农户偏好农村非正规金融的动因:理论模型与经验证据

The reason why the households prefer informal finance:a theoretical model and empirical evidence

在广大发展中国家及欠发达地区,农户参与正规金融市场的程度很低,尤其是贫困农户的参与度更低。已有的研究认为正规金融部门实施的信贷配给导致了上述现象的发生。而本文提出一个新的命题:农户偏好从非正规金融市场借款是出于成本收益的算计,是既定约束条件下的理性选择,越贫困的农户越偏好农村非正规金融市场。此外,还运用数理模型论证了该命题在理论上成立的可能性,并通过对相关调研资料的梳理及实地调研为该命题的成立提供了充分的经验证据。

In the majority of developing countries and less developed regions,the level of households＇ participation in formal financial markets was lower,especially for the poor.The existing studies suggested that the credit rationing of formal financial sector led to the occurrence of these phenomena.The paper proposed a new proposition,that was,that those households＇ preference to borrow from the informal financial markets out of the calculus of costs and benefits was a rational choice,the more poverty-stricken households in the more preference for the rural non-formal financial markets.The paper demonstrated the theory through a mathematical model,and provided ample evidence for the establishment of the proposition through sorting out the relevant research data and personal investigation.