中国农村正规与非正规市场的融资差异

China's Rural Householders Borrowing from the Formal and Informal Credit Market

基于2009年农村微观调查数据,分析农户资金需求及其借款状况,考察其在正规与非正规市场的融资差异。农户资金需求和信贷约束相当普遍。在农村信贷市场,非正规借款占绝对优势,且绝大多数是无息借贷。农村正规与非正规金融市场相互独立运行;前者对后者几乎没有产生"共栖"性有益影响和"竞争"性抑制影响。农信社贷款脱离需求,行政化配置明显。解决农户信贷约束并非仅放开利率那样简单,在拓展农村正规金融的同时,更应引导非正规市场发展创新,鼓励支持农户发展资金互助组织,通过有效措施形成正规市场的促进作用,并强化农信社的市场取向功能。

Using the rural survey data in 2009, this article analyzes rural house- holds＇ credit needs and the difference of their borrowing behavior from the formal and informal credit market. The Credit needs and constraints are quite widespread. Informal borrowing dominates overwhelmingly in the rural credit market, and abso- lute most borrowing is interest-free credit. The formal and informal credit markets are almost independent each other and the former produce neither beneficial influ- ence nor countervailing effect on the later. The lending from Rural Credit Coopera- tives derails market and subjects to administrative planning. In order to reduce credit constraints of rural households, the government should encourage the infor- mal market＇s development and innovation, especially develop rural mutual funds organizations.