Abstract:
This paper proposes a method based on heterogeneous stochastic frontier model with the data of bank outlets to quantitatively identify rural credit supply inefficiency. On this basis and by using the survey data of “Shanghai University of Finance and Economics Thousand Villages Survey”, we classify the samples according to the possibility of supply-type or demand-based credit suppression in a certain area, and empirically study the effects of Credit Inhibition Type on the effectiveness of rural credit support policies. Our empirical results show that, the main reason that restrains credit activities in rural China is the demand-based credit suppression caused by the risk. The credit inhibition type can significantly affect the effectiveness of rural credit support policies. In order to improve the effectiveness of credit support policy in the supply-based credit suppression regions, it is necessary to increase the credit availability by increasing the banking network density, while reducing lending rates or increasing bank tolerance for loan risk may not be desirable. However, reducing lending rates and increasing bank risk tolenrance is very effective in boosting the effectiveness of credit support policies in the demand-based credit suppression regions. Conclusions draw in this paper provide strong evidence for formulating appropriate credit policies in the rural area.
马文杰, 徐晓萍. 信贷抑制类型识别及政策影响:千村调查证据[J]. 金融研究, 2018, 459(9): 19-36.
MA Wenjie, XU Xiaoping. Identification of Credit Suppression and Policy Implications: Evidence from Thousand Village Survey. Journal of Financial Research, 2018, 459(9): 19-36.
[1]陈鹏和刘锡良, 2011,《中国农户融资选择意愿研究——来自10省2万家农户借贷调查的证据》,《金融研究》 第7期,第128~141页。 [2]董晓林和徐虹,2012,《我国农村金融排斥影响因素的实证分析——基于县域金融机构网点分布的视角》,《金融研究》第9期,第115~126页。 [3]韩俊、罗丹和程郁,2007,《信贷约束下农户借贷需求行为的实证研究》,《农业经济问题》第2期,第44~52页。 [4]何志雄和曲如晓,2015,《农业政策性金融供给与农村金融抑制——来自147个县的经验证据》,《金融研究》第2期,第148~159页。 [5]胡金焱和张博,2014,《社会网络、民间融资与家庭创业——基于中国城乡差异的实证分析》,《金融研究》第10期,第148~163页。 [6]胡振、何婧和臧日宏,2015,《县域农村金融排斥地域差异及影响因素研究》,《中国农业大学学报》第3期,第271~277页。 [7]李庆海、李锐和汪三贵,2012,《农户信贷配给及其福利损失——基于面板数据的分析》,《数量经济技术经济研究》第8期,第35~48页。 [8]李庆海、吕小锋和孙光林,2016,《农户信贷配给:需求型还是供给型?——基于双重样本选择模型的分析》,《中国农村经济》第1期,第17~29页。 [9]梁爽、张海洋、平新乔和郝朝艳,2014,《财富、社会资本与农户的融资能力》,《金融研究》第4期,第83~97页。 [10]刘西川、陈立辉和杨奇明,2014,《农户正规信贷需求与利率:基于Tobit Ⅲ模型的经验考察》,《管理世界》第3期,第75~91页。 [11]刘西川和程恩江,2009,《贫困地区农户的正规信贷约束:基于配给机制的经验考察》,《中国农村经济》第6期,第37~50页。 [12]童馨乐、褚保金和杨向阳,2011,《社会资本对农户借贷行为影响的实证研究——基于八省1003个农户的调查数据》,《金融研究》第12期,第177~191页。 [13]王曙光和王东宾, 2011,《双重二元金融结构、农户信贷需求与农村金融改革——基于11省14县市的田野调查》,《财贸经济》第5期,第38~44页。 [14]王定祥、田庆刚、李伶俐和王小华,2011,《贫困型农户信贷需求与信贷行为实证研究》,《金融研究》第5期,第124~138页。 [15]徐璋勇和杨贺,2014,《农户信贷行为倾向及其影响因素分析——基于西部11省(区)1664户农户的调查》,《中国软科学》第3期,第45~56页。 [16]许圣道和田霖,2008,《我国农村地区金融排斥研究》,《金融研究》第7期,第195~206页。 [17]杨汝岱、陈斌开和朱诗娥,2011,《基于社会网络视角的农户民间借贷需求行为研究》,《经济研究》第11期,第116~129页。 [18]钟春平、孙焕民和徐长生,2010,《信贷约束、信贷需求与农户借贷行为:安徽的经验证据》,《金融研究》第11期,第189~206页。 [19]曾学文和张帅,2009,《我国农户借贷需求影响因素及差异性的实证分析》,《统计研究》第11期,第82~86页。 [20]张龙耀和江春,2011,《中国农村金融市场中非价格信贷配给的理论和实证分析》,《金融研究》第7期,第98~113页。 [21]Bell, C., T. N. Srinivasan, and C. U. Rationing. 