【作者】 卢亚娟；

【导师】 褚保金；

【作者基本信息】 南京农业大学 ， 农业经济管理， 2009， 博士

【摘要】 改革开放以来,我国国民经济取得了长足发展,但是农村发展仍然困难重重,农民收入增速缓慢,城乡居民之间、地区之间的收入差距继续放大,“三农”问题困扰着我国经济的快速发展,更需要重视制度的创新和政策的合理调整。而金融是现代经济的核心,农村金融是现代金融的重要组成部分,作为农村经济发展中重要的资本要素配置制度,农村金融在农村经济发展中发挥着越来越显著的作用。要发展农村经济,促进农业持续增产和农民持续增收,需要完善农村金融服务,增加农村信贷供给,似乎已成为理论研究和实践者们的共识。尽管多年来中国农村金融也得到了快速发展,但也应看到,长期以来我国形成了比较典型的城乡二元经济结构,其中偏向城市工业部门的金融政策取向导致农村的金融抑制相当严重,现有农村金融发展仍不能满足农村经济多层次、多元化的需求,正规金融存在明显的缺陷,非正规金融由于自身独特的制度变迁路径被锁定在非正式、不规范和低效率的状态中,急需进行金融制度创新,以推动农村经济的快速健康发展。本文研究的目的是立足需求视角,通过对农户借贷行为和农村中小企业融资困境的考察,分析我国欠发达地区和发达地区农村金融需求的基本特征和影响因素,通过实证研究得出农村金融提高农民福利和提升农村中小企业生产力作用显著的结论,为农户和中小企业解除融资困境提供科学依据和政策建议。本文研究的意义在于：一是从宏观层面分析我国农村金融的发展历程,揭示农村金融的问题所在,以提出完善农村金融服务、满足农村信贷需求、促进农村经济发展的制度设计。二是立足农村微观层面,运用计量经济学方法,对欠发达地区农民的借贷行为及其福利效果进行实证研究,寻找促进农民增加收入的金融支持路径。三是运用实地调查数据,分析发达地区农村中小企业融资的影响因素,并尝试运用实验经济学方法,研究信贷投入对农村中小企业生产力提高的影响程度,从而确定农村金融创新的重点。本文立足农村微观视角,分析农户和中小企业的经济行为和金融行为,并且较大程度地借鉴了现代金融发展理论、农村金融发展理论等相关性前沿理论的已有成果和理论结论。在研究方法上,力求做到历史和现实相结合、实证分析和规范分析相结合、借鉴和比较相结合,整个研究过程中按照“理论分析—实证考察—对策研究”的路线展开,体现出从抽象到具体、从理论到实际的方法论特点。本文通过大量的理论和实证分析,得出如下主要结论：1.欠发达地区农村仍存在着一定的金融抑制,正规借贷和非正规借贷对于农户的生产和经营活动都具有重要的意义和作用,非正规金融的功能和地位不容忽视。政府可以尝试让农村的各种民间金融组织活跃起来。由于农户的非农收入难以成为其获取金融机构贷款的保证,正规金融机构需要加强产品创新,充分挖掘有效的抵押、担保的信息来创造新的金融产品以满足农户借贷需求,同时可以减少农户贷款中的风险。2.欠发达地区农村28.49%的样本农户受到信贷配给,包括正规和非正规金融市场的信贷配给,大多数的信贷配给主要是来自于正规金融机构,主要原因是缺乏抵押品以及无法承担较高的交易成本。在农村地区,能够减低农户受到信贷配给的最主要的因素便是农户的收入水平,无论是在正规借贷还是非正规借贷。通过实证分析发现,信贷配给使得农户无法获得(或者仅部分获得)其所需的资金来投资,从而影响了农户收入的增加,继续增加对其贷款金额可以显著提高农户的收入。3.发达地区农村中小企业对当地经济发展贡献巨大。规模小的企业的股权融资比例远高于规模大的企业,而债务融资的比例则较低。随着企业规模的扩大,从大银行获得的资金比例逐渐上升,而从小银行获得的资金比例逐渐下降,这也间接验证了地方性中小银行在解决中小企业融资方面能够发挥更大的作用的观点。资信等级越高的企业债务融资比例越高,资信等级越低的企业股权融资(自有资金)的比例越高。农村中小企业均有较为强烈的资金需求,最主要的问题表现为流动资金不足。4.将2007年获得银行贷款的企业和未获得银行贷款的企业分别归为研究的试验组和对照组。研究发现,试验组和对照组在上一年度的资产规模、净利润、销售额、固定资产占比以及占有土地的形式、企业的无形资产、年龄等方面存在着较大的差异,企业规模更大、无形资产越多、提供抵押的能力越强、年龄越大的企业获得银行贷款的可能性越大。银企之间的“软信息”在目前县域农村中小企业融资制度中仍起到重要作用。银行贷款对样本企业的固定资产规模、资产规模、净利润以及职工人数等绩效均有显著的正向影响。5.在当前我国农村金融市场中,农户和农村中小企业面临着较为严重的信贷配给,难以获得正规金融机构的信贷支持。其主要原因一方面是因为大多数的农户和农村中小企业由于缺乏抵押、担保品等而面临着“自然融资瓶颈”,另一方面是由于农村金融市场的高度垄断和正规金融机构完全采用传统的、商业性的贷款发放机制,单纯使用传统的贷款发放机制将会使得大多数农户和农村中小企业得不到贷款支持。因此,需要从农村金融市场和运行机制方面进行创新。更多还原

