政府扶持对家庭农场信贷可得性的影响及中介机制研究

The Impact of Government Support on Credit Availability of Family Farms and Its Mediating Mechanism

基于山东省1057个家庭农场的实际调研数据,利用KHB模型和广义有序逻辑回归模型实证分析政府扶持对于家庭农场信贷可得性的影响路径。结果表明:(1)政府扶持对于提升家庭农场信贷可得性有显著的直接影响。受限于缺乏有效信用基础,家庭农场无法通过市场配置在正规信贷市场中实现金融资金资源的最优配置,需要政府扶持来纠正长期制度性信贷配给引致的资本误配,缓解信贷约束,以提高家庭农场信贷可得性。(2)政府扶持通过改善家庭农场经营管理能力进而提升家庭农场信贷可得性的间接效应占总效应的70.53%,其中生产性融资能力、财务管理规范以及盈利能力的中介效应贡献率分别为82.20%、16.27%、1.53%。贷款贴息、担保费补贴等政策通过降低融资成本进而提高生产性融资能力,得以有效缓解家庭农场融资困境。鉴于此,为提高家庭农场信贷可得性,建议继续扩大财政补贴力度和范围、加强财务管理监督,不断创新金融支持政策,适应家庭农场现代化发展要求。

Based on the actual survey data of 1057 family farms in Shandong Province,the paper uses KHB model and generalized ordered logistic regression model to empirically analyze the influence path of government support on family farm credit satisfaction.The results show that government support has a significant direct impact on improving the credit availability of family farms.Limited by the lack of effective credit basis,family farms cannot achieve the optimal allocation of financial resources in the formal credit market through market allocation.Government support is needed to correct capital mismatch caused by long-term institutional credit rationing and alleviate credit constraints to improve the credit availability of family farms.In addition,the indirect effect of government support on improving the credit satisfaction of family farms by improving family farms’management ability accounts for 70.53%of the total effect,and the intermediary effect contribution rates of productive financing ability,financial management norms and mediating effect of profitability are 82.20%,16.27%and 1.53%,respectively.Policies such as loan discount and guarantee fee subsidy can effectively alleviate the financing dilemma of family farms by reducing financing costs and improving productive financing capacity.Therefore,in order to improve the credit availability of family farms,it is suggested to contimue to expand the strength and scope of financial subsidies strengthen financial management and superrision,and constantly innovate financial support policies to meet the reguirements of the modern development of family farms.