规模农户异质性债务融资的治理效应研究

Research on the Governance Effect of Scale Farmers’ Debt Financing

本文基于江苏省614户规模农户的实地调查数据,采用Tobit模型等方法,探讨规模农户债务融资对其生产行为的调整机制,分析规模农户债务融资对其生产性物质资本投入、生产性固定资产投入和生产性收入的治理效应,进而对规模农户异质性债务融资治理效应差异进行检验。研究结果表明,规模农户债务融资发挥了积极的激励约束作用,提高了物质资本和机械设备的投入强度,提高了农业生产性收入;从债务融资渠道的治理效应看,与亲友借贷相比,正规借贷和商业信用更能发挥硬约束作用,促进生产要素的投入和生产性收入的提高;从债务融资结构的治理效应看,与亲友借贷和商业信用相比,正规借贷能更有效地发挥债务治理效应,提高规模农户的生产经营绩效;而商业信用是正规借贷的有益补充,有助于缓解规模农户资金的流动性约束,增进生产性物质资本的投入。

Based on the questionnaire survey of 614 households in Jiangsu Province, this paper used the Tobit model and other methods to explore the adjustment mechanism of large-scale farmers’ debt financing to its production behavior, and analyze the governance effects of large-scale farmers’ debt financing on their productive material capital investment, productive fixed assets investment and productive income, and then tests the debt governance effects. The results show that debt financing has played a positive role in incentive and restraint, increased the input intensity of material capital and machinery and equipment, and improved agricultural productive income. From the perspective of the governance effect of financing channels, compared with relatives and friends, formal Lending and commercial credit can play a harder role in promoting the input of production factors and the increase of productive income. From the perspective of the governance effect of debt financing structure, compared with relatives and friends lending and commercial credit, formal lending can give full play to the debt governance effect and improve the production and management performance of scale farmers. Commercial credit is a useful supplement to formal lending, which is helpful to alleviate the liquidity constraints of large-scale farmers and enhance the input of productive material capital.