金融制度创新对县域农业经济增长的影响——来自普惠金融改革试验区的证据  

The Impact of Financial Institution Innovation on County Agricultural Economic Growth——Evidence From the Pilot Zone for Inclusive Financial Reform

作　　者：张乐柱[1] 孙维远 ZHANG Le-Zhu;SUN Wei-Yuan

机构地区：[1]华南农业大学经济管理学院

出　　处：《农村金融研究》2023年第9期66-80,共15页Rural Finance Research

基　　金：广东省社会科学规划基金一般项目“乡村信用体系建设:普惠逻辑、评价指标与增信机制研究”(编号:GD21CYJ11)的研究成果。

摘　　要：如何进行农村地区金融改革以促进实体经济发展是金融领域亟待解决的一道现实难题。论文利用2016年河南省兰考县设立普惠金融改革试验区作为自然实验,引入政策评估中新近发展的合成控制法,基于2014-2020年县域平衡面板数据,实证检验普惠金融改革试验区的金融制度创新对县域农业经济增长的影响,从一个新的视角观察普惠金融对农村地区实体经济的支撑作用,为农村地区金融改革提供依据。研究结果表明,金融制度创新通过提高信贷可得性和优化风险防控治理对县域农业经济增长产生了显著正向影响,总体上实现普惠金融为县域实体经济服务的政策目标,并具有持续性,经排序检验、置换样本等稳健性检验后仍可得到一致性的结论。但金融制度创新对县域农业经济增长的影响存在时滞性,促进县域实体经济增长效果仍有提升空间。上述研究结论启示:金融制度创新应在保证金融体系稳定运行的前提下,根据各地区发展程度设计适宜本地区经济发展的金融制度,充分运用数字技术,降低交易成本,构建从授信、基础金融服务、信用信息建设到风险防控的综合治理机制。How to carry out financial reforms in rural areas in order to promote real economic development is a real problem that needs to be solved in the financial sector.This paper uses the establishment of a financial inclusion reform pilot zone in LanKao County,Henan Province,in 2016 as a natural experiment,introduces the newly developed synthetic control method in policy evaluation,and empirically examines the impact of financial system innovations in the financial inclusion reform pilot zones on agricultural economic growth in the county based on the county balanced panel data from 2014 to 2020,observes the supportive role of financial inclusion on the real economy of the rural areas from a new perspective,and provides a basis for financial reform in rural areas.The results of the study show that financial system innovation has a significant positive impact on county agricultural economic growth through improving credit availability and optimising risk prevention and control governance,generally achieving the policy objective of inclusive finance serving the real economy of the county with continuity,and still obtaining consistent conclusions after robustness tests such as the sequencing test and the replacement sample.However,there is a time lag in the impact of financial system innovation on county agricultural economic growth,and there is still room for improvement in the effect of promoting county real economic growth.The conclusion of the above study reveals that the innovation of financial system should be based on the premise of ensuring the stable operation of the financial system,designing the financial system that is suitable for the economic development of the region according to the degree of development of the region,making full use of the digital technology,reducing the transaction costs,and constructing a comprehensive governance mechanism from credit granting,basic financial services,credit information construction to risk prevention and control.

关 键 词：制度创新 普惠金融 县域农业经济 政策评估 合成控制法 

分 类 号：F832.43[经济管理—金融学] F326