金融素养影响农户正规信贷获得的内在机制研究——基于需求角度的分析
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摘要
降低农户的信贷约束是促进我国农村经济发展和提高农民收入的关键。基于农户信贷需求的角度,利用中国家庭金融调查2013年农村家庭数据,运用Probit模型和Ivprobit模型,分析我国农户正规信贷获得与金融素养之间的关系,探讨农户正规信贷约束在需求层面的内在机制。结果表明,样本中有53.1%的农户受到需求层面的信贷约束,且在农业生产、工商业经营、房屋购建和汽车购置用途上潜在正规信贷需求向有效正规信贷需求的转化较低,分别为47.3%、56.0%、36.1%和52.6%,而有效正规信贷需求向正规信贷获得的转化较高,分别为70.0%、78.6%、74.2%和90.0%。农户金融素养水平的提高可以显著提高其获得正规信贷的可能性,并且可以降低农户因不知道如何申请贷款或对贷款存在认知偏差而产生潜在正规信贷需求的概率,同时可以促进农户将潜在正规信贷需求转化为有效正规信贷需求,进而降低农户受到的正规信贷约束。据此,提出提高农户的金融素养水平,发挥农户社会资本对信息不对称的缓解作用,切实完善和实施土地流转政策的政策建议。
Reducing the credit constraints of farmers is a key to promoting the development of China's rural economy and to increasing farmers' income. Based on the data collected in China Household Financial Survey of rural households in 2013 and the farmers' credit needs, this paper empirically analyzed the relationship between farmers' formal credit acquisition and farmers' financial literacy and explored the internal mechanism of farmers' formal credit constraints from the demand side by the Probit model and the Ivprobit model. Results show that 53.1% of farmers are more constrained by credit from the demand side, and the conversion rates from potential formal credit demands to effective formal credit demands in agricultural production, industrial and commercial operation, real estate purchase and automobile purchase are 47.3%, 56.0%, 36.1% and 52.6%, respectively. While the conversion rates from effective formal credit demands to realized formal credit acquisition are 70.0%, 78.6%, 74.2% and 90.0%, respectively. The improvement of farmers' financial literacy level can significantly increase the chance of obtaining formal credit and reduce the probability that farmers with potential formal credit demand do not know how to apply for loans or have cognitive bias for loans. At the same time, the promotion of financial literacy can encourage farmers to convert potential formal credit demands into effective ones, and then reduce the formal credit constraints imposed on farmers. Therefore, this paper suggests:to improve financial literacy of farmers, to utilize farmers' social capital to reduce the mitigation effect of information asymmetry, and to improve and implement the land transfer policy effectively.
Reducing the credit constraints of farmers is a key to promoting the development of China's rural economy and to increasing farmers' income. Based on the data collected in China Household Financial Survey of rural households in 2013 and the farmers' credit needs, this paper empirically analyzed the relationship between farmers' formal credit acquisition and farmers' financial literacy and explored the internal mechanism of farmers' formal credit constraints from the demand side by the Probit model and the Ivprobit model. Results show that 53.1% of farmers are more constrained by credit from the demand side, and the conversion rates from potential formal credit demands to effective formal credit demands in agricultural production, industrial and commercial operation, real estate purchase and automobile purchase are 47.3%, 56.0%, 36.1% and 52.6%, respectively. While the conversion rates from effective formal credit demands to realized formal credit acquisition are 70.0%, 78.6%, 74.2% and 90.0%, respectively. The improvement of farmers' financial literacy level can significantly increase the chance of obtaining formal credit and reduce the probability that farmers with potential formal credit demand do not know how to apply for loans or have cognitive bias for loans. At the same time, the promotion of financial literacy can encourage farmers to convert potential formal credit demands into effective ones, and then reduce the formal credit constraints imposed on farmers. Therefore, this paper suggests:to improve financial literacy of farmers, to utilize farmers' social capital to reduce the mitigation effect of information asymmetry, and to improve and implement the land transfer policy effectively.
