正规金融、非正规金融与农户收入增长

Formal Finance,Informal Finance and Farmers’Income Growth

基于CFPS2016微观调查数据,将OLS和收入分位数法相结合,分析正规金融和非正规金融增收效果存在差异的原因和两类资金是否区分使用对农户收入的总体影响。结果表明:如果农户无法根据正规金融和非正规金融的特性有区别地进行投资,正规金融对农户收入的促进作用始终大于非正规金融,同时使用两种来源资金的增收合力并未达到最大,但随着资本产出弹性的增大,资金间抑制效应会减小。为此,在乡村振兴阶段,应积极引导贫困地区产业发展,合理配置正规金融和非正规金融资金。

Based on the micro survey data in 2016,this paper uses combination of OLS and income quantile method to analyze the reasons for differences in income increasing effects of formal finance and informal finance,and the overall impact of whether the two types of funds are used separately on farmers’income.The empirical results show that if farmers can not invest differently according to the characteristics of formal finance and informal finance,the promotion effect of formal finance on farmers’income is always greater than that of informal finance,and the combined income increase force of using two sources of funds at the same time does not reach the maximum,but the“inhibition”effect between funds will decrease with the increase of capital output elasticity.Therefore,this paper puts forward corresponding policy suggestions for guiding poor areas to actively develop industries and reasonably allocate formal and informal financial funds.