农户异质性视角下正规金融与非正规金融的关系——基于江苏省1202户农户的调研数据

The Relationship between Formal Finance and Informal Finance from the Perspective of Heterogeneity: Based on the Survey Data of 1202 Households in Jiangsu Province

理解正规金融与非正规金融二者关系是制定金融政策的关键。本文基于江苏省1202户农户调查数据,实证检验了农户借贷情况下农村金融正规供给与农村非正规金融供给之间的关系,进一步基于农户异质性视角,分析了不同收入水平下农户借贷正规金融与非正规金融二者之间的关系。研究发现:对于中、低收入农户来说,非正规金融借款占据主导地位,存在对正规金融借贷的替代关系;对于高收入农户来说,正规金融借贷与非正规金融借贷之间存在互补关系。

Understanding the relationship between formal finance and informal finance is the key to make correct financial policy.Based on the data of 1202 households in Jiangsu P rovince,this paper validated the relationship between rural formal credit supply and rural informal credit supply under the condition of farmers'borrowing.Based on the view of farmers'heterogeneity,this paper analyzed the relationship between formal financial lending and informal financial lending in the case of farmers'borrowing at different income levels.The study found that:for low-income farmers,informal financial borrowing dominates,and there is an alternative relationship to formal financial lending;for high-income farmers,there is a complement between formal financial lending and informal financial lending relationship.