【Abstract】 Since the reform and opening-up, China’s national economy has made remarkable development. However, rural development still faces many difficulties. The income of rural household grows slowly while the income gap between urban residents and rural ones and that between the different districts are becoming greater. The issues concerning agriculture, countryside and farmers are impediment to the whole development of economy in China. Therefore, more attention to the innovation in institutional framework and the reasonable political adjustment is undoubtedly needed. On the other hand, finance is the core of modern economy, so as a important component of modern finance, rural finance-the pivotal allocation system of capital elements--is playing an increasingly significant role in rural economy.It is a consensus among the theoretical study and practice that to develop the rural economy and to promote agricultural production and farmers’income require improving the rural financial service and increasing rural credit supply. Despite several-years rapid growth in China’s agricultural finance, it should also be noted that the existing arrangements for the rural financial development can not meet the multi-level and a wide range needs of the rural economy due to the typical the dualistic economy structure in urban and rural areas and the financial policies which inclined to urban industry sector thus severally restrain rural finance, There are obvious defects in arrangements for formal financial system, while informal finance has been locked in an informal, non-standard and inefficient situation, resulted from its unique evolution. All these situation calls for innovative financial system to promote the rural economy with rapid and sound development.The purpose of this thesis is based on the demand of rural financial, taking advantage of studying the credit demand behavior of farmers and financing bottleneck of rural small and medium-sized enterprises (SMEs) to analysis the rural financial demand of the basic characteristics and influencing factors in both less developed and developed regions, the result of empirical studies show that rural finance significantly improve farmers welfare and enhance the productivity of rural SMEs. So it provides scientific basis and policy recommendations for eliminating financial difficulties for farmers and SMEs. The significance of this thesis includes, first analyzing of the development of rural finance from a macro-level and revealing the problem in order to take institutional design for improving the rural financial services and meeting the demand for credit in rural areas and promoting rural economic development. Second, based on rural micro-level, using econometric methods to empirically study the credit demand behavior of farmers in underdeveloped regions and the welfare effects of loans, in order to find some path to promote farmers’ income. Third, taking advantage of field survey data to find out the factors of SMEs financing in developed rural region and studies to what extent credit input improve the productivity of small and medium-sized business, then clarifies the key points of financial innovation.From a micro-level, this thesis centers on rural finance improving rural economic development, interprets the economic and financial behavior of farmers and small and medium-sized enterprises by drawing reference to a large extent to existing results and theoretical conclusions from relevant front-line theories, including modern financial development theory, and rural financial development theory and so on. We use the approach try to achieve a combination of history and reality, empirical analysis and normative analysis, comparison and learn from the combination. The whole course of the study starts in accordance with the "Theory-Empirical Investigation-Countermeasures" so that the study shows the characteristics of the methodology, namely from abstraction to concrete, from theory to practice.This thesis draws the following main conclusions through massive theoretical and empirical analysis:1. Under developed rural region always suffer from financial constraints to some extent. Both formal finance and informal finance have profound effects on production and operating activities of rural residents. In addition, the function and significance of informal finance can’t be ignored. Accordingly, government can try to activate a wide range of informal financial organizations. On the ground that non-agricultural income are not eligible for the guarantee of credit, formal organizations should cater for farmer credit needs and reduce the risk in farmers’credit by highlighting product innovation and exploring effective collateral information as many as possible to create novel financial products.2.28.4% sample in under developed rural region suffers credit rationing in both formal and informal finance. A large proportion of credit rationing that can be attributed to lack of collateral and relatively high transaction cost that farmers cannot afford derives from formal finance. Furthermore, in rural region the main factor that can reduce credit rationing to farmers is income level of farmers, both in formal finance and informal credit. According to the empirical survey, credit rationing engenders the situation that farmers can’t acquire (or partly acquire) capital needed, thus hinder farmers’income growth. On the other hand, increasing credit capital can significantly improve farmers’income.3. Small and medium-sized enterprises in developed rural region made tremendous contribution to local economy. Compared to large enterprises, small enterprises have a relatively high equity financing ratio and a low debt financing ratio. The relationship between enterprise scale and capital resources, namely the rate of capital from big bank rise and the that from small bank decline as the scale expand, indirectly proves the view point of that local medium-size and small-size banks can exert more positive influence on solving small and medium-sized enterprises financing problem. While high-credit ranking enterprises have a high debt financing ratio, low-credit ranking ones have a high equity financing ratio (owned capital). Most rural small and medium-sized enterprises have intensive capital demand, lacking in circulating funds.4. The survey categorizes the enterprises into experiment group which acquired credit from banks in 2007 and contrast group which didn’t acquire credit from banks. It’s uncovered in the survey that there are huge differences between two groups in scale, net income, sales, rate of fixed asset, own ship of land, intangible asset and the age of asset. The enterprises having larger scale, more intangible asset, more ability to offer collateral and older asset age will have more probability of getting credit. "Soft information" between banks and enterprises is still playing a critical role in financing institution of small and medium-sized enterprise in countryside. Bank credit has an obviously positive influence on samples’fixed asset scale, asset scale, net profit and personnel.5. Now in rural financial market of China, rural households and rural small and medium enterprises (SMEs) are faced with serious credit rationing and obstacles in accessing to formal credit supported by financial institutions. The first main reason is the majority of rural households and rural SMEs lack of collateral, so they face with the "Natural Financing Bottleneck".On the other hand, few rural financial institutions monopolize the market and they use traditional loan mechanism which is completely commercial, simply using of traditional loan mechanisms will make the majority of farmers and rural small and medium-sized can’t get loan. Therefore, we need to make innovations to both the rural financial markets and mechanisms.更多还原