市场不完全下商业信用对银行信用和民间信用的替代机制——来自农资赊购的经验证据

Research on the Alternative Mechanism of TradeCredit to Bank Credit and Civilian Credit in the Incomplete Market: Experience from Purchase of Agricultural Materials on Credit

在市场不完全的情况下,内生于农村地区并且广泛存在的商业信用能否改善农户的融资难是一个值得关注的问题。为此,以农户的农资赊购行为为例,在考虑了人情成本不断上涨的现实情况后,实证研究商业信用对银行信用与民间信用的作用机制。结果表明:在中国的农资市场广泛存在买方市场的情况下,商业信用会在一定程度上替代银行信用和民间信用:一方面商业信用可以解决农户获取银行信用难的问题,另一方面商业信用不像民间信用那样要求农户承担高昂的人情成本。未来,政府应当着力发展农资赊购、贸易信贷等各类产业链金融,同时进一步完善银行信用、民间信用和商业信用共存的农村金融体系。

In the case of incomplete market,whether trade credit that is endogenous in rural areas and widely exists can improve the financing difficulties of farmers or not is a problem worthy of attention.Taking purchase on credit behavior in the agricultural materials market as an example,this paper conducts an empirical research on the effect of trade credit on bank credit and civilian credit in rural areas of China after considering the reality of rising gift expenditures.The results show that with the support of the buyer s market theory,trade credit can replace bank credit and civilian credit to a certain extent.This is partly because trade credit can solve the problems when farmers obtain bank credit.On the other hand,it is due to the fact that trade credit does not require the same high gift expenditures as civilian credit.Therefore,we should focus on the development of various types of industrial chain finance such as agricultural procurement,trade credit,and further improve the rural financial system in which bank credit,civilian credit and trade credit coexist.