引文
[1]李成友,孙涛,李庆海.需求和供给型信贷配给交互作用下农户福利水平研究——基于广义倾向得分匹配法的分析[J].农业技术经济,2019(1):111-120.Li C Y,Sun T,Li Q H.Study on the welfare level of rural households on the interaction of demand and supply credit rationing-Based on the analysis of generalized propensity score matching method[J].Journal of Agrotechnical Economics,2019(1):111-120.
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[8]彭克强,张琳,邱雁.农民增收提高了农户正规信贷可得性吗——兼论中国粮食主产区农户的经济属性[J].财贸经济,2017,38(6):49-65.Peng K Q,Zhang L,Qiu Y.Has the increase of farmers’income improved the formal credit availability of their households?[J].Finance&Trade Economics,2017,38(6):49-65.
[9]陈晓声,吴晓忠,张志超.普惠金融视角下农户借贷行为分析与福利效果测算[J].中国流通经济,2016,30(3):94-101.Chen X S,Wu X Z,Zhang Z C.Analysis on rural households’credit behavior and welfare effect from the perspective of inclusive finance[J].China Business and Market,2016,30(3):94-101.
[10]马燕妮,霍学喜.专业化农户正规信贷约束现状及影响因素——以全国725户苹果种植户为例[J].当代经济科学,2016,38(6):93-102,125-126.Ma Y N,Huo X X.Formal credit constraints and influencing factors of specialized farmers:Evidence from 725 apple growers in China[J].Modern Economic Science,2016,38(6):93-102,125-126.
[11]林建浩,吴冰燕,李仲达.家庭融资中的有效社会网络:朋友圈还是宗族?[J].金融研究,2016(1):130-144.Lin J H,Wu B Y,Li Z D.The efficient social networks in household credit:Friendship or kinship?[J].Journal of Financial Research,2016(1):130-144.
[12]王建浩,殷浩栋,汪三贵,等.政治社会资本对农户借贷行为的影响研究——基于8省2185户农户数据的实证分析[J].干旱区资源与环境,2019,33(3):1-6.Wang J H,Yin H D,Wang S G,et al.Effect of political social capital on rural households’loan behavior:Evidence from survey data of 8 provinces[J].Journal of Arid Land Resources and Environment,2019,33(3):1-6.
[13]谭燕芝,胡万俊.社会资本、家庭财富与农户正规信贷配给[J].金融论坛,2017,22(5):37-49.Tan Y Z,Hu W J.Social capital,family wealth and normal credit rationing to farmers[J].Finance Forum,2017,22(5):37-49.
[14]尹志超,宋全云,吴雨,等.金融知识、创业决策和创业动机[J].管理世界,2015(1):87-98.Yin Z C,Song Q Y,Wu Y,et al.The financial knowledge,the decision making in starting a business,and the entrepreneurial motivation[J].Management World,2015(1):87-98.
[15]王晶,毕盛,李芸,等.正规信贷约束对农户粮食生产的影响分析[J].农业技术经济,2018(5):28-39.Wang J,Bi S,Li Y,et al.The effect of formal credit constraint on grain production[J].Journal of Agrotechnical Economics,2018(5):28-39.
[16]Beck T,Demirguc K A,Peria S M.Reaching out:Access to and use of banking services across countries[J].Journal of Financial Economics,2007,85(1):234-266.
[17]Cole S,Sampson T,Zia B.Price or knowledge?What drives demand for financial services in emerging markets?[J].The Journal of Finance,2011,66(6):1933-1967.
[18]Noctor M,Stoney S,Stradling R.Financial Literacy:ADiscussion of Concepts and Competences of Financial Literacy and Opportunities for its Introduction into Young People’s Learning[R].Report Prepared for the National Westminster Bank,National Foundation for Education Research,London,1992.
