中国政策性农业信贷担保制度溯源、运行逻辑与演化前景

The Institutional Origin,Operational Logic,and Evolutionary Prospects of the Agricultural Credit Guarantee System in China

政策性农业信贷担保是中国农业支持保护政策的市场化延伸,是财政与金融协同支农的重要政策工具,对解决农业农村现代化进程中融资难、融资贵问题具有重要意义。本文从制度演化的视角,以唯物辩证法的矛盾论为分析工具,分析了农业“三项补贴”政策和农村金融市场的内在矛盾,认为这些内在矛盾是农业“三项补贴”政策效应减弱和农村金融市场失灵乃至推动政策性农业信贷担保制度产生的根本原因。政策性农业信贷担保是财政支农政策和农村金融市场结合而成的市场化支农政策工具,政策性农业信贷担保制度运行既要提高财政资金使用效能,为借款方增信,为金融机构分险,也要实现自身可持续发展。这导致政策性农业信贷担保制度存在政策性目标与市场化运作、增信功能与“去担保化”难以协调的矛盾。这些矛盾将推动政策性农业信贷担保制度向运行方式进一步市场化、业务多元化和业务模式数字化方向演化。

The policy-based agricultural credit guarantee(PACG)is a market-oriented extension of China's agricultural support and protection policy,and an innovative way for fiscal and financial synergy to support agriculture and rural development,which is of great significance in addressing the challenges of financing dificulties and high costs in the process of agricultural and rural modemization.This paper,from the perspective of institutional evolution and using theory of materialistic dialectics on contradiction as an analytical tool,analyzes the internal contradictions of the agricultural"three subsidies"policy and the rural financial market,and argues that these internal contradictions are the root causes of the decline of the agricultural"three subsidies"policy effect and the failure of rural financial market,as well as the emergence of the PACG policy.The PACG is a market-oriented policy tool for supporting agriculture,which combines fiscal agricultural policies with the rural financial market.Its operation should not only improve the efficiency of fiscal fund use,increase the creditworthiness of borrowers,share risks with financial institutions,but also realize its own sustainable development.This leads to contradictions within the policy agricultural credit guarantee system between policy objectives and market operations,credit enhancement functions and"de-guarantization"that are difficult to coordinate.These contradictions will drive the PACG system to evolve towards further marketization of operation,business diversification,and digitalization of business models.