【作者】 李军峰；

【导师】 王健；

【作者基本信息】 河北农业大学 ， 农业经济管理， 2009， 博士

【摘要】 从信息经济学的角度看,阻碍“农业增产、农民增收、农村繁荣”的核心瓶颈是“三农”融资困难,造成“三农”融资困难的突出原因是信息不对称。信息不对称诱发的机会主义行为,即逆向选择和道德风险是严重制约我国农村金融市场健康发展的主要问题,也是正规金融组织进入农村市场的重要障碍。因此,将信息不对称理论运用到我国农村金融组织发展研究之中不仅具有重要的理论意义,而且对于指导农村金融组织体系的建设和发展也具有十分重要的应用价值。本文在分析农村金融组织研究现状的基础上,主要研究了以下几个方面的问题:(1)相对城乡“二元”经济结构的现实,沿用了与城市金融相对应的“农村金融”概念。从农村金融市场上的融资活动看,农村金融可划分为直接金融和间接金融。从农村金融组织体系角度,又可以把农村金融组织分为正规金融组织和非正规金融组织,由于不同性质的金融组织获取的信息来源渠道不同,从而其融资的效率是有差别的。信息不对称是影响金融市场运作效率的重要因素,构成了正规金融组织撤出和难以进入农村经济的主要障碍。(2)研究了我国农村金融组织体系改革的历程,指出取缔农村合作基金会、商业性金融组织大规模撤出农村,农村资金大量流出农村经济,造成的后果是金融组织体系与农村金融需求主体之间信息沟通的严重阻隔。从历史的角度看,解决“三农”融资困难的策略应该是通过构建多元化的农村金融组织体系,满足各种类型的农村金融需求。(3)若存在较完善的信息沟通机制,就可以较好的挖掘农村金融需求主体中有效金融需求,缓解“三农”融资困难。农户的金融需求取决于农民家庭收入和支出两方面的对比,通过对华北平原地区农村的调查发现,农村信息传播不畅通,致使农户收入出现较大的不确定性,这样农民家庭信贷需求是不完全有效的。通过分析河北省乡镇企业的融资情况发现,乡镇企业在发展上所面临的巨大融资困难问题,信息不对称和金融压抑是主要原因,其中前者是首要原因。(4)借鉴其他学者的研究思路,本文以狭义货币M1作为主要参考的金融指标,计算经济金融相对比例,将正规金融组织的金融供给和非正规金融组织的金融供给都考虑进来,与我国农村金融市场的需求相比仍处于供不应求的失衡状态,并且随着时间的推移供求缺口有进一步扩大的趋势。由于信息不对称引起的逆向选择和道德风险,使得两个相对隔离的市场上的信贷活动表现出不同的运作机制。非正规金融组织由于具有信息优势,所以在发放贷款时,可以通过不同的利率来区分不同类型的农户,并倾向于选择市场型农户开展业务;正规金融组织也具有向市场型农户发放贷款的倾向,但由于信息不对称和利率非市场化的影响和作用,所以正规金融组织不能够运用差异利率区别对待不同类型的农户。(5)通过研究信号传递模型,从金融组织的立场出发,将信号传递机制倒过来设计就形成了信息甄别机制,就可以有效降低逆向选择问题的发生。通过将激励机制与监督机制同时纳入信贷合同的设计中就会加大对信息的依赖程度,发现农户获得的产出份额与监督信号在信贷合同制定中是相互关联的;在信贷合同实施过程中,农户的努力工作程度与其从金融组织获得的贷款额度无关,这样就可以有效缓解道德风险的发生。(6)典型国家通过构建多元化的农村金融组织体系,解决金融供给主体与金融需求主体之间的信息沟通障碍,较好的满足了农村金融需求主体的需求。多数国家将农村金融组织区分为政策性、商业性、合作性和小额信贷组织,其中,农村金融组织多元化、信贷渠道多样化,是美国农村金融体系的主要特色;合作金融是德国农村金融的主体;日本农业金融既有强大的农协系统的合作金融,又有政府办的政策性金融,两者相辅相成;印度的农村金融组织体系是发展中农业国的代表,该国的农村金融组织体系非常发达;乡村银行小额信贷模式是孟加拉国农村金融组织体系的主要特点。(7)我国农村金融体制改革必须构建多元化的农村金融组织体系,改革过程中应遵循适应性、效率性和稳定性的基本原则。从金融供给来看,进一步拓展农业发展银行的支农领域,农业银行应坚持为农服务的方向,农村信用社要充分发挥作为“三农”服务主力军的作用,邮政储蓄银行也需要积极扩大涉农业务范围,大力发展农村地区各种小额信贷组织。从金融需求来看,应提高农户信贷需求有效性,建立现代农业产业体系,提高农业投资收益率,加快转变农村地区经济增长方式。全文研究内容包括:引言、信息不对称与农村金融组织理论、我国农村金融组织体系改革及面临的问题、“三农”金融需求分析、农村金融市场非均衡的分析、信息甄别和监督机制的设计、典型国家的农村金融组织模式稽考、我国农村金融组织多元化发展对策、研究总结与展望,共计九章。其创新点主要体现在以下几方面:(1)农村金融体制改革是关系农村经济体制改革成败的复杂工程,信息不对称是当前农村金融市场上普遍存在重要问题。本文从信息经济学的角度,运用信息不对称原理,系统地分析了我国农村金融组织在发展中遇到的逆向选择和道德风险问题,从而找到了制约农村金融组织发展的症结。针对逆向选择和道德风险,通过研究信号传递模型和最优激励与监控模型,探索建立市场信息甄别机制和监督机制,以期解决信息不对称问题。通过把熵理论运用于分析农户收入的不确定性,发现如果农村中信息通畅,则农户收入会稳步提高,即农户收入水平的熵会降低。(2)针对城乡“二元”结构现象,本文研究发现农村金融市场也被分割为正规金融组织主导的部分和非正规金融组织主导的部分。为了说明农村金融市场长期失衡状态,本文在分析农村金融供给时,既考虑了正规金融组织的供给,也考虑了非正规金融组织的供给,得出了相对准确的需求缺口。(3)在提出“农村金融组织提供金融服务群体类型的多样性程度”和“农村金融组织对农村金融需求的适应性”两个概念的基础上,构造了简单的模型,说明构建多元化的农村金融组织体系是解决“三农”融资问题的必然选择。更多还原

【Abstract】 From the view of information economics, the core bottleneck currently hindering“agricultural production, farmers’ income, and rural prosperity”is the financing difficulty for“Agriculture, Rural areas, Farmers”, the cause of which lies in the information asymmetry. Information asymmetry induces opportunistic behaviors, which are the adverse selection and moral hazard. They are seriously hampering the development of China’s rural financial market, and are the major obstacles of formal financial institutions accessing to the rural market. Therefore, introducing the theory of information asymmetry into the study on developing the rural financial institutions, not only has a strong theoretical significance, but also has practical significance for the promotion of rural financial system development and improvement.Based on the analysis of rural financial institutions, the article researches on the following areas:(1)Relative to the "binary" economy structure of urban and rural areas, this article uses the concept of the urban finance relative to the rural finance. From the financial activities of the rural financial market, the rural finance includes direct and indirect financial banking. On the other hand, from the rural financial system, different types of financial institutions, including the formal and informal finance, obtain information from different sources, thus affecting the efficiency of the financing. Information asymmetry is an important factor affecting the operational efficiency of financial markets. The paper points out that information asymmetry is the greatest difficultly for formal financial institutions withdraws from and accesses to the rural economy.