农贷资源配给的收入约束效应:理论分析与实证检验  

Income Constraint Effect of Agricultural Loan Resource Rationing:Theoretical Analysis and Empirical Test

作　　者：陈治国 辛冲冲 景辛辛 CHEN Zhi-guo;XIN Chong-chong;JING Xin-xin(College of Economics and Management,Xianyang Normal University,Xianyang,Shaanxi 712000;Editorial Department of Beijing Social Sciences,Beijing Academy of Social Sciences,Beijing 100101;School of Accountancy,Shandong University of Finance and Economics,Jinan,Shandong 250014)

机构地区：[1]咸阳师范学院经济与管理学院,陕西咸阳712000 [2]北京市社会科学院《北京社会科学》编辑部,北京100101 [3]山东财经大学会计学院,山东济南250014

出　　处：《江南大学学报（人文社会科学版）》2023年第4期43-58,共16页Journal of Jiangnan University：Humanities & Social Sciences Edition

基　　金：国家社会科学基金青年项目“要素市场化配置对城乡收入差距倒U型演变新趋势的影响研究”(20CJY017);教育部人文社会科学研究青年基金项目“阶层主体性、家庭资产配置与优化路径研究”(19YJC790056)。

摘　　要：在理论分析农村金融资源错配损失效应的基础上,文章基于CHFS微观大样本调查数据,将具有信贷约束力的农村信贷配给具体分为交易成本信贷配给、数量信贷配给与风险信贷配给,运用PSM模型实证估计该三类信贷配给的收入约束效应,实施了稳健性检验与内生性检验,并对农村信贷配给的收入约束效应进一步做地区异质性分析。研究发现:农户受到交易成本信贷配给、数量信贷配给与风险信贷配给致使家庭年均收入分别减少了1660元、1190元、2010元,表明农村信贷配给具有显著的收入约束效应,其中,风险信贷配给收入约束效应最大,数量信贷配给收入约束效应相对较小,且该实证结果通过了平衡性检验与共同支撑检验。文章采用CMP估计法实施内生性检验,分析表明信贷配给确实存在着收入约束效应。同时,地区异质性分析结果显示西部地区农村信贷配给的收入约束效应显著,中部地区仅数量信贷配给的收入约束效应在统计上不显著,而东部地区信贷配给存在收入损失效应但统计上不显著。On the basis of theoretically analysing the loss effect of rural financial resource mismatch,and the CHFS(China Household Finance Survey)micro-large sample survey data,this paper specifically classifies the credit-binding rural credit rationing into transaction cost credit rationing,quantitative credit rationing and risk credit rationing,empirically estimates the income constraint effect of the three types of credit rationing by using the propensity score matching model,and implements the robustness test and the endogenous test.The income constraint effect of rural credit rationing is further analyzed in terms of regional heterogeneity.The empirical result shows that:affected by transaction cost credit rationing,quantity credit rationing and risk credit rationing,the average annual income of peasant households decreased by 1660 yuan,1190 yuan and 2010 yuan respectively,which shows that the rural credit rationing has a significant income constraint effect,among which the income constraint effect of risk credit rationing is the largest and the income constraint effect of quantity credit rationing is relatively small.The empirical results pass the balance test and the common support test.And the result of endogenous test by the CMP estimation method shows that the credit rationing does have an income constraint effect.At the same time,the result of regional heterogeneity analysis shows that the income constraint effect of rural credit rationing in the western region is significant;the income constraint effect in central region is not statistically significant with quantitative credit rationing;and the credit rationing exists in eastern region but is not statistically significant.

关 键 词：农村金融错配 农村信贷配给 农户家庭 收入约束效应 PSM 内生性检验 

分 类 号：F832.43[经济管理—金融学]