农村金融多样性对农民创业影响的作用机制研究

The Influence of Rural Financial Diversity on Farmer Entrepreneurship

新一轮农村金融改革背景下,金融多样性发展对改善农村金融服务、推动农村经济发展转型具有重要意义。文章利用CLDS2012提供的村庄层面金融多样性信息,实证研究了村庄金融多样性对农民创业决策的影响。结果表明:(1)金融多样性对农民创业决策有显著促进作用。具体而言,金融多样性每增加一个标准差,农民创业概率将提高0.8个百分点;(2)金融多样性能有效促进"雇主"型创业,而对"自雇"型创业无显著影响;(3)非正规金融机构对农民创业的促进作用明显强于正规金融机构;(4)正规金融机构有助于"雇主"型创业,而非正规金融机构有助于"自雇"型创业;(5)金融多样性有助于提升农民未来"雇主"型创业的意愿。文章不仅为理解金融发展影响经济增长的微观机制提供了经验证据,而且为提升农村地区创业活力提供了政策启示。

The 19th CPC National Congress clearly proposed that ＂to support and encourage employ- ment and business startups in rural areas, and open up more channels to increase rural income＂ is taken as the important content of＂pursuing rural vitalization strategy＂. Since a new round of rural finance reform in 2006, the institutions of rural financial services have been gradually increasing, and the level of financial diversity has been constantly improving. Is the improvement of rural financial environment helpful in easing rural resid- ents＇ financing constraints and increasing rural residents＇ probability of being entrepreneurs？ To answer this question is helpful to the understanding of economic and social effects of rural financial diversity reform, and the exploration of effective paths to promote entrepreneurship in rural areas. Using the village-level financial diversity data in CLDS2012, this paper studies the effect of financial diversity on farmer entrepreneurship. In theory, financial diversity can promote effective competition between different financial institutions and re- duce the information asymmetry in rural credit market. These effects help to ease rural residents＇ financing constraints and promote their entrepreneurship. The results suggest that, village financial diversity signific- antly increases rural residents＇ probability of being entrepreneurs, and increases on average by 0.8 percent while the financial diversity increases by one standard deviation. This conclusion still holds after changing key variables and taking the endogeneity into account. Meanwhile, the individual characteristics （such as party membership, age and education years）, family income and village business culture also have significant ef- fects on farmer entrepreneurship. We also find that rural financial diversity has different effects on different styles of entrepreneurship. It comes to the following conclusions： firstly, village financial diversity has promo- tion effect on ＂employer＂ entrepreneurship, but no significant effect on ＂self-employed＂ entrepreneurship; secondly, informal financial institutions have stronger promotion effects on entrepreneurship than formal fin- ancial institutions; thirdly, formal financial institutions have promotion effects on ＂employer＂ entrepreneur- ship, while informal financial institutions have promotion effects on ＂self-employed＂ entrepreneurship; fourthly, village financial diversity improves rural residents＇ ＂employer＂ entrepreneurship willingness in fu- ture. This paper provides not only the empirical evidence for understanding the micro-mechanism that finan- cial development affects economic growth, but also policy suggestions about promoting entrepreneurship in rural areas. In the future reformation of rural financial areas, the establishment of multi-level rural financial services system, the reduction in rural financial institutions＇ barriers to entry, and the improvement of the level of rural financial diversity are helpful in improving rural financial environment and inspiring the enthusiasm of farmer entrepreneurship. These effects provide new drivers for the healthy and sustainable development of rur- al economy.