利率市场化影响农业信贷配置效率研究——基于信贷配给视角  

The Study of Interest Rate Liberalization on the Agricultural Credit Allocation Efficiency:From the Perspective of Credit Rationing

作　　者：许承明[1,2] 张建军[1] 

机构地区：[1]南京农业大学 [2]南京财经大学,江苏南京210095

出　　处：《金融研究》2012年第10期111-124,共14页Journal of Financial Research

基　　金：江苏省应用经济学优势学科以及国家自然科学基金项目(项目编号:70873056)的资助

摘　　要：本文依据Stiglitz&Weiss的信贷配给理论,构建了在利率市场化条件下信贷配给影响农业信贷配置效率的分析框架,采用Markov区制转换向量自回归模型揭示了金融加速器效应下,农业信贷配给导致信贷配置效率区间状态转换的特征。研究结果表明:我国农业信贷需要根据经济所处区间采取差异化的利率政策,并通过信贷与保险互联机制分担信贷风险、降低信贷利率,这有利于改善农户信贷配给,提高农业信贷配置效率。This paper starting from Stiglitz ＆ Weiss credit rationing theory, builds the analysis framework of credit rationing affecting the allocation of agricultural credit efficiency. Based on Markov regime switching vector autoregressive model, the study shows that under the financial accelerator effect of interest rate liberalization, the agricultural credit rationing could result in the regime switching features of credit allocation efficiency. Thus it＇s necessary to employ the different interest rate policy according to the economy regime status, and introduce the inter - linked credit and insurance program to diversify the credit risk, when pursuing the goal of reducing the interest rate of agricultural credit, improving farmer＇s credit rationing, and ultimately enhancing the agricultural credit allocation efficiency.

关 键 词：信贷配给 金融加速器效应 利率市场化 信贷配置效率 

分 类 号：F832.43[经济管理—金融学] F822.0F224