金融发展与土地流转:事实、理论与实证检验

The Development of Finance and the Land Circulation:Facts,Theories and Empirical Tests

利用2015年中国家庭金融调查数据,本文检验了金融发展对农地流转的边际影响和可能的作用机制,研究结果表明:金融发展显著提高了农户土地流转意愿,促进了农村土地流转。具体的作用机制有两个:一是缓解土地流转融资约束的信贷支持效应,二是促进农户转移就业的要素配置效应。其中,信贷支持效应主要是促进了土地转入,而要素配置效应则是推动了土地转出;同时,金融发展促进土地转出的要素配置效应显著大于促进土地转入的信贷支持效应。进一步研究发现:金融发展对土地流转促进作用的边际效用呈先增后减的倒U形特征,因此需要警惕土地流转中的金融过度发展问题。最后需要注意的是,金融发展在促进土地流转中存在“精英捕获”现象并引致了农户的职业分层,可能加剧农村内部收入不平等。

This paper test the marginal influence and possible mechanism of financial development on rural land transfer using the data of CHFS in 2015.The results show that financial development has significantly promoted the land transfer behavior and improved the efficiency of rural land transfer.There are two specific mechanisms:firstly,providing credit support for land transfer;the second is to promote the allocation effect of factors for farmers to transfer employment.Among them,credit support effect mainly promotes land transfer in,while factor allocation effect promotes land transfer out.At the same time,the heterogeneity analysis of different circulation directions shows that the factor allocation effect of financial development is significantly greater than the credit support effect.Further research finds that the marginal utility of financial development to land circulation is inverted U-shaped,which increases first and then decreases.However,it should be noted that the phenomenon of“elite capture”exists in the promotion of land transfer by financial development and leads to the occupational stratification of farmers,which may aggravate the income inequality within rural areas.