黑龙江省林权抵押贷款现状调研

通过问卷调查与实地调研相结合的方法,对黑龙江省近年来林权抵押贷款的基本情况进行了全面的调查研究。调研结果表明:服务配套要素市场建设不完善、金融机构积极性有待提高、缺少风险转移补偿机制、金融产品创新相对滞后是黑龙江省林权抵押贷款发展的主要制约因素。因此,站在金融支持的视角提出了加快打造完善的林权抵押贷款运行环境、完善林业保险及风险补偿制度、进一步创新林权抵押贷款运行模式、搭建综合服务平台等促进黑龙江省林权抵押贷款发展的政策建议。     

构建哈尔滨市农村集体林权抵押贷款机制的研究

针对哈尔滨市林权抵押贷款的现状和林权抵押贷款机制的探索实践,剖析了哈尔滨市在林权抵押贷款方面存在的问题,提出要加大力度,尽快出台哈尔滨市林权抵押贷款管理办法;完善服务功能,加大信贷支持力度;完善配套政策,为林权抵押贷款提供有效保障和支持;建立林权抵押贷款贴息政策,创新评价机制和建立组织保障体系;建立林权抵押贷款的风险保障和补偿机制的工作建议。     

河北省推行集体林权抵押贷款的对策研究——以河北省张家口市为例

本文以张家口市为例,阐述了张家口市森林资源现状,推断出张家口市通过林权抵押可以至少盘活森林资源资产230万亩。通过分析其推行林权抵押贷款存在林农贷款成本偏高、林权证抵押贷款的手续繁琐、林权流转的社会服务化体系欠缺、林权抵押物跟踪监管困难、林权抵押还贷风险比其他品种贷款大得多等问题,提出了落实林业部门行业管理职能、完善林权抵押贷款管理办法、加快推进林权制度改革步伐、建立林权抵押贷款的风险防范和补偿机制等推行林权抵押贷款的建议。     

林权抵押贷款的金融风险与防范策略——基于银行信贷风险视角

基于金融机构信贷风险的视角,从林权抵押贷款的法规制度风险、资产保全风险、资产处置风险、资产评估风险、信誉风险的角度分析林权抵押贷款存在的金融风险,从金融生态环境的优劣直接影响到银行贷款的积极性、林业信息不对称引发借款人的故意违约、价值补偿机制缺失导致借款人的理性违约方面分析银行惜贷现象的成因,提出健全林权抵押贷款的法律法规、提高林权贷款尽职调查水平、积极开展森林保险业务、完善森林资源资产评估制度、建立林权抵押登记管理制度、加快林权管理服务平台建设等林权抵押贷款的金融风险防范策略。     

林业收储在林权抵押贷款信用风险控制中作用研究

研究采用担保理论,通过实地考察福建省林业收储运作情况获取资料,基于控制林权抵押贷款信用风险的视角研究林业收储的作用;指出林权是林权抵押贷款关键的信用风险因素,但是,存在安全性与流动性风险等问题;介绍了林业收储运作流程并讨论了林业收储控制林权抵押贷款信用风险的路径,认为林业收储降低了抵押林权的真实性与变现性风险;指出林业收储存在过于依赖财政拨款、规模较小与缺乏合理的保值增值机制等局限性,林业收储无法从根本上化解林权抵押贷款中尚存在的抵押林权的安全性、流动性等风险;提出引入社会资本,建立政府财政收购机制,优化林权抵押贷款生态环境等建议。     

云南省林权抵押贷款风险管理政策研究

云南省先后出台多个政策文件推动林权抵押贷款工作,并持续重视林权抵押贷款风险管理问题。云南省已初步建立起包括风险识别、风险控制、风险转移内容在内的林权抵押贷款风险管理政策,有效防范了林权抵押贷款风险,并保护了林权抵押贷款当事人权益。为进一步推动林权抵押贷款工作,云南省应该着力完善林权抵押贷款风险文化、林权抵押贷款风险预警机制和林权抵押贷款风险补偿体系政策,进一步突出林权抵押贷款风险管理在政策制定和完善中的重要性。     

