“担保支农”增加了谁的信贷可得?——基于信息甄别视角的机制检验  

Who Has Got More Access to Credit by “Guarantee Supporting Agriculture”?——Mechanism Testing Based on the Perspective of Information Discrimination

作　　者：许黎莉[1] 朱雅雯 乌云花[1] XU Lili;ZHU Yawe;WU Yunhua

机构地区：[1]内蒙古农业大学经济管理学院,内蒙古呼和浩特010010 [2]南京农业大学金融学院,江苏南京210095

出　　处：《华中农业大学学报（社会科学版）》2023年第2期57-68,共12页Journal of Huazhong Agricultural University(Social Sciences Edition)

基　　金：国家自然科学基金项目“政策性担保贷款自我履约的微观机理与实现路径”(71963026);国家自然科学基金-地区基金项目“奶牛业种养结合生态模式发展的内在机理及影响因素研究——以内蒙古为例”(72163024)。

摘　　要：政策性担保机制通过发挥“第三方”抵押品替代功能有效缓解了“三农”融资困局。然而,“担保支农”是否必然扶持了政策期待的目标对象仍然存疑。使用内蒙古3市370个获得政策性担保贷款的农牧户数据,基于信息甄别视角检验了政策性担保机制对不同属性特征农业经营主体信贷可得的差异性作用。研究发现,政策性担保机制的投放逻辑为“政治精英俘获、反担保品优先”,这偏离了担保支农“扶持高成长性主体、弱化抵押担保”的政策初衷,该结论在考虑可能的内生性问题和一系列稳健性检验后仍然成立;进一步研究发现,偏向“政治精英”的投放策略更容易导致道德风险;异质性分析表明,对于政府干预程度高、数字普惠金融发展程度低的地区,政策性担保机制增加“政治精英”、反担保品特征农业经营主体信贷可得性的作用更加明显。据此,从厘清政府与市场边界、成长优先、避险前置、产业化布局、数字赋能等层面提出实现农业信贷担保体系高质量发展的政策建议。The policy-based guarantee mechanism effectively alleviates the financing predicament of “agriculture, rural areas and farmers” by serving as a “third-party” collateral substitute.However,it remains doubtful whether “guaranteed support for agriculture”necessarily supports the target farmers.This paper uses the data of 370 farmers and herdsmen who have obtained policy-based guarantee loans in three cities of Inner Mongolia,and tests the differential effects of policy-based guarantee mechanism on the credit availability of agricultural and animal husbandry operators with different attributes and characteristics from the perspective of information screening.It is found that policy-backed loans tend to be issued to “political elites capture and anti-collateral product often goes first”,which deviates from the original policy intention of “supporting high-growth subjects and weakening mortgage guarantee”.This conclusion still holds after considering possible endogeneity problems and a series of robustness tests.Further research shows that the “political elite” strategy will lead to a certain degree of moral hazard;The heterogeneity analysis results show that for areas with high government intervention and low development degree of digital inclusive finance,policy-based guarantee mechanism plays a more obvious role in increasing the possibility for “political elites” and anti-collateral agricultural and animal husbandry operators to get credit. Accordingly,this paper puts forward policy suggestions to realize the high-quality development of agricultural credit guarantee system from the perspectives of growth priority,risk aversion,industrialization layout and digital empowerment.

关 键 词：政策性担保机制 信息甄别 异质性社会资本 反担保措施 信贷可得性 

分 类 号：F323.3[经济管理—产业经济]