农信社全面股份制改革有助于农民增收吗

Can the Comprehensive Shareholding Reform of Rural Credit Cooperatives Help Rural Residents Increase Income?

2010年以来,我国农信社进入全面股份制改革阶段,作为农村金融主力军和联系农民的金融纽带,其改革能否帮助农民增收是一个重要的现实问题。本文采用2013—2018年全国925个县(市、旗)数据,基于双重差分模型系统分析农信社股份制改革对农民增收的影响及机制。研究结果表明,农信社改制对农民增收有显著、稳健的促进作用;机制分析表明,农信社改制有助于提高县域信贷供给水平和信贷配置效率、提升县域创业活跃度从而促进农民增收;进一步分析发现,农信社改制对县域城乡居民收入差距的抑制作用有限,而且改制后的农商行跨区域经营会抑制农民增收、扩大县域内城乡收入差距。本文拓展了已有文献对农信社改革绩效的研究,为我国正在进行的农信社改制工作和今后的政策调整提供了一定的决策依据。

Since 2010,Rural Credit Cooperatives(RCCs),the main player in China's rural financial system,have been undertaking a comprehensive reform,in which RCCs are transformed into shareholding Rural Commercial Banks(RCBs).With a unique dataset collected from 925 counties from 2013 to 2018,this paper applies DID model to study the impact of this reform upon rural residents'income.Our results show that the reform of RCCs has a significant positive impact on income growth of rural residents.The mechanism is that transforming RCCs into RCBs can not only improve the supply of credit and efficiency of credit allocation,but also increase the activity of entrepreneurship in the county.Furthermore,it is found that RCCs reform has a limited effect on narrowing urban-rural income gap,and the behavior of RCBs to operate across districts to cities restrains income increase of rural residents and widens income gap within the county.This paper contributes to the literature on RCCs reform and also provides insightful policy suggestions for the ongoing reform of RCCs in China.