影响农村非正规金融市场运行因素的理论分析

A Theoretical Analysis of the Factors Influencing the Rural Informal Financial Market

相关研究显示,来自中国农村的金融需求无法从农村现存的正规金融中得到满足,并且也发现,非正规金融已经成为农户和农村经济活动获得融资的重要来源。本文通过一个数理化的博弈模型,对维持非正规金融交易正常进行的融资机制进行了一定的理论研究。通过分析发现,一方面借贷双方的私人关系与放贷者的监督共同维持着关系型融资机制的正常运转,同时两者呈补充的关系;另一方面,借贷交易的规模、借款人进行交易所必须的全部成本等因素也会对这一机制的运转产生重要影响。

Studies have revealed that the financial demand from China＇s rural area can not be satisfied from the existing formal financial supply in the rural area of China, and the informal financial market has become an important financing source of the farmers and organizations. Through a theoretical model, the paper analyzes the financing mechanism that maintains the operation of this financial market. This analysis has revealed that the personal relationship between the borrower and the loaner plus the latter＇s supervision is the core element in maintaining this relational financing mechanism, and the borrower and the loaner maintain an interdependent, relation. On the other hand, the scale of the transaction and the borrower＇s costs in this transaction also play a key role in the operation of this mechanism.