贫困地区农户金融素质与信贷约束——基于甘肃省辖集中连片特殊困难地区实地调查
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摘要
缓解贫困地区农户信贷约束问题是今后几年我国推进普惠金融发展的重要环节。要提高针对贫困地区农户信贷服务的供给效率和质量,切实解决金融机构不能有效满足贫困地区农户信贷需求的市场失灵问题,必须首先厘清贫困地区农户信贷约束现状、成因及其形成机理,否则金融扶贫相关政策的制定、涉农金融产品的创新,都将失去客观依据而偏离普惠金融发展的基本要求。从金融素质视角出发,参照刘西川提出的信贷约束及其背后信贷配给机制的统一分析框架,考察了贫困地区农户信贷约束问题的成因及其形成机理。研究发现:样本地区农户同时面临供给信贷约束和需求信贷约束,二者背后的信贷配给方式及其形成机理各不相同。其中,金融素质低下是诱发需求信贷约束的根本原因;鉴于样本地区农户中承受需求信贷约束农户所占的比重明显高于供给信贷约束,而自我配给是其被配给出信贷市场最主要的方式,实施差别化金融教育,有针对性对其金融素质进行干预自然是无法回避的治理之策。
Alleviating credit constraints of rural households in poverty-stricken areas is crucial in promoting inclusive finance in China in the next few years. To improve the supply efficiency and quality of credit services for rural households in poverty-stricken areas and solve the problem of market failure that financial institutions cannot efficaciously meet the credit needs of these households, the current situation, causes and formation mechanism of credit constraints for them must be initially clarified. Otherwise, the financial poverty alleviation policies and agricultural financial products innovation will be groundless, deviating from the basic requirements of inclusive finance. From the perspective of financial literacy, the causes and formation mechanisms of the constraints are investigated by referring to the unified analysis framework of credit constraints and credit rationing mechanism put forward by Liu Xichuan. The findings show that the farmers in the sample areas are faced with both supply and demand credit constraints,and the credit rationing methods and forming mechanisms behind the two are different; low financial literacy is the fundamental cause of demand credit constraints; since the proportion of farmers in sample areas who are subject to demand credit constraints is significantly higher than that of supply credit constraints, and self-rationing is the most important way for them to be allocated to credit markets, it is inevitable to implement differentiated financial education and targeted intervention on farmers ' financial literacy.
Alleviating credit constraints of rural households in poverty-stricken areas is crucial in promoting inclusive finance in China in the next few years. To improve the supply efficiency and quality of credit services for rural households in poverty-stricken areas and solve the problem of market failure that financial institutions cannot efficaciously meet the credit needs of these households, the current situation, causes and formation mechanism of credit constraints for them must be initially clarified. Otherwise, the financial poverty alleviation policies and agricultural financial products innovation will be groundless, deviating from the basic requirements of inclusive finance. From the perspective of financial literacy, the causes and formation mechanisms of the constraints are investigated by referring to the unified analysis framework of credit constraints and credit rationing mechanism put forward by Liu Xichuan. The findings show that the farmers in the sample areas are faced with both supply and demand credit constraints,and the credit rationing methods and forming mechanisms behind the two are different; low financial literacy is the fundamental cause of demand credit constraints; since the proportion of farmers in sample areas who are subject to demand credit constraints is significantly higher than that of supply credit constraints, and self-rationing is the most important way for them to be allocated to credit markets, it is inevitable to implement differentiated financial education and targeted intervention on farmers ' financial literacy.
引文
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[12]郭学军,张世新,冯昱,等.金融素质测量研究综述[J].预测,2017(3):74-80.
[13] Atkinson A, Messy F A. Assessing Financial Literacy in 12 Countries:An OECD/INFE International Pilot Exercise[J].Journal of Pension Economics and Finance, 2011(4):657-665.
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[15] Organization For Economic Co-Operation And Development(OECD). OECD/INFE Toolkit for measuring financial literacy and financial inclusion[R]. OECD Publishing, 2015.
[16] Diagne A, Zeller M, Sharma M. Empirical Measurements of Households'Access to Credit and Credit Constraintss in Developing Countries:Methodological Issues and Evidence[R]. FCND Discussion Papers, 2000.
[17] Zeller M. Determinants of Credit Rationing:A Study of Onformal Lenders and Formal Credit Groups in Madagascar[J].World Development, 1994(12):1895-1907,
[18] Barham B L, Boucher S, Carter M R. Credit Constraintss, Credit Unions, and Small-Scale Producers in Guatemala[J].World Development, 1996(5):793-806.
