农户务农人力资本禀赋对农地经营权抵押价值的溢价影响  

The Impact of Farmers’Farming Human Capital Endowment on the Premium Value of Farmland Management Rights

作　　者：于赟 李韬[1] YU Yun;LI Tao(College of Economics and Management,Northwest A&F University,Yangling,Shaanxi 712100,China)

机构地区：[1]西北农林科技大学经济管理学院,陕西杨凌712100

出　　处：《西北农林科技大学学报（社会科学版）》2024年第2期90-102,共13页Journal of Northwest A&F University(Social Science Edition)

基　　金：国家自然科学基金面上项目(72273106、71773090);陕西省社会科学基金项目(2022R039);陕西省农业协同创新与推广联盟2022年软科学项目(LMR202208)。

摘　　要：在中国农地经营权抵押实践中,出于管控经营风险的考量,金融机构一般采用市场法而不是收益法评估被抵押农地经营权的价值,这种评估法往往忽视务农人力资本禀赋创造财富的价值作用,低估了农地经营权价值,从而潜在性诱致农户面临生产性融资约束。利用2022年中国西部4省原国务院、地方政府授权农地经营权抵押试点区1 539份实地调研数据,结合收益和市场两种评估法核算出的农地经营权抵押价值溢价差值,探究农户务农人力资本禀赋对农地经营权抵押价值的溢价影响。研究结果表明:在控制其他变量后,农户务农人力资本禀赋对农地经营权抵押价值溢价具有显著的正向影响。务农人力资本数量禀赋显著降低农地经营权抵押价值溢价影响概率和影响程度,而务农人力资本质量禀赋的影响则与之相反,经内生性和稳健性检验后,该结论依然成立。进一步研究发现,农户务农人力资本禀赋对农地经营权抵押价值溢价的正向影响在户主为青年、中年与农地经营规模大的家庭中更明显。因此,应当建立务农人力资本禀赋评价制度、创新“抵押+务农人力资本禀赋”评估方法,在农地经营权抵押实践中量化、变现并最终认可农户务农人力资本禀赋创造的经济价值。In the practice of mortgaging farmland management rights in China,financial institutions generally adopt the market approach rather than the income approach to assess the value of the mortgaged farmland management rights for the sake of managing business risks.This approach tends to ignore the wealth-creating role of farming human capital endowments and underestimate the value of farmland management rights,thus potentially inducing productive financing constraints for farmers.This paper explores the impact of farming human capital endowments on the value of farmland management rights mortgages,using data from 1,539 field studies conducted in 2022 in pilot areas of farmland management rights mortgages authorized by the State Council and local governments in four western provinces of China,and combining the premiums of farmland management rights mortgages calculated by two valuation methods:income and market.The results of the study show that,after controlling for other variables,farming human capital endowment has a significant positive effect on the premium of farmland management rights.Specifically,the quantitative endowment of farming human capital significantly reduces the probability and magnitude of impact on the value premium of farmland management rights,while the qualitative endowment of farming human capital has the opposite effect,and the findings hold true after endogenously and robustness tests.Further research finds that the positive effect of farming human capital endowment on the value premium of farmland management rights is more pronounced among households headed by young and middle-aged people and those with large farmland operations.Therefore,this paper suggests that the economic value created by farmers’human capital endowment should be quantified,realized and eventually recognized in the practice of farmland mortgages through the establishment of a farming human capital endowment evaluation system and an innovative“mortgage+farming human capital endowment”assessment method.

关 键 词：评估法 农户 务农人力资本禀赋 农地经营权抵押价值 溢价 

分 类 号：F325.21[经济管理—产业经济]