内源性融资对合作社绩效的影响——基于安徽省322家合作社实证研究  

The impact of endogenous financing on cooperative performance——An empirical study based on 322 cooperatives in Anhui province

作　　者：高钰玲 张传涛 GAO Yu-ling;ZHANG Chuan-tao(Anhui University,Hefei 230031 China)

机构地区：[1]安徽大学经济学院,安徽合肥230031 [2]安徽大学创新发展战略研究院,安徽合肥230031

出　　处：《新余学院学报》2022年第2期52-61,共10页Journal of Xinyu University

基　　金：国家自然科学基金面上项目“成员异质性情境下农民专业合作社股权安排、社会资本与组织绩效研究”(71573001)。

摘　　要：对于中国合作社面临的资本困境,有学者提出内源性融资可有效缓解合作社资本短缺压力,有益于合作社绩效的提升。利用安徽省322家合作社问卷调查数据,对合作社经济绩效、交易绩效、社会绩效进行合理测度,采用处理效应模型消除成员出资与合作社绩效间的内生性,深入分析成员内源性出资对合作社绩效的影响。主要结论如下:基于合作社内部社会成本的内源性融资能显著提升合作社经济绩效、交易绩效和社会绩效的ATE水平,内源性融资作为一种解决合作社资金短缺的方案,有现实可行性,且有利于合作社整体绩效,具有可操作性的环境与条件,对合作社目前的发展有一定的现实意义。Regarding the capital dilemma faced by Chinese cooperatives,some scholars proposed that endogenous financing can effectively alleviate the pressure of capital shortage of cooperatives,and is beneficial to the improvement of cooperative performance.Using the questionnaire survey data of 322 cooperatives in Anhui province,this paper reasonably measures the economic performance,transaction performance and social performance of cooperatives,uses the treatment effect model to eliminate the endogeneity between member investment and cooperative performance,and deeply analyzes the impact of member endogenous investment on cooperative performance.The main conclusions are as follows:the endogenous financing based on the internal social cost of cooperatives can significantly improve the ATE level of the economic performance,transaction performance and social performance of cooperatives.As a solution to the shortage of funds in cooperatives,the endogenous financing is feasible and beneficial to the overall performance of cooperatives.It also has an operable environment and condition,which is of certain practical significance for the current development of cooperatives.

关 键 词：内源性融资 合作社绩效 处理效应模型 产权边界 

分 类 号：F306[经济管理—产业经济]