收入阶层、社会资本与农户私人借贷利率

Income Disparity,Social Capital and Private Interest Rate of Rural Households in China

本文利用2009年农村金融调查的微观数据,分析了我国农户民间借贷利率的影响因素,并试图找出"人以群分"的民间借贷特点背后的原因。研究发现,低收入群体由于拥有较低的社会资本,在向高收入群体借贷时需要支付较高利率。本文还发现,信贷约束、借贷双方的亲缘关系、有逾期未还纪录以及人力资本等也对民间借贷利率有着显著影响。因此,降低信贷约束,扩大农户融资渠道可以缓解农村的高额借贷利率问题。

Using a 2009 Rural Finance Survey, this paper investigates the determinants of interest rates in rural informal financial market in China. Specifically, we intend to explore the reasons of ＂birds of a feather flock to- gether＂ in the rural financial market. We find that, compared to the same income level, borrowers pay higher interests if borrowing from the higher income level households. It could be attributed to that poorer households have less social capital. Moreover, formal financial constraints, the relationship between borrowers and lenders, default history and human capital are important factors as well. Reducing the formal financial constraints and in- creasing the financial channels may partially offset usury in rural China.