[19]OECD INFE.Measuring Financial Literacy:Core Questionnaire in Measuring Financial Literacy:Questionnaire and Guidance Notes for Conducting an Internationally Comparable Survey of Financial Literacy[R].Organization for Economic Co-Operation and Development,Paris,2011.
[20]Lusardi A,Tufano P.Teach workers about the perils of debt[J].Harvard Business Review,2009,87(11):22-24.
[21]Disney R,Gathergood J.Financial Literacy and Indebtedness:New Evidence for UK Consumers[R].Working Papers,2011.
[22]吴卫星,吴锟,王琎.金融素养与家庭负债——基于中国居民家庭微观调查数据的分析[J].经济研究,2018,53(1):97-109.Wu W X,Wu K,Wang J.Financial literacy and household debt:Empirical studies using Chinese household survey data[J].Economic Research Journal,2018,53(1):97-109.
[23]Akudugu A,Egyir M,Mensah B A.Women farmers’access to credit from rural banks in Ghana[J].Agricultural Finance Review,2009,69(3):84-299.
[24]Kon Y,Storey D J.A theory of discouraged borrowers[J].Small Business Economics,2003,21(1):37-49.
[25]樊颖,杨赞.社会资本、人力资本与中国城镇居民住房抵押贷款需求[J].经济评论,2018(4):115-132.Fan Y,Yang Z.Social capital,human capital and household mortgage demand in Chinese urban[J].Economic Review,2018(4):115-132.
[26]Jappelli T,Padula M.Investment in financial literacy and saving decisions[J].Journal of Banking&Finance,2011,37(8):2779-2792.
[27]Lusardi A,Michaud P C,Mitchell O S.Optimal financial knowledge and wealth inequality[J].Journal of Central Political Economy,2017,125(2):431-477.
[28]秦芳,王文春,何金财.金融知识对商业保险参与的影响——来自中国家庭金融调查(CHFS)数据的实证分析[J].金融研究,2016(10):143-158.Qin F,Wang W C,He J C.The effect of financial literacy on household commercial insurance participation:An empirical research based on the data of China household finance survey[J].Journal of Financial Research,2016(10):143-158.
[29]胡振,臧日宏.金融素养对家庭理财规划影响研究——中国城镇家庭的微观数据[J].中央财经大学学报,2017(2):72-83.Hu Z,Zang R H.Research on the effect of financial literacy on household financial planning:Microeconomic evidence of urban household in China[J].Journal of Central University of Finance&Economics,2017(2):72-83.
[30]刘西川,黄祖辉,承恩江.贫困地区农户的正规信贷需求:直接识别与经验分析[J].金融研究,2009(4):36-51.Liu X C,Huang Z H,Ceng E J.Farmers’demand for formal credit in the poor areas:Direct identification and empirical analysis[J].Journal of Financial Research,2009(4):36-51.
[31]尹志超,宋全云,吴雨.金融知识、投资经验与家庭资产选择[J].经济研究,2014(4):62-75.Yin Z C,Song Q Y,Wu Y.Financial literacy,trading experience and household portfolio choice[J].Economic Research Journal,2014(4):62-75.
[32]曾志耕,何青,吴雨,等.金融知识与家庭投资组合多样性[J].经济学家,2015(6):86-94.Zeng Z G,He Q,Wu Y,et al.Financial knowledge and the diversity of family portfolio[J].Economist,2015(6):86-94.
[2]易小兰,蔡荣.放宽市场准入下农户借贷渠道选择及信贷可得性分析[J].财贸研究,2017,28(10):26-37.Yi X L,Cai R.Famers lending channel selection and credit availability analysis under relaxing market access[J].Finance and Trade Research,2017,28(10):26-37.
[3]何广文,何婧,郭沛.再议农户信贷需求及其信贷可得性[J].农业经济问题,2018(2):38-49.He G W,He J,Guo P.Rethinking the credit demand and availability of farm household[J].Issues in Agriculture Economy,2018(2):38-49.
[4]Kochar A.An empirical investigation of rationing constraints in rural credit markets in india[J].Journal of Development Economics,1997,53(2):339-371.
