信息、借贷交易成本与借贷匹配——来自农村中小企业的经验证据  

Information,Borrowing Transaction Costs and Borrowing Matching:an Analysis Based on Rural Medium-Small Enterprises

作　　者：胡士华[1] 卢满生[2] 

机构地区：[1]西南大学经济管理学院,重庆400715 [2]中国人民银行重庆营业管理部,重庆401147

出　　处：《金融研究》2011年第10期100-111,共12页Journal of Financial Research

基　　金：国家社会科学基金项目"非正规金融在完善农村金融体系中的功能及机制研究(08BJY146)"资助

摘　　要：运用有序多分类Logit模型来检验这一理论假说:正规程度高(标准信息禀赋高)的农村中小企业更可能同正规贷款人进行金融交易,形成借贷匹配。实证结果支持了理论假说,即正规贷款人是基于借款人提供标准信息禀赋能力而放贷,那些具有高担保资产、悠久信用记录、正规经营证件,以及高社会关系资本水平的农村中小企业,其获得正规金融机构贷款的概率比较大。其政策启示在于鼓励贷款技术创新,发展农村金融互助组织,以及综合正规与非正规金融部门的比较优势以整合农村信贷市场。In the paper, the Ordered Logit Model is applied to test the theoretical hypothesis that Rural Medium- Small Enterprises （ RMSE ） with higher endowments of standard information are more likely to engage in financial transactions and to be matched with formal lenders. The econometric results support the hypothesis, that is to say, formal lender＇s lending decision is based on the RMSE＇s ability to supply standard information, and the RMSE with higher endowments of secured assets, past credit records, formal license and document, and higher level of social relationship capital, have higher probabilities to obtain loans from formal financial institutions. The policy implications of the paper include that innovations in lending technologies should be encouraged, financial self-help groups in the rural areas should be developed, and comparative advantages of formal and informal finance would be synthetized to integrate rural credit markets.

关 键 词：信息 借贷交易成本 借贷匹配 

分 类 号：F832.4[经济管理—金融学] F276.3F224