(2)Studying the system of China’s rural financial institutions reform process, this paper points out that the situation of“a cooperative supporting‘Agriculture, Rural areas, Farmers’”because of prohibiting the rural cooperative foundations, large-scale commercial financial institutions from rural areas and a large number of rural capital’s outflow from the rural economy. From a historical perspective, the strategy to address the "Agriculture, Rural areas, Farmers" difficulties in financing should be to build a diversifying rural financial organization system to meet the needs of all types of rural finance.(3)The farmers’financial needs depend on the comparison between their income and expenditure. By investigating the rural in North China Plain, it is found that the rural household income is greatly uncertain so that the farmer family credit demand is not fully effective, because of the information dissemination not smooth in the rural areas. The study about Hebei Province finds that the township enterprises are facing great difficulties in financing, and that information asymmetries and financial repression is the major cause, of which the former is the primary reason.(4)Learning from other scholars’studying ways, the narrow money (M1) is taken as a main reference to the main financial indicators, and the economic and financial relative proportions are calculated. We compare the financial supply, including the formal and informal financial institutions, with the demand. Then it is shown that China’s rural financial market is still in short supply imbalance, and that the supply and demand gap is the further expansion trend as time goes. As adverse selection and moral hazard arising from the information asymmetry, there are different operational mechanisms at the two relatively isolated markets. Because of information superiority, the informal financial institutions distinguish the different types of the farmers when they loan, and they tend to choose the market-based farmers. Formal financial institutions also tend to loan to the market-based farmers, but they can not use interest rate to distinguish the different types of the farmers because of information asymmetry and the interest rate non-marketlization.(5)Through the study of the signal transmission model, from the financial standpoint, the information screening mechanism can be built as long as the signal transmission is turned the other way round, effectively reducing the adverse selection. Combining the incentive and monitoring mechanisms into the design of the credit contract at the same time will increase the dependence on the information, the farmers’getting the output share and monitoring signals are interrelated in the design of the credit contract. During the implementation course of the credit contract, the extent of the farmers’hard work has nothing to do with the credit loan obtained from the financial institutions, and then this can effectively reduce moral hazard.(6)In both developed and developing countries, from the experience of resolving successfully the financial difficulties of rural areas, their rural financial systems have a diversified characteristics, and most countries have divided into the rural financial policy, commercial, cooperation and micro-finance organizations. The diversification of rural financial institutions, credit channel diversification, is the main characteristics of the U.S. financial system in rural areas. Germany financial cooperation is the mainstay of rural finance. Japan’s agricultural finance has a strong financial cooperation of the agricultural association system, and the government’s financial policy, the two complement each other. India’s rural financial system is typical of the developing countries’rural financial systems because it is a highly developed system. The micro-credit model of Grameen Bank is the main features of Bangladesh rural financial system.