[5]吴雨,宋全云,尹志超.农户正规信贷获得和信贷渠道偏好分析——基于金融知识水平和受教育水平视角的解释[J].中国农村经济,2016(5):43-55.Wu Y,Song Q Y,Yin Z C,An analysis of rural households’formal credit availability and credit channel preference:Perspectives of financial literacy and education[J].Chinese Rural Economy,2016(5):339-371.
[6]张晓琳,高山,董继刚.农户信贷:需求特征、可得性及影响因素——基于山东省922户农户的调查[J].农村经济,2018(2):65-71.Zhang X L,Gao S,Dong J G.Household credit:Demand characteristics,availability and influencing factors[J].Rural Economy,2018(2):65-71.
[7]牛荣,陈思,张洐.不同规模农地抵押贷款可得性研究[J].西北农林科技大学学报(社会科学版),2018,18(6):81-89.Niu R,Chen S,Zhang X.Availability of rural land contractual management right mortgage from different land scale[J].Journal of Northwest A&F University(Social Science Edition),2018,18(6):81-89.
[8]彭克强,张琳,邱雁.农民增收提高了农户正规信贷可得性吗——兼论中国粮食主产区农户的经济属性[J].财贸经济,2017,38(6):49-65.Peng K Q,Zhang L,Qiu Y.Has the increase of farmers’income improved the formal credit availability of their households?[J].Finance&Trade Economics,2017,38(6):49-65.
[9]陈晓声,吴晓忠,张志超.普惠金融视角下农户借贷行为分析与福利效果测算[J].中国流通经济,2016,30(3):94-101.Chen X S,Wu X Z,Zhang Z C.Analysis on rural households’credit behavior and welfare effect from the perspective of inclusive finance[J].China Business and Market,2016,30(3):94-101.
[10]马燕妮,霍学喜.专业化农户正规信贷约束现状及影响因素——以全国725户苹果种植户为例[J].当代经济科学,2016,38(6):93-102,125-126.Ma Y N,Huo X X.Formal credit constraints and influencing factors of specialized farmers:Evidence from 725 apple growers in China[J].Modern Economic Science,2016,38(6):93-102,125-126.
[11]林建浩,吴冰燕,李仲达.家庭融资中的有效社会网络:朋友圈还是宗族?[J].金融研究,2016(1):130-144.Lin J H,Wu B Y,Li Z D.The efficient social networks in household credit:Friendship or kinship?[J].Journal of Financial Research,2016(1):130-144.
[12]王建浩,殷浩栋,汪三贵,等.政治社会资本对农户借贷行为的影响研究——基于8省2185户农户数据的实证分析[J].干旱区资源与环境,2019,33(3):1-6.Wang J H,Yin H D,Wang S G,et al.Effect of political social capital on rural households’loan behavior:Evidence from survey data of 8 provinces[J].Journal of Arid Land Resources and Environment,2019,33(3):1-6.
[13]谭燕芝,胡万俊.社会资本、家庭财富与农户正规信贷配给[J].金融论坛,2017,22(5):37-49.Tan Y Z,Hu W J.Social capital,family wealth and normal credit rationing to farmers[J].Finance Forum,2017,22(5):37-49.
[14]尹志超,宋全云,吴雨,等.金融知识、创业决策和创业动机[J].管理世界,2015(1):87-98.Yin Z C,Song Q Y,Wu Y,et al.The financial knowledge,the decision making in starting a business,and the entrepreneurial motivation[J].Management World,2015(1):87-98.
[15]王晶,毕盛,李芸,等.正规信贷约束对农户粮食生产的影响分析[J].农业技术经济,2018(5):28-39.Wang J,Bi S,Li Y,et al.The effect of formal credit constraint on grain production[J].Journal of Agrotechnical Economics,2018(5):28-39.
