农户正规信贷需求的利率弹性及其异质性分析

Analysis on the Interest Rate Elasticity and Heterogeneity of Rural Households' Formal Credit

在利率市场化进程加快的背景下,农村金融机构呈现差异化定价的格局。采用意愿调查评估法和条件混合过程估计法,基于具有名义正规信贷需求农户的调查,研究发现农户整体的正规信贷需求缺乏利率弹性。若农户处于竞争度更大的正规信贷市场,或者将贷款用于生产用途而非消费时,农户信贷需求的利率弹性会变大。在利率上浮至银行最优信贷配给的利率水平前,利率上浮有利于激励银行增加信贷供给,然而考虑到农户利率弹性的异质性,银行会选择审慎定价。

Under the background of interest rate market orientation, rural financial institutions present a differentiation pricing pattern. Adopting contingent valuation method and conditional mixed process, and based on survey data of households with nominal formal credit demand, this research finds that rural households’ demand for formal credit is overall short of interest rate elasticity. However, interest elasticity will increase when they are in a more competitive formal credit market or when their loans are used in production rather than consumption. Raising interest rates will incentivize banks to increase their credit supply until rates rise to the banks’ optimal credit rationing level, but banks will choose prudent pricing in consideration of heterogeneity of household’ interest elasticity.