的重要抓手,最终有助于破解城乡发展不平衡、农村内部发展不充分,畅通国内大循环。本文基于中国13省2532个农户家庭的微观数据,首先运用普通分位数和工具变量分位数回归方法对惠农贷的精英俘获现象进行了检验,发现这一贷款的确存在精英俘获现象。其次运用工具变量法对六大类惠农贷进行了异质性检验,发现仅有政银保贷款和城乡自主创业贷款存在精英俘获现象,其中前者最为严重;剔除政银保贷款和城乡自主创业贷款后,进一步发现惠农贷有利于中低收入农户发展,进而有助于推动包容性增长目标实现。其政策含义在于:欲破解农贷市场的精英俘获从而更好地实现包容性增长,必须在明确新发展阶段农村金融服务需求新变化、新要求和新特征的情况下,既要对农村金融市场的监管机制、分配机制、风险分担机制等机制设计进行良性引导,还应在推进农村金融改革过程中超越金融控制的行政思维和"竞争性"的市场思维,培育"多元化""合作性""普惠性"的农村金融服务中介,构建政府、市场、社会机制并存主导的现代农村金融组织体系。

"Elite capture"often occurs in developing economies,that is,limited credit funds appear to be occupied by a few elites,making most people face severe financial repression.The classified design and precise implementation of preferential agricultural loans are important means to relieve the financial restraint of farmers and achieve an inclusive growth.This is also very helpful to break the imbalance of urban and rural development,promote the development of rural areas and smooth the domestic cycle.Based on the micro data collected from 2,532 rural households in 13 provinces of China,this article first verifies the phenomenon of"elite capture"of preferential agricultural loans through quantile regression and instrumental variable quantile regression methods.Then,it uses the instrumental variable method to test the heterogeneity of six types of preferential agricultural loans,and finds that"elite capture"only exists in government-bank insurance loans and urban and rural self-employment loans,of which the former is the most serious.After excluding government-bank insurance loans and urban and rural self-employment loans,it further finds that preferential agricultural loans are clearly beneficial to the development of low and middle-income farmers,which further helps promote the realization of inclusive growth goal significantly.The policy implication is that in order to break the"elite capture"of agricultural loan market and achieve an inclusive growth,China needs to clarify the new changes,new requirements and new characteristics of rural financial service demand in the new development stage.It is necessary to guide the design of mechanisms such as supervision mechanism,distribution mechanism,and risk sharing mechanism of rural financial market.It would be necessary to go beyond both the administrative thinking of financial control and the competitive market thinking in the process of advancing the rural financial reform,cultivate the diversified,cooperative and inclusive rural financial service intermediaries,and constructa modern rural financial organizationsystem jointly led by thegovernment,market,and society.