[19] Mushinski D. An Analysis of Offer Functions of Banks and Credit Unions in Guatemala[J]. Journal of Development Studies,1999(2):88-112.
[20]张海洋,李静婷.村庄金融环境与农户信贷约束[J].浙江社会科学,2012(2):11-20.
[21]尹志超,宋鹏,黄倩.信贷约束与家庭资产选择——基于中国家庭金融调查数据的实证研究[J].投资研究,2015(1):4-24.
[22]郭立宏.创业风险投资引导基金参股投资的杠杆效应研究[J].西北大学学报:哲学社会科学版,2018(3):109-117.
[23] Hausman J, McFadden D. Specification Tests for Multinomial Logit Model[J]. Econometrica, 1984, 52:193-225.
[2]甘犁.中国农村家庭金融发展报告[M].成都:西南财经大学出版社,2014.
[3]关于实施乡村振兴战略的意见[EB/OL]. 2018-02-04.[2018-12-29]. http://www.xinhuanet.com/politics/2018-02/04/c_1122366449.htm.
[4] Davidsson P, Honig B. The Role of Social and Human Capital Among Nascent Entrepreneurs[J]. Journal of Business Venturing, 2003(3):301-331.
[5] Sevim N, Temizel F, Ozlem S. The Effects of Financial Literacy on the Borrowing Behavior of Turkish Financial Consumers[J]. International Journal of Consumer Studies, 2012(36):573-579.
[6]王翼宁,赵顺龙.外部性约束、认知偏差、行为偏差与农户贷款困境——来自716户农户贷款调查问卷数据的实证检验[J].管理世界,2007(9):69-75.
[7]尹学群.农村金融制度创新研究[D].南京:南京大学图书馆,2011.
[8]马双,赵朋飞.金融知识,家庭创业与信贷约束[J].投资研究,2015(1):25-38.
[9]宋全云,吴雨,尹志超.金融知识视角下的家庭信贷行为研究[J].金融研究,2017(6):95-110.
[10]刘西川,程恩江.贫困地区农户的信贷约束:基于配给机制的经验考察[J].中国农村经济,2009(6):37-50.
[11] Holzmann R. Bringing Financial Literacy and Education to Low and Middle Income Countries:The Need to Review,Adjust, and Extend Current Wisdom[R]. The Institute for the Study of Labor(IZA)Discussion Paper 5114,2010.
[12]郭学军,张世新,冯昱,等.金融素质测量研究综述[J].预测,2017(3):74-80.
[13] Atkinson A, Messy F A. Assessing Financial Literacy in 12 Countries:An OECD/INFE International Pilot Exercise[J].Journal of Pension Economics and Finance, 2011(4):657-665.
[14] Organisation For Economic Co-Operation And Development(OECD). OECD/INFE International Survey of Adult Financial Literacy Competencies[R]. OECD Publishing, 2016.
[15] Organization For Economic Co-Operation And Development(OECD). OECD/INFE Toolkit for measuring financial literacy and financial inclusion[R]. OECD Publishing, 2015.
[16] Diagne A, Zeller M, Sharma M. Empirical Measurements of Households'Access to Credit and Credit Constraintss in Developing Countries:Methodological Issues and Evidence[R]. FCND Discussion Papers, 2000.
[17] Zeller M. Determinants of Credit Rationing:A Study of Onformal Lenders and Formal Credit Groups in Madagascar[J].World Development, 1994(12):1895-1907,
[18] Barham B L, Boucher S, Carter M R. Credit Constraintss, Credit Unions, and Small-Scale Producers in Guatemala[J].World Development, 1996(5):793-806.
[19] Mushinski D. An Analysis of Offer Functions of Banks and Credit Unions in Guatemala[J]. Journal of Development Studies,1999(2):88-112.
[20]张海洋,李静婷.村庄金融环境与农户信贷约束[J].浙江社会科学,2012(2):11-20.
[21]尹志超,宋鹏,黄倩.信贷约束与家庭资产选择——基于中国家庭金融调查数据的实证研究[J].投资研究,2015(1):4-24.
[22]郭立宏.创业风险投资引导基金参股投资的杠杆效应研究[J].西北大学学报:哲学社会科学版,2018(3):109-117.
[23] Hausman J, McFadden D. Specification Tests for Multinomial Logit Model[J]. Econometrica, 1984, 52:193-225.