农村非正规金融市场需求主体分析——兼论新型农村金融机构的市场定位

On the Types of Demand Subject in the Rural Informal Financial Markets and the Market Orientation of New Rural Financial Institution

本文基于江苏省1202户农户的调研数据,采用Logit模型从信贷配给的角度分析了农村非正规金融市场需求主体的类型,并进一步讨论了新型农村金融机构的市场定位。研究结果表明:在正规金融市场上受到数量配给、交易成本配给和风险配给的农户均比受到价格配给的农户更可能向非正规金融市场借款。进一步地,受到风险配给和价格配给的农户资金来源主要为非正规金融市场上的零息借款,而受到数量配给和交易成本配给的农户资金来源则主要为非正规金融市场上的高息借款。新型农村金融机构应充分利用自身优势,降低金融服务门槛,将市场定位于受到数量配给和交易成本配给的农户,而受到价格配给和风险配给的农户资金需求一般会从非正规金融市场上的零息借款得到满足。

This paper analyzes the types of demand subject in the rural informal financial markets from the angleof credit rationing by applying the Logit model to the data from 1202 households in Jiangsu province,and furtherdiscusses the market localization of New Rural Financial Institution. The results of the study show that：The house-holds who are quantity rationed,transaction cost rationed and risk rationed in the formal sectors are more likely toborrow from informal financial markets than the households who are price rationed in the formal sectors. Further-more,the main capital source of households who are risk rationed and price rationed is zero interest loan in infor-mal financial markets,but the main capital source of households who are quantity rationed and transaction cost ra-tioned is high interest loan in informal financial markets. The New Rural Financial Institutions should make fulluse of their own advantages,reduce the financial services threshold,and target their market to the households whoare quantity rationed and transaction cost rationed in the formal sectors. The capital requirements of the house-holds who are risk rationed and price rationed will be satisfied by high interest loan in informal financial markets.