[16]Beck T,Demirguc K A,Peria S M.Reaching out:Access to and use of banking services across countries[J].Journal of Financial Economics,2007,85(1):234-266.
[17]Cole S,Sampson T,Zia B.Price or knowledge?What drives demand for financial services in emerging markets?[J].The Journal of Finance,2011,66(6):1933-1967.
[18]Noctor M,Stoney S,Stradling R.Financial Literacy:ADiscussion of Concepts and Competences of Financial Literacy and Opportunities for its Introduction into Young People’s Learning[R].Report Prepared for the National Westminster Bank,National Foundation for Education Research,London,1992.
[19]OECD INFE.Measuring Financial Literacy:Core Questionnaire in Measuring Financial Literacy:Questionnaire and Guidance Notes for Conducting an Internationally Comparable Survey of Financial Literacy[R].Organization for Economic Co-Operation and Development,Paris,2011.
[20]Lusardi A,Tufano P.Teach workers about the perils of debt[J].Harvard Business Review,2009,87(11):22-24.
[21]Disney R,Gathergood J.Financial Literacy and Indebtedness:New Evidence for UK Consumers[R].Working Papers,2011.
[22]吴卫星,吴锟,王琎.金融素养与家庭负债——基于中国居民家庭微观调查数据的分析[J].经济研究,2018,53(1):97-109.Wu W X,Wu K,Wang J.Financial literacy and household debt:Empirical studies using Chinese household survey data[J].Economic Research Journal,2018,53(1):97-109.
[23]Akudugu A,Egyir M,Mensah B A.Women farmers’access to credit from rural banks in Ghana[J].Agricultural Finance Review,2009,69(3):84-299.
[24]Kon Y,Storey D J.A theory of discouraged borrowers[J].Small Business Economics,2003,21(1):37-49.
[25]樊颖,杨赞.社会资本、人力资本与中国城镇居民住房抵押贷款需求[J].经济评论,2018(4):115-132.Fan Y,Yang Z.Social capital,human capital and household mortgage demand in Chinese urban[J].Economic Review,2018(4):115-132.
[26]Jappelli T,Padula M.Investment in financial literacy and saving decisions[J].Journal of Banking&Finance,2011,37(8):2779-2792.
[27]Lusardi A,Michaud P C,Mitchell O S.Optimal financial knowledge and wealth inequality[J].Journal of Central Political Economy,2017,125(2):431-477.
[28]秦芳,王文春,何金财.金融知识对商业保险参与的影响——来自中国家庭金融调查(CHFS)数据的实证分析[J].金融研究,2016(10):143-158.Qin F,Wang W C,He J C.The effect of financial literacy on household commercial insurance participation:An empirical research based on the data of China household finance survey[J].Journal of Financial Research,2016(10):143-158.
[29]胡振,臧日宏.金融素养对家庭理财规划影响研究——中国城镇家庭的微观数据[J].中央财经大学学报,2017(2):72-83.Hu Z,Zang R H.Research on the effect of financial literacy on household financial planning:Microeconomic evidence of urban household in China[J].Journal of Central University of Finance&Economics,2017(2):72-83.
[30]刘西川,黄祖辉,承恩江.贫困地区农户的正规信贷需求:直接识别与经验分析[J].金融研究,2009(4):36-51.Liu X C,Huang Z H,Ceng E J.Farmers’demand for formal credit in the poor areas:Direct identification and empirical analysis[J].Journal of Financial Research,2009(4):36-51.
[31]尹志超,宋全云,吴雨.金融知识、投资经验与家庭资产选择[J].经济研究,2014(4):62-75.Yin Z C,Song Q Y,Wu Y.Financial literacy,trading experience and household portfolio choice[J].Economic Research Journal,2014(4):62-75.
[32]曾志耕,何青,吴雨,等.金融知识与家庭投资组合多样性[J].经济学家,2015(6):86-94.Zeng Z G,He Q,Wu Y,et al.Financial knowledge and the diversity of family portfolio[J].Economist,2015(6):86-94.