粮食种植户风险态度对信贷约束效果的影响——基于四省农户调查的实证分析

Influence of Farmers' Risk Attitude on Effect of Credit Rationing:Empirical Analysis Based on Survey of Four Provinces

由于涉农金融机构信贷供给不足,我国农户受到严重的信贷约束。基于对四川、河南、浙江和黑龙江4省1 030份粮食种植户农户样本,运用Logit计量模型分析农户风险态度对各类信贷约束效果的影响。研究表明,当前金融机构对农户的信贷约束率达到71.6%,由于农户抵押担保不足,风险偏好越强的农户越容易受到正规金融机构的信贷约束,贷款大小户存在较强的异质性,贷款规模较大的农户更易受到实际供给信贷约束;农户的风险规避性越强,越容易受到实际需求型信贷约束,且资金需求小户更为明显;风险偏好越强的农户越易受到名义信贷约束。基于以上结论,为了缓解信贷约束,金融机构与政府应针对不同借款农户采取不同政策,对于贷款大户,扩大抵押担保范围;对于贷款小户或资金需求小户,简化贷款手续,降低贷款利率等;对所有农户,构建有效的农村社会保障制度,缓解农户风险规避程度。

Chinese farmers are faced with a serious credit rationing because of a shortage of credit supply in agricultural financial institutions.Based on the data of 1 030 samples of Sichuan,Henan,Zhejiang and Heilongjiang in China,this paper analyzed the influence which farmers' risk attitude has on the effect of various credit rationing by using Logit model.Result shows that the credit rationing rate is about 71.6% in China,and the stronger risk appetite is,the more vulnerable formal financial institutions credit rationing becomes due to the shortage of mortgage.As strong heterogeneity exists among loans of different scales,the larger the scale is,the more susceptible farmers are to credit rationing of the actual supply; and the greater the risk is,he more susceptible they are to actual demand credit rationing,which is even more obvious among farmers of smaller loan scale.besides,the stronger their risk appetite is,the more vulnerable they become to the name credit rationing.The paper provides some policy suggestions on how to promote the healthy development for the rural finance on the basis of the above conclusions. Meanwhile,it suggests that financial institutions and government should make different policies for different farmers.As for the larger scale loaners,the scope of mortgage guarantee should be expanded,while for the smaller scale loaners loan procedures should be simplified and loan interest rates lowered.Furthermore,the degree of risk aversion can be alleviated for all farmers by building an effective rural social security system.