普惠金融的农民增收效应——来自村镇银行设立的证据

The Income Effect of Inclusive Finance on Farmers:Evidence from Rural Banks

设立村镇银行的初衷是发展乡村普惠金融,解决农村地区金融机构网点覆盖率低、金融供给不足、竞争不充分等问题,但目前鲜有文献直接研究这些议题。本文使用中国县域统计数据和农村固定观察点数据,利用村镇银行在县域和年份上成立的差异,构造多时点双重差分模型考察了村镇银行的经济效应。研究发现:(1)村镇银行的设立促进了县域层面的金融资源供给增加和经济增长;(2)村镇银行的直接增收效应主要作用于经营企业(即新型农业经营主体)的农户,这是由于村镇银行显著增加了农民合作社等新型农业经营主体的进入数量;(3)村镇银行进一步通过家庭农场的辐射带动效应间接促进了普通农户的收入增长以实现共同增收;(4)普惠金融数字化程度与村镇银行设立所产生的交互式影响显著促进了普通农户的收入水平。本文的研究结果表明,支持新型农业经营主体发展是普惠金融激活农村经济增长潜能的重要渠道,这为如何促进普惠金融高质量发展并最终实现共同富裕提供了政策启示。

Rural banks were established with the aim of fostering inclusive finance in rural areas,promoting rural development,and addressing challenges such as limited financial institution coverage,insufficient financial supply,and lack of competition.Despite these goals,there is limited literature directly addressing these issues.This paper leverages county-level statistics and rural fixed observation point data from China,employing a multi-time point difference-indifferences model to investigate the impact of rural banks on farmers'income.The main findings are:(1)The establishment of rural banks enhances the supply of financial resources and spurs economic growth at the county level.(2)The direct income-boosting effect of rural banks predominantly benefits farmers who operate enterprises(i.e.,new agricultural operators),as rural banks significantly increase the number of such operators,including farmer cooperatives and family farms.(3)Rural banks also indirectly elevate the income of ordinary farmers through the spillover effects of family farms,facilitating joint income growth.(4)The synergistic impact of digital inclusive finance and the establishment of village banks significantly enhances the income levels of ordinary farmers.These results offer policy implications for promoting the high-quality development of inclusive finance and ultimately achieving common prosperity.