信贷约束与农户生产效率分析

Credit Constraints and the Farmers' Production Efficiency

本文基于"中国家庭金融调查"(CHFS)中的个体调查数据,通过建立联立离散选择模型,测算了农户所遭受的信贷配给程度。运用异质性随机前沿模型,定量测算了农户在信贷配给约束下的生产经营效率。实证结果显示:(1)农村信贷市场上农户遭受信贷配给程度的均值为73.58%。(2)信贷约束的存在使得农户生产经营的实际产出比最优产出低60%左右,平均生产效率为38.29%。(3)9%左右的农户在信贷约束的条件下生产经营效率接近于0。(4)东、中、西部地区在信贷配给的约束下,平均生产效率分别为37.2%、36.8%、40.9%。西部地区农户因信贷配给的效率损失低于中、东部地区。

Based on ＂Chinese household financial investigation＂ individual survey data, through the establishment of simultaneous discrete choice model, this paper estimates the extent of credit constraint suffered by farmers. Then, by using heterogeneous stochastic frontier model, the productivity of farmers with the credit constraint is quantitative estimated. The empirical results show that： （1） the rural credit market farmers suffer credit constraint at the mean of 73.58%; （2） the average productivity of 38.29%, indicating that the existence of credit constraint causes actual output 60% lower than the optimal output; （3） production efficiency of approximately 9% of the farmers suffered credit constraint is close to zero; （4） with the credit constraint, the average productivity of the eastern, central and western regions was respectively 37.2%, 36.8%, 40.9%, and efficiency loss due to credit constraint in western regions is lower the central and eastern regions.