金融市场化提高了农户信贷获得吗？--基于农户调查的实证研究

Does Financial Liberalization Increase Rural Households' Credit Availability?——Empirical Analysis Based on Rural Household Surveys

本文旨在探讨金融市场化改革进程如何影响农户的信贷获得。利用1999—2009年的全国农村固定观察点数据,本文从资金配置效率、金融机构行为等多个角度刻画我国金融市场化进程,发现金融市场化显著降低了农户从正规金融部门的信贷获得。从不同的贷款用途看,金融市场化主要降低了生产贷款中的农业生产贷款,对生活贷款则没有显著影响。本文进一步从产业发展的视角进行剖析,发现金融市场化对农户正规信贷的抑制程度受产业投资机会的影响。农户所在地区的农业投资机会越大,正规贷款受抑制程度越低;反之工业投资机会越大,正规贷款受抑制程度越高,说明金融市场化对农户信贷的抑制来源于农业部门和工业部门之间的资金转移。

This paper aims at exploring the impact of financial liberalization on rural households＇ credit availability. Using data of the National Rural Fixed-point Survey （NRFS） over the period 1999--2009 and multiple financial liberalization measures, we show that financial liberalization significantly depresses households＇ credit availability from formal financial channels. Divided by loan usage, the agricultural production loan is significantly depressed by the liberalization, while living consumption loan is not affected. Furthermore, the extent of depression is influenced by the industrial investment opportunity. The more agricultural investment opportunities （industrial investment opportunities ） imply a lower （higher） extent of depression, which suggests that the source of depression is the capital transfers between agricultural and industrial sectors.