正规金融与非正规金融合作会提高农户期望收益吗?——理论分析和实证检验

Would the Cooperation between Formal Finance and Informal Finance Raise the Expected Returns of Rural Households?——Theoretical and Empirical Study

文章区分三种不同的市场结构从理论上分析了农户、正规金融机构和非正规金融机构三个主体的决策行为和期望收益,认为只有在正规金融部门与非正规金融部门共存且实现合作的市场中,农户的融资需求才能得到有效满足,农户的期望收益才能最大化。文章还利用遍布我国东、中、西部地区近10 000家农户的实地调研数据进行实证检验,为建立正规金融与非正规金融间的合作机制提供了经验证据。

Based on three different market structures,this paper theoretically analyzes the decisionmaking behavior and expected returns of rural households,formal finance institutions and informal finance institutions.It arrives at a conclusion that,only under the coexisting and cooperation between formal finance institutions and informal finance institutions,the financing demand of rural households could be effectively met and their expected returns could achieve the maximum.Furthermore,it provides empirical evidence for establishing cooperative mechanism between formal finance institutions and informal finance institutions based on the data of field research on nearly 10 000 rural households in eastern,central and western regions.