农村民间借贷行为的微观分析

A Microscopic Analysis of the Non-government Loan Behavior in Rural Area

近年来,农村资本的供给与需求之间存在着较大缺口,农村金融机构处于卖方垄断地位,这使农村民间借贷非常活跃。在过多的资本需求者追逐有限资本的过程中,必然产生寻租现象,并驱使实际利率上升。但由于资本市场上存在逆向选择,所以利率难以上升到均衡水平,资本供求缺口无法自动缝合,于是部分资本需求者就通过其他非正式渠道寻找资本;同时,部分先富农户手中富余资本又缺少投资项目,暂处“闲置”状态。这种状况严重影响了农村金融市场和农村经济的发展。

In recent years, owing to the existence of the big gap between supply and demand in the countryside, rural financial institution is in the monopoly situation of selling party ,which enlivens the nongovernment loan. Since the excessive capital demanders pursue the finite capital, the rentseeking phenomenon inevitably appears, which promotes the rise in the real interest rate. As the result of the reverse selection of the actual capital market, interest is hard to come to equilibrium level, so the gap between capital supply and demand is unlikely to sew up by itself,therefore ,some capital demanders try to find out other informal ways. Meanwhile, some first betteroff farmers with extra capital but lack of investment projects just temporarily let their capital unused, which exerts a serious influence on rural financial market as well as economic development.