第三方组织参与、交易成本降低与农地抵押贷款可得性——基于农地经营权处置的视角

Participation of Third-Party Organizations,Reduction of Transaction Cost and Availability of Farmland Mortgage:Based on the Perspective of Farmland Disposal

在耕地细碎化和信息不对称性的条件下,银行处置农地抵押品时面临高昂的单边交易费用,严重制约了中国农地抵押贷款的发展。本文探讨了第三方组织参与降低农地处置交易费用和提高农地抵押贷款可得性的内在机理和实践模式,并基于中国九省份的农户调研数据,利用半参数中介效应模型进行了实证分析。研究发现:内生型组织和外生型组织都能够通过信息优势降低处置农地的交易费用,提高农地抵押贷款可得性。与外生型组织因政策驱动下的间接作用相比,内生型组织在利益驱动下,降低总交易费用的幅度更大。因此,应鼓励内生型组织和外生型组织依据比较优势参与农地抵押贷款的不同环节,实现正规和非正规金融组织的互联;加快建立农地评估体系及产权流转市场,以提高农地可交易性。

Under the farmland fragmentation and information asymmetry,the high unilateral transaction cost faced by banks when disposing farmland restricts the development of China’s farmland mortgage.This paper explores the inherent mechanism of the third-party organizations in reducing transaction cost of farmland disposal and improving the availability of farmland mortgage.Based on the data from the farmland mortgage in nine provinces of China,the results of the semiparametric intermediary effect model show that endogenous and exogenous organizations can improve the accessibility of farmland mortgage through reducing transaction cost.Compared with the indirect effect driven by the policy incentive of exogenous organizations,the reduction of total transaction cost of endogenous organizations driven by the interest incentive is more significant.Therefore,we suggest that,in order to interconnect the formal and informal financial organizations,endogenous and exogenous organizations should be encouraged to participate in different parts of farmland mortgage according to their comparative advantages.We should also establish the farmland evaluation system and farmland market to loosen farmers’loan constrains.