摘要
本文基于陕西、山西和江苏三省的实地调研数据,以农业信用担保融资为切入点,采用Heckman两阶段模型分析社会资本缓解新型农业经营主体融资约束的影响。结果表明:包含政府关系资本、银行关系资本和村级关系资本在内的社会资本均能显著缓解新型农业经营主体需求型融资约束,而仅银行关系资本更有助于缓解新型农业经营主体供给型融资约束,这一结论在缓解内生性问题和稳健性检验后仍然成立。异质性分析结果表明,各类社会资本对陕西和山西、专业大户和家庭农场的新型农业经营主体融资约束的缓解作用更强,并且,新型农业经营主体在信用村镇建设方面呈现出不同类型社会资本依赖的差异性。农村金融环境在政府关系资本和村级关系资本缓解新型农业经营主体供给型融资约束的过程中具有正向调节效应,而在银行关系资本缓解新型农业经营主体供给型融资约束的过程中发挥负向调节效应。
Summary:Scholars have done a lot of research on the influencing factors of credit constraints mainly from the perspective of farmers,but few studies have focused on the financing constraints of the agricultural credit guarantee for new agricultural business subjects.This paper is based on field research data from three provinces,Shaanxi,Shanxi,and Jiangsu.From the perspective of agricultural credit guarantee financing,the Heckman two⁃stage model is used to analyze the mechanism of social capital alleviating financing constraints on new agricultural operating entities.The results indicate that social capital,including government relationship capital,bank relationship capital,and village level relationship capital,can significantly alleviate the demand financing constraints of new agricultural operating entities,while bank relationship capital alone is more helpful in alleviating the supply financing constraints of new agricultural operating entities.This conclusion still holds after alleviating endogeneity issues and robustness tests.The results of heterogeneity analysis indicate that various types of social capital have a stronger alleviating effect on the financing constraints of new agricultural operating entities in Shaanxi and Shanxi,professional and family farms,as well as non credit villages and towns.The rural financial environment has a positive regulatory effect in the process of government relationship capital and village relationship capital alleviating supply financing constraints on new agricultural operating entities,while it plays a negative regulatory effect in the process of bank relationship capital alleviating supply financing constraints on new agricultural operating entities.The policy implication is that while we rationally utilize the positive impact of social capital,the credit business process should be further standardized to reduce the“relationship loan”and“favor loan”,and build a fairer and better credit platform for new agricultural management subjects.In addition,the same attention should be paid to the financial environment on the new subjects of agricultural credit guarantee financing constraints to alleviate the role.In the regions with more perfect rural financial environment,the effect of bank relationship capital on the new agricultural management subject financing constraints is weakened,which indicates that a good rural financial ecological environment has greatly improved the financing availability of new agricultural business subjects.Therefore,the innovation of rural financial model should be specifically tailored to local conditions.For the areas with the less developed financial environment,the construction of social organizations rich in social capital in the village areas should be actively pursued,and the development of the financial model based on cooperative organizations should be emphasized.
作者
庄腾跃
李顾杰
罗剑朝
ZHUANG Teng-yue;LI Gu-jie;LUO Jian-chao(College of Economics and Management,Northwest A&F University,Yangling 712100,China;Shaanxi Rural Finance Research Center,Yangling 712100,China)
出处
《财经问题研究》
北大核心
2024年第2期105-119,共15页
Research On Financial and Economic Issues
基金
国家自然科学基金面上项目“农业生物资产价值动态评估、抵押融资模式与风险管理政策研究”(72273105)
国家自然科学基金面上项目“农业信用担保制度有效性评价、风险控制与体系构建研究”(71873100)
中央农办、农业农村部乡村振兴专家咨询委员会软科学课题“金融赋能乡村振兴政策取向和实施路径研究”(rkx20221801)
中央高校基本科研业务费专项资金资助“乡村振兴金融政策创新团队”(2452022074)。
关键词
社会资本
新型农业经营主体
融资约束
农村金融环境
农业信用担保
social capital
new agricultural enterprises
financing constraints
rural financial environment
agricultural credit guarantee