农村金融与家庭农场基础设施投资——基于微观数据的倾向得分匹配分析

Rural Finance and Infrastructure Construction——An Empirical Analysis Based on Propensity Score Matching

本文借助家庭农场最优消费投资模型探讨了农村金融与家庭农场基础设施投资之间的关系,并基于2016年湖北武汉和安徽郎溪的微观调研数据,运用倾向得分匹配法检验家庭农场金融借贷对基础设施投资的影响。在此基础上,本文考察了对不同经营规模的家庭农场,区分借贷资金的不同来源,金融借贷对基础设施投资的影响。研究结果表明:第一,农村金融对于家庭农场基础设施投资具有正向促进作用;第二,农村金融机构贷款对基础设施建设的促进作用依赖于一定的经营规模,相较于小规模家庭农场,经营规模较大的家庭农场获得金融机构贷款对基础设施投资的正向影响更为显著;第三,农村金融对家庭农场基础设施投资的影响主要体现在农村正规金融借贷对基础设施投资的正向作用,而农村非正规金融对基础设施投资没有显著影响。

This paper firstly explains the relationship between rural finance and infrastructure investment of family farm by means of the optimal consumption and investment model,and then uses the survey data from Wuhan and Langxi in 2017 and employs the Propensity Score Matching method to test the impact of rural financial loans on infrastructure investment.The results show that,first,rural finance has a positive effect on infrastructure construction.Second,the role of rural financial institution loans in promoting infrastructure construction relies on a certain production scale.The positive impact of rural financial institution loans on infrastructure investment is more significant among those large farms relative to small farms.Third,the impact of rural finance on infrastructure investment is mainly reflected in the positive effect of rural formal financial loans on infrastructure investment,while rural informal finance has no significant impact.