1997. “Spillover, and Interlinking in Credit Markets: The Case of Rural Punjab Oxford Economic Papers” New Series, 49(4): 557~585. [22]Boucher, S. R., M. R. Carter, and C. Guirkinger. 2008. “Risk Rationing and Wealth Effects in Credit Markets: Theory and Implications For Agricultural Development” American Journal of Agricultural Economics, 90(2): 409~423. [23]Chaudhuri, K. and M. M. Cherical. 2012. “Credit Rationing in Rural Credit Markets of India” Applied Economics, 44(7): 803~812. [24]Diagne, A. and Others. 1999. “Determinants of Household Access to and Participation in Formal and Informal Credit Markets in Malawi” Food Consumption and Nutrition Division Discussion Paper, 67:46~61. [25]Feder, G., L. J. Lau, J. Y. Lin, and X. Luo. 1990. “The Relationship Between Credit and Productivity in Chinese Agriculture: A Microeconomic Model of Disequilibrium” American Journal of Agricultural Economics, 72(5): 1151~1157. [26]Feder, G., L. J. Lau, J. Y. Lin, and X. Luo. 1992. “The Determinants of Farm Investment and Residential Construction in Post-Reform China” Economic Development and Cultural Change, 41(1): 1~26. [27]Foltz, J. D.. 2004. “Credit Market Access and Profitability in Tunisian Agriculture” Agricultural Economics, 30(3): 229~240. [28]Hulme, D. and P. Mosley. 1996. “Finance Against Poverty: Effective Institutions for Lending to Small Farmers and Microenterprises in Developing Countries” London. Routledge, 1~106. [29]Kochar, A.. 1997. “An Empirical Investigation of Rationing Constraints in Rural Credit Markets in India” Journal of Development Economics, 53(2): 339~371. [30]Kumbhakar, S. C. and Parmeter, C. F.. 2009. “The Effects of Match Uncertainty and Bargaining On Labor Market Outcomes: Evidence From Firm and Worker Specific Estimates” Journal of Productivity Analysis, 31(1): 1~14. [31]Ladman, J. R.. 1984. “Loan-Transactions Costs, Credit Rationing, and Market Structure: The Case of Bolivia” Undermining Rural Development with Cheap Credit. [32]Lanzillotti, R. F. and T. R. Saving. 1969. “State Branching Restrictions and The Availability of Branching Services: Comment” Journal of Money, credit and Banking, 1(4): 778~788. [33]Leyshon, A., N. Thrift, and Others. 1996. “Financial Exclusion and The Shifting Boundaries of The Financial System” Environment and Planning A, 28(7): 1150~1156. [34]Morduch, J.. 2000. “The Microfinance Schism” World Development, 28(4): 617~629. [35]Mushinski, D. W.. 1999. “An Analysis of Offer Functions of Banks and Credit Unions in Guatemala” The Journal of Development studies, 36(2): 88~112. [36]Petrick, M.. 2005. “Empirical Measurement of Credit Rationing in Agriculture: A Methodological Survey” Agricultural Economics, 33(2): 191~203. [37]Rui, L. and Z. Xi. 2010. “Econometric Analysis of Credit Constraints of Chinese Rural Households and Welfare Loss” Applied Economics, 42(13): 1615~1625. [38]Sial, M. H. and M. R. Carter. 1996. “Financial Market Efficiency in An Agrarian Economy: Microeconometric Analysis of The Pakistani Punjab” The Journal of Development Studies, 32(5): 771~798. [39]Zeldes, S. P.. 1989. “Consumption and Liquidity Constraints: An Empirical Investigation” Journal of political economy, 97(2): 305~346.