农户贷款利率改革的福利分析——以江苏、河南与甘肃农村信用社为例

Another Perspective of Reforming Rural Financial System:the Welfare Analysis of Liberalizing Interest Rate:an Empirical Study of Rural Credit Cooperatives in Gansu,Henan and Jiangsu in China

本文以江苏、河南和甘肃农村信用社为例,采用条件价值评估法(CVM)获取各地农户微观数据,探讨放开农户贷款利率对不同地区农户经济福利的影响。研究表明,如果农村信用社放开农户贷款利率,各地农户经济福利变动将有显著差异:在江苏为负,在河南与甘肃为正,即放开农户贷款利率不会增进所有农民的福利。从增进农户福利的政策目标出发,农村金融机构改革应因地制宜。结合地区特征和农村金融机构服务半径等因素来探讨某地是否适合进行利率改革也许更有意义。

Based on the empirical study of rural credit cooperatives in Gansu,Henan and Jiangsu in China and applying contingent valuation method(CVM) with farm household data,this article discusses the impact of liberalizing interest rate on farmer's welfare,and the difference among the three provinces.The results show that if interest rates are liberalized for rural credit cooperatives to charge opportunity costs in lending to farmers,the welfare to farmers will differ significantly among the three provinces: it is positive in Gansu and Henan while negative in Jiangsu.As not every farmer would benefit from liberalizing interest rates,the approach to reform rural financial institutions should be consistent with local conditions if the policy objective is improving farmer's welfare.It is more meaningful to discuss liberalizing interest rate in conjunction with regional characteristics and rural financial institutions' service radius.