“嫌贫爱富”抑或“扶危济困”:农户民间放贷选择偏好研究

Being Self-interested or Altruistic: Research on Farmers’Choice Preference for Informal Lending

基于合约、借方和贷方三方面特征设计农户民间放贷离散选择实验,依据陕西、山东两省289户农户实验数据,构建效用相互依赖模型考察农户民间放贷选择偏好的内在机理,采用Mixed Logit模型探究农户选择偏好及其异质性来源。研究结果表明,农户民间放贷选择中经济理性与道义理性偏好并存。其中,经济理性体现为农户偏好向亲戚或信用水平较高的借方放贷,农户手头资金紧张时放贷意愿减弱;道义理性体现为农户偏好向经济情况比自己差、曾与自己有过互动经历且用途为生活性应急需求的借方放贷,农户拒贷有压力时放贷意愿增强。进一步研究发现,农户民间放贷选择偏好存在异质性,表现为受教育程度会强化放贷农户经济理性偏好,家庭收入会强化放贷农户道义理性偏好,风险偏好型放贷农户的道义理性偏好更弱,而山东省放贷农户的经济理性和道义理性偏好均高于陕西省。

By constructing a model of utility interdependence,this paper first analyzes the preferences of farmers’informal lending choices and then designs a discrete choice experiment from loan contract,borrower farmers and lender farmers.By using the experimental data of 289 farmers in Shaanxi and Shandong Provinces,this paper employed Mixed Logit model to empirically explore the informal lending choice preferences and sources of preferences heterogeneity.The results show that farmers’informal lending choices coexist specific economic rationality and moral rationality preferences.Economic rationality is reflected in the fact that farmers prefer to lend a small amount of funds to relatives or borrowers with good credit levels.Farmers’willingness to lend will weaken when the funds at hand are tight.Moral rationality is reflected in the fact that farmers prefer lending to borrowers who have previous experience of borrowing interactions,who borrow money for emergency,and whose economic conditions are worse.Farmers’willingness to lend will increase when they have pressure from public opinion.There is heterogeneity in farmers lending choices,which is manifested in the fact that education strengthens lenders economic rationality preference,household income strengthens lenders moral rationality preference and moral rationality preference of risk-preferring lenders is weaker.The regional heterogeneity analysis shows that economic rationality and moral rationality preferences of lenders in Shandong Province are higher than those in Shaanxi Province.