地方政府推动林权抵押贷款的演化博弈分析

通过构建地方政府和金融机构的博弈模型,分析地方政府与金融机构在开展林权抵押贷款过程中的演化博弈过程。结果表明:地方政府出台林权抵押贷款支持政策对推动商业银行开展林权抵押贷款业务具有必要性和可行性;地方政府对林权抵押贷款出台各种有利于弥补商业银行风险损失的支持政策能在一定程度上增加商业银行开展林权抵押贷款的积极性,从而促使地方政府与商业银行双方的策略收敛于出台支持政策、开展林权抵押贷款的稳定状态。为进一步实现地方政府推动林权抵押贷款的目的,鼓励更多的金融机构提供林权抵押贷款,提出了完善林权抵押贷款相关法律法规、构建科学的林权抵押贷款激励机制、建立健全的林权抵押贷款考核目标等政策建议。     

农户视角的林权抵押贷款借款人风险研究

基于295份农户问卷数据,发现农户存在林权抵押贷款借款人风险意识不高和风险防范意识不系统的特征,农户风险意识主要受农户个人禀赋、家庭贷款需求和相关政策认知程度的影响。在提升农户自身的林权抵押贷款借款人风险意识前提下,建立包括规避风险、减少风险和转移风险在内的完善的林权抵押贷款借款人风险防范体系。     

林权抵押贷款风险防范问题探讨——以辽宁省岫岩满族自治县为例

结合辽宁省岫岩县林权抵押贷款实施情况,对林权抵押贷款风险因素进行归纳分析的结果表明:林权抵押贷款作为创新型金融业务,面临着法律风险、市场风险、流动性风险、信用风险、操作风险等;并为此提出了审慎法律风险、抵御市场风险、降低流动性风险、把控信用风险、控制与缓释操作风险、注重战略风险等风险防范建议。     

林权抵押贷款风险管理探讨——以江西省崇义县为例

对江西省崇义县林权抵押贷款风险管理进行探讨,分析了林权抵押中权属不清、价值评估、资产变现、抵押物管理等风险因素;通过博弈方法分析了林权抵押贷款风险管理的必要性;分析了林权抵押贷款流程的风险控制,以降低林权抵押贷款风险。     

Collateral,Guaranties and Rural Credit in Developing Countries: Evidence from Asia

The paper reviews the theory of the impact of loan collateral, and in particular land collateral, in institutional and non-institutional rural credit markets. Evidence from three Asian developing countries is presented, showing extensive use of land collateral among institutional lenders in countries where such collateral is legal. The use of land collateral is more common than other forms of security, except in places where legal inhibitions on mortgaging agricultural land exist. Non-institutional lenders are less inclined to use land collateral. However, lenders who do not have links to borrowers in matters other than finance are more likely to use loan securities. Estimates of instutional credit supply and demand in rural Thailand confirm that the pledging of land collateral affects the supply of credit more than group guaranty. It is also shown that larger farmers are more likely to utilize land collateral. The conclusion is that land collateral is preferred by instutional lenders as it reduces creditworthiness assessment costs. Attempts to ban or limit collateral use by decree are motivated by equity considerations, but they will cause loss of efficiency. Simplification of ownership verification and other policies reducing the transaction cost of collateral pledging will mitigate the negative equity implications of collateral.     

安徽省农村信用社专项票据扶持政策绩效评价

按照国务院关于深化农村信用社改革的统一部署,人民银行以兑付专项票据的方式,实施对农村信用社的资金支持政策。文章结合安徽省农村信用社改革实际,参考有关公共政策绩效评价理论,分析认为人民银行对农村信用社实施的专项票据扶持政策是富有成效的。     

开展我国小额消费信贷的研究

论述小额信贷作为金融业服务创新的一种方式,在扶持贫困阶层发展经济、生产自救等方面的积极作用。分析由于我国小额信贷业务起步较晚,因而存在个人资信评估体系不健全、信贷手续烦琐、收费标准不统一等问题。提出通过建立个人信用评估和调查机构、制定资信挂钩的优惠政策、加强个人信贷资料档案管理等措施完善管理体系建设,使小额信贷在提高人民生活水平和促进经济发展中发挥更大的作用。     

信贷政策调整和房地产价格的动态关系--基于VEC模型的分析

文章从理论角度分析了银行信贷同房产价格间的关系和作用机制,并在此基础上利用2010年1月-2019年6月全国房产价格月度数据建立VEC模型进行实证研究。结果表明,银行信贷和房产价格具有双向因果关系:房价波动对信贷波动具有显著影响,而信贷波动对房价波动影响相对有限。文章认为房价波动通过短期信贷、抵押物价值和银行资本金三种渠道来影响信贷供给。因此,政府在调整信贷政策时需要考虑房价波动的影响。     

