农户信贷市场的正规部门与非正规部门:替代还是互补?  

Formal Sector and Informal Sector in Rural Households Credit Market:Substitutes or Complements?

作　　者：刘西川[1] 杨奇明[2] 陈立辉[3] 

机构地区：[1]浙江理工大学经济管理学院,邮政编码310018 [2]北京大学国家发展研究院,邮政编码100871 [3]浙江大学中国农村发展研究院,邮政编码310058

出　　处：《经济研究》2014年第11期145-158,188,共15页Economic Research Journal

基　　金：国家自然科学基金青年项目(70903056);教育部人文社会科学重点研究基地重大项目(12JJD790004);浙江理工大学科研启动基金项目(11212932611202)的资助

摘　　要：基于2013年浙江省987尸农户调查数据,本文采用四元probit模型在同时控制住农户信贷需求及另一个部门信贷供给影响的基础上,实证考察农户信贷市场中正规与非正规部门之间的关系。研究发现:(1)正规部门与非正规部门存在互补关系,且这种关系在贷款对象为富裕群体时更加明显。(2)互补关系具体体现在农户同时参与正规与非正规两个信贷部门,两个部门同时提供生产性贷款与消费性贷款以及共同支持某一借款者。(3)两个部门实现互补的内在原因是它们各具比较优势,且能够策略性地利用对方行为所反映出的信息来制定贷款决策。上述发现为认识农户信贷市场部门之间的关系,并在此基础上设计、完善相关农村信贷政策提供了新的思路和经验证据。It is to accurately understand the relationship between the formal sector and the informal sector in the rural households credit market that concerns the rural financial institutions being improved. Distinguished from the existing studies which focus on rural households＇ borrowing behaviour only, this paper uses the 987 rural households survey data of Zhejiang province in 2013 and the the quadri-variate probit model to examine the relationship between the formal sector and the informal sector when controlling rural households＇ demand for credit and another sector＇ credit supply. The research findings indicated that：（ 1 ） The formal, sector develops complementarily with the informal one, which is more distinct for richer borrowers. （2） Rural households participate the formal and informal credit market at the same time, while both sectors provide the loans for production and consumption equally and support the same borrower. （3） Both sectors have their own advantage, one will make use of the information elicited by the other＇s behavior strategically. The above findings provide new ideas and empirical evidence to understand the relationship between the formal and informal credit sector and to design and improve the rural households credit policy.

关 键 词：农户信贷市场 正规部门 非正规部门 互补关系 四元probit模型 

分 类 号：F832.43[经济管理—金融学]