基于农户增收视角的融资渠道绩效比较研究

Comparative Research on Performance of Financing Channels From Perspective of Farmers' Income

基于2011年调查数据,运用独立混合截面数据模型分析农户从正规金融途径借贷和非正规金融途径借贷对其增收产生的影响。结果显示,农户偏好从非正规金融借贷,非正规金融借贷规模是正规途径借贷规模的4.15倍,在满足生活消费和生产性投资方面发挥着较正规金融更为重要的作用。不到50%的非正规途径借贷农户将资金用于生产性投资,而从正规金融机构借贷的农户90%是用于生产投资,且二者的生产性资金投向存在较大差异,非正规金融借贷资金主要投向畜牧业和非农产业,正规金融机构贷款则主要投向种植业和农机具补贴,资金借贷规模和资金用途是致使非正规金融绩效高的原因所在。基于此,提出解禁非正规金融,提高农村金融覆盖率,加快基于农户实际需求的金融产品设计,尤其是抵押担保品创新,防范非正规金融市场金融风险等政策建议。

Based on the survey data collected in 2011, with independent pooled cross section model, we ana- lyzed different effects of loans from formal financial institutions and informal financial ways on their income. The results showed that farmers preferred to get loans from informal finance, from which the scale is 4. 15 times of for- mal finance, and they mainly used the money borrowed to life consumption and production investment, thus it played a more important role than formal finance. Less than 50% farmers put funds from informal channels in pro- duction, while 90% farmers invested money from formal financial institutions into production. There were big differences between them, the funds from informal finance were mainly invested in animal husbandry and non- farming field, while loans from formal financial institutions were mainly invested into planting and farming machin- ery, so informal finance^s performance was higher than that of formal finance owing to the borrowed funds scale and their usage. Based on this, we put forward propositions such as freeing informal finance market, improving ru- ral financial coverage, designing financial product especially the collateral innovation based on farmers＇ actual de- mand, preventing financial risk of informal financial market.