Risk, Wealth, and Sectoral Choice in Rural Credit Markets

We model the role of the informal credit sector in developing countries. The informational advantage of informal lenders is portrayed as the ability to monitor borrowers. Monitoring reduces the incentive problem and allows for contracts with lower collateral. This enables informal lenders to serve both individuals who cannot post the collateral required by the formal sector and those who are able but do not want to post collateral. The model is consistent with the conventional view of the informal sector as recipient of spillover demand from the formal sector. It also shows that the informal sector may provide partial insurance as the lower collateral requirement implies greater consumption smoothing for borrowers.     

The impact of farm credit in Pakistan

Both informal and formal loans matter in agriculture. However, formal lenders provide many more production loans than informal lenders, often at a cost (mostly loan default cost) higher than what they can recover. For example, the Agricultural Development Bank of Pakistan (ADBP), providing about 90% of formal loans in rural areas, incurs high loan default costs. Yet, like other governments, the Government of Pakistan supports the formal scheme on the grounds that lending to agriculture is a high risk activity because of covariate risk. Hence, such policies are often based on a market failure argument. As farm credit schemes are subsidised, policy makers must know if these schemes are worth supporting. Using a recent large household survey data from rural Pakistan (Rural Financial Market Studies or RFMS), we have attempted to estimate the effectiveness of the ADBP as a credit delivery institution. A two‐stage method that takes the endogeneity of borrowing into account is used to estimate credit impact. Results reveal that ADBP contributes to household welfare and that its impact is higher for smallholders than for large holders. Nevertheless, large holders receive the bulk of ADBP finance. The ADBP is, thus, not a cost‐effective institution in delivering rural finance. Its cost‐effectiveness can be improved by reducing its loan default cost and partially by targeting smallholders in agriculture where credit yields better results.     

Contractual Relations in Agricultural Credit Markets: A Hedonic Pricing Approach with Application to Poland

We present a micro‐econometric analysis of agricultural credit market outcomes in Poland that investigates the relationship between contractual arrangements and interest rates. An innovative theoretical framework based on a hedonic market model is developed. We interpret the factors that influence interest rates as ‘quality’ components of the credit contract. Using unique data allows us to consider both nominal interest rates and additional bank fees. The results show that banks have preferences for particularly liquid types of collateral, whereas they care little about the purpose for which the loan is used. Furthermore, the analysis allows quantification of the effects of socioeconomic attributes of farmers, different lending sources and government subsidies on interest rates. The latter effect is small compared with the officially declared reduction of the nominal interest rate. A simulation shows that enabling more borrowers to use liquid forms of collateral implies lower rates than those obtained by participating in the subsidy programme.     

Heterogeneous Demand and Supply for an Insurance‐linked Credit Product in Kenya: A Stated Choice Experiment Approach

We employ a discrete choice experiment to elicit demand and supply side preferences for insurance‐linked credit, a promising market‐based tool for managing agricultural weather risks and providing access to credit for farmers. We estimate preference heterogeneity using primary data from smallholder farmers and managers of lenders/insurers combined with household socio‐economic survey data in Kenya. We analyse the choice data using maximum simulated likelihood and Hierarchical Bayes estimation of a mixed logit model. Although there are some similarities, we find that there is conflicting demand and supply side preferences for credit terms, collateral requirements, and loan use flexibility. We also analyse willingness to buy and willingness to offer for farmers and suppliers, respectively, for the risk premium for different attributes and their levels. Identifying the preferred attributes and levels for both farmers and financial institutions can guide optimal packaging of insurance and credit providing market participation and adoption motivation for insurance‐bundled credit product.     

Collateral‐free lending with risk‐contingent credit for agricultural development: indemnifying loans against pulse crop price risk in India

This article addresses the problem of collateral‐free lending in the context of agricultural development. We investigate a viable alternative to traditional credit products through the development of risk‐contingent credit for operating loans and farm mortgages and apply the concept to agricultural loans for pulse crops in India. Risk‐contingent credit mitigates business and financial risk by reducing debt obligations depending on the embedded commodity options whose payoffs are linked with commodity price fluctuations. We analyze daily commodity spot prices for pulse crops in India and show how risk‐contingent structured financial instruments can be priced in practice.