担保品竞争:缓解林权抵押约束对农户信贷的影响

Collateral Competition:The Effect of Forest Rights Collateral on Rural Households’ Credit

基于担保品竞争视角,本文使用国家林业和草原局发展研究中心固定观察点数据,运用多时点DID模型,考察了缓解林权抵押约束对农户信贷可得性和贷款条件的影响。研究发现:将林权纳入担保品后,总体上提升了农户信贷可得性,增加贷款规模,降低贷款利率,延长贷款期限。但在担保品竞争环境下,林权属于弱势担保品,信贷风险控制能力有限,因此缓解林权抵押约束对不同农户群体产生差异性影响,即对无信贷排斥群体有效,对信贷排斥群体无效。进一步分析表明,缓解林权抵押约束对其他资产抵押群体和保证贷款群体有效,佐证了以上结论。本文还发现,地区林木资源丰富、地方政府设立风险处置基金或林权收储机构,可以提升缓解林权抵押约束的政策效果。以上结论表明,在农村金融市场担保品多样化的现实背景下,开展各类担保制度试点和改革,需考虑和提升担保品相对竞争力。

This article uses the data from the fixed observation points of National Forestry and Grassland Administration and investigates the impact of forest rights as collateral on the availability of rural households’credit and loan conditions from the perspective of collateral competition The results show that forest rights as collateral improves the availability of rural households’credit,increases the scale of loans,reduces the interest rate of loans and extends the term of loans.However,forest rights as weak collateral have limited ability to control credit risk.Therefore,the mitigation of forest rights collateral has a different impact on different groups of rural households.It is effective for the non-credit exclusion group,but ineffective for the credit exclusion group.Futher analysis shows that easing the restriction of forest rights collateral is effective for those who have other assets or guarantee of collateral,which corroborates the above results.Rich forest resources in the region and the establishment of risk disposal funds or forest rights reserve agencies can significantly mprove the policy effect of easing the restriction of forest rights collateral.The above conclusions indicate that in the context of the diversification of collateral in China’s rural financial market,it is necessary to consider and improve the relative competitiveness of collateral to carry out collateral trials and reforms of various types of collateral systems.