农户分化、信息联结与借贷渠道“正规化”悖论  

Rural-Household Differentiation,Information Connectivity,and the“Paradox of Normalization”of Lending Channels

作　　者：陈小知[1] 米运生[1] 张轶之 Chen Xiaozhi;Mi Yunsheng;Zhang Yizhi(School of Economics and Management,South China Agricultural University,Guangdong,Guangzhou 510642,China)

机构地区：[1]华南农业大学经济管理学院,广东广州510642

出　　处：《金融经济学研究》2021年第4期126-140,共15页Financial Economics Research

基　　金：国家社会科学基金重大项目(19ZDA115);国家社会科学基金年度项目(20BJY141);广东省自然科学基金面上项目(2017A030313403);广东省属高校人文社会科学重大项目(2019WZDXM017)

摘　　要：收入增长与农户借贷渠道正规化同步发展是一个普遍性规律,但中国却呈现出不同的演化模式。基于农户分化背景,以信息联结为视角,使用2015年中国家庭金融调查数据,运用Order Probit模型探究收入增长与农户借贷渠道选择的关系,并采用eoprobit模型纠正多重内生性问题,结果表明,中国存在"正规化悖论",即随着收入增加,农户的借贷渠道发展呈现出先上升后下降的倒U型趋势。进一步分析表明,借贷渠道的倒U型发展并不是金融市场萎缩或结构性互补所导致的,而是农村金融市场出现了两部门的信息联结。厘清中国农户借贷渠道演变规律,不仅有利于理解和诱导创建内生于符合中国国情和农情的农村金融发展新模式和新路径,也为政府如何实施新一轮农村金融改革发展政策提供了理论依据。It is a general rule that the normalization of lending channels goes together with rural-household income growth,but China presents a different evolutionary model.In the context of rural-household differentiation and from the angle of information connectivity,this study examined the relationship between rural-household income growth and lending channel choice using 2015 China Household Finance Survey data.The results showed that there is a"paradox of normalization"in China,i.e.,with the income growth of rural households,the development of their lending channels demonstrates an inverted U-shaped trend.Further research showed that this resulted not from financial market shrinkage or structural complementarity,but from the two-department information connectivity emerging in the rural financial market.Clarifying the evolutionary process of the lending channels for Chinese rural households not only helps to understand and induce the creation of a new endogenous financial development model in line with China’s national and rural realities,but also offers a theoretical basis for a new round of Chinese rural financial reform.

关 键 词：金融二元结构 农户借贷渠道 倒U型趋势 金融联结 

分 类 号：F830.5[经济管理—金融学]