农地确权能否缓解农村正规信贷配给?——基于德·索托效应的再检验

Can Land Registration Alleviate Rural Formal Credit Rationing?——Retest Based on the De Soto Effect

基于微观视角,利用2015年中国家庭金融调查数据(CHFS),讨论农地确权能否释放农村土地资产的德·索托效应,缓解农村正规信贷配给。采用IV-Probit模型实证检验农地确权对供给型与需求型双重信贷配给的异质性影响,并引入农地确权与农地经营规模的交互项进一步考察其规模偏好特征,最后利用倾向得分匹配法验证结果的稳健性。研究发现,在现阶段中国相关法律制度与配套措施不完善的约束下,农地确权难以完全释放农村土地资产的德·索托效应,其对供给型信贷配给的缓解作用仅限于本就有着借贷优势的大规模经营农户,存在规模偏好特征;而对需求型信贷配给则具有充分的缓解作用,并随着农地经营规模的扩大而增强,同样存在规模偏好特征。

Based on the micro perspective,using the data of China Family Finance Survey(CHFS)in 2015,this paper discusses whether the land registration can release the De Soto effect of farmland assets and ease rural formal credit rationing.The IV-Probit model was used to test the heterogeneous effect of the land registration on the supply-and-demand dual credit rationing,and the interactive term of land registration and farmland management scale was introduced to further investigate the scale preference characteristics.Finally,the propensity score matching method was used to verify the robustness of the results.The results show that it is hard to get the the De Soto effect of farmland property fully released via the land registration under the constraint of China’s relevant legal systems and supporting measures.The mitigation effect of land registration on the supply-based credit rationing is limited to the scale farmers who have the advantage of borrowing,which shows the characteristic of scale preference.But the land registration has a full mitigating impact on demand-based credit rationing,and this is strengthened with the expansion of the scale of agricultural land management,which also shows the characteristic of scale preference.