(7)The reform of China’s rural financial system has to construct a diversifying rural financial system, and the reforming process should be guided by adaptive, efficiency and stability. From the financial supply point of view, Agricultural Development Bank should further expand the field of agriculture, and Agricultural Bank of China should adhere to the orientation of serving the agriculture, and the rural credit cooperatives should full play the main force role of serving "Agriculture, Rural areas, Farmers", and the Postal Savings Bank should actively expand the agricultural services, and the microcredit organizations should be developed vigorously in rural areas. From the financial demand point of view, the effectiveness of the farmers’credit needs should be enhanced, and the modern industrial system of agriculture should be established, and the agricultural investment return rate be increased, and the mode of economic growth be transformed in rural areas.The full paper altogether includes nine chapters, which are introduction, information asymmetry and rural finance institution theory, the inspection of the typical national rural finance institution patterns, our country Rural finance institution system questions which reforms are faced with, the analysis on the financial demand of“Agriculture, Rural areas, Farmers”, the analysis on the un-equilibrium of the rural finance market, the design of information screening and surveillance mechanism, the countermeasure of our country rural finance institution multiplication development, research summary and forecast. The innovation points in this article are mainly manifested in the following aspects:(1)The reform of the rural financial system is a complex engineering concerneing the success or failure of the reform of the rural economic system, and information asymmetry is a general and vital issue in the rural financial market. From the perspective of information economics, using the asymmetric information theory, the article has analyzed systematically that the problems of adverse selection and moral hazard have been encountered during developing China’s rural financial institutions, and found the development crux. In order to take precautions against adverse selection and moral hazard, the paper studies the signal transduction model and the best incentive and monitoring model. And it explores the establishment of the market information screening and monitoring mechanisms with a view to resolve the problem of information asymmetry. The entropy theory of information economics is applied when the article analyzes the uncertainty of the farmers’income. It is found that, the farmers’income will rise steadily if rural information is fluid, the entropy of the farmers’income level will be reduced.(2)China’s "binary economies" structure of urban and rural areas has been shown, and this paper finds that the rural financial market is also divided into the part led by the formal financial institutions and the other part led by the non-formal financial institutions. In order to illustrate the long-term imbalance of the rural financial markets, this paper takes into account both the supply of the formal financial institutions and the supply of the informal ones when it analyzes the rural financial supply. And it has arrived at the relatively accurate gap of the demand.(3)Based on the proposing of the two concept, which are the diversification degree of the community types that are serviced by the rural finance institution and the compatibility of the rural finance institution to the rural finance demand, constructing a simple model, the paper illustrates that it is an inevitable choice to build a diversifying rural financial system to solve the financing issue of the "Agriculture, Rural areas, Farmers ".更多还原