链式融资模式与精准扶贫效果——基于准实验研究

Chain Financing Mode and the Effects of Precision Poverty Alleviation:Empirical Study Based on Quasi Experiment

文章在四川、重庆、江西三省2013年和2015年农户链式融资准实验的基础上,基于大样本农户两期面板数据,利用双重差分法和基于倾向得分的倍差匹配法对"基期贫困户和非贫困户参与和使用链式融资模式下的减贫效果"进行了系统的实证研究。结果表明:(1)产业链式融资对农户减贫的效果整体较好,贫困农户参与产业扶贫的比例高于非贫困户,且从链式融资中得到的益贫效果也表现出边际收入递减的现象。(2)与农户直接向金融机构融资相比,农户在产业扶贫的基础上进行链式融资的减贫效果更好。其中采用"金融机构信贷→龙头企业(产业支撑)→农户"和"金融机构→专业合作社(产业服务)→农户"模式对基期贫困户和非贫困户都存在显著的益贫效果;"资金互助社→农户"模式主要对非贫困户存在显著的减贫效应,而"商业性金融机构→农户"模式对贫困户和非贫困户的减贫效果都不明显。

Based on a quasi experiment of chain financing of farmers in Sichuan,Chongqing and Jiangxi in 2013 and 2015,and two-stage panel data of large sample farmer households,this paper uses difference-in-difference method and double difference matching method based on propensity scores to make a systematically empirical study of the poverty reduction effect between poor and non-poor households under the chain financing mode.It arrives at the results as follows：firstly,the role of industry chain financing in poverty reduction effect is sound overall;the proportion of poor households participating in industrial poverty alleviation is higher than the one of non-poor households,and the poverty reduction effect from chain financing also shows a phenomenon of diminishing marginal returns;secondly,compared to direct financing from financial institutions,the poverty reduction effect of chain financing based on industrial poverty alleviation is better;among them,the mode from credit of financial institutions to leading enterprises（industry support）and then to farmers and the mode from financial institutions to professional cooperatives（service industry）and then to farmers have significant poverty reduction effects on poor and nonpoor households;the mode from rural mutual financial cooperative to farmers has a significant poverty reduction effect on non-poor households,while the mode from commercial financial institutions to farmers does not have significant poverty reduction effects on poor and non-poor households.