农村金融的新范式:金融联结——比较优势与市场微观结构

New Paradigm of Rural Finance: Financial Linkage——Comparative Advantages and Market Microstructure

文章从正规与非正规金融机构的比较优势、农村信贷市场微观结构分析了金融联结的机理,并建立产量(贷款)领导的斯塔克伯格模型,推导理论假说和进行实证检验。理论研究和实证分析表明,非正规金融机构在信息甄别、监督、合约执行和交易成本等方面的比较优势是金融联结的正向激励,农村市场内生的低固定成本和市场势力促进了金融联结;正规金融机构因处理系统性风险而产生的低成本是其参与金融联结的主要优势。

From the angles of comparative advantages between formal and informal financial institutions and rural credit market microstructure, this paper analyzes the mechanism of financial linkage. Then it deduces the- oretical hypotheses and makes an empirical test by constructing a produc- tion-oriented Stackelberg model. Theoretical study and empirical analysis show that the comparative advantages of informal financial institutions in as- pects such as information screening, supervision, contract execution and transaction costs are positive incentives for financial linkage, and low fixed costs and market power which are endogenous in rural financial market pro- mote financial linkage. As for formal financial institutions, low costs be- cause of addressing systematic risks are the critical advantage of their partici- pation in financial linkage.