农村抵押替代融资模式演进逻辑与发展方向——一个基于社会资本的分析框架  

Evolutionary Logic and Development Direction of Rural Mortgage Substitution Financing Mode:An Analytical Framework Based on Social Capital

作　　者：黄惠春 陶敏 HUANG HuiChun;TAO Min(College of Finance, Nanjing Agricultural University, Nanjing 210095)

机构地区：[1]南京农业大学金融学院,江苏南京210095

出　　处：《财贸研究》2020年第2期47-56,共10页Finance and Trade Research

基　　金：国家自然科学基金项目“农业经营体系创新视角下抵押替代合约演进与融资效率研究”(71873066);国家自然科学基金项目“农村土地承包经营权抵押、农户异质性与信贷约束缓解”(71473124)。

摘　　要：在生产组织形式创新背景下,从社会资本视角剖析农村抵押替代融资模式演进逻辑。研究发现:农户社会资本内生于农村社会和农业生产关系,其内涵和形式随着农业生产组织形式创新而变化;社会资本的可抵押性不断增强,其成为抵押替代融资模式演进重要的供给因素;抵押替代融资模式演进是以诱致性制度变迁为主导,并辅以政府强制性制度变迁的创新过程。研究表明:由于供给和需求创新要素的内生性与自发性,抵押替代融资模式具有强大的创新动力与发展潜力;从农业产业化发展的现状和趋势来看,全产业链融资将成为抵押替代融资最优的发展方向。Under the background of the innovation of production organization,this paper analyzes the evolution logic of rural mortgage substitution financing mode from the perspective of social capital.The study finds that the social capital of farmers is rooted in rural society and agricultural production relations,and its intention and forms are constantly changing with the innovation of agricultural production organization.With the collateralization of social capital,it becomes an important supply factor for the evolution of mortgage substitution financing mode.The formation and evolution of the mortgage substitution financing model is the result of the combination of supply,demand and institutional factors.This paper shows that the financing model has strong innovation power and development potential due to the endogeneity and spontaneity of supply and demand innovation factors.From current situation and trend of agricultural industry development,the integrated allocation of agricultural production factors within the entire industrial chain makes the whole industry chain financing become the optimal development direction of mortgage substitution financing.

关 键 词：农业生产组织形式 社会资本 抵押替代融资 

分 类 号：F832.43[经济管理—金融学]