农村金融市场四大问题及其演化逻辑

融资困境是影响农村实现效率和公平目标的最大金融瓶颈，需要一个合适的农村金融体系去解除这一瓶颈。但为何已有成熟的城市工商金融体系，不能自然而然地延伸到农村地区，而需要一个单独的农村金融安排呢？笔者认为，原因在于农村金融市场存在四大基本问题：严重的信息不对称、抵押物缺乏、特质性成本与风险、非生产性借贷为主。四大问题的存在，使农村金融市场自然发育状态下出现“市场失灵”和“负外部性”，需要政府介入。但政府介入后，又往往以正式金融制度取代非正式金融制度，进一步恶化农村融资环境，又带来了“政府失灵”。两大“失灵”，使得农村资金的非农化成为常态。若不改变涉农基本制度，缓解两大“失灵”的关键，在于放弃单纯依赖正式金融部门的幻想，构建并运行正式和非正式金融两部门垂直合作型农村金融体系。若要从根本上解决农村融资难题。则需跳出金融去看农村金融问题，突破市场逻辑，改善基本涉农制度。

Four Key Issues of Rural Financial Market and its Evolution Process

The financing problems affect the efficiency and fairness objectives of rural economic development very much. Why we need a rural financial system, not choose to spread the market financial system to rural area instead? This article argues that, there are four key issues in rural financial market that can't be solved by market financial system: critical information asymmetry, lack of collateral, specific costs and risks, and non-productive usage of funds. If the rural markets were evolved naturally, the market failures and negative-externalities can't be avoided. But when the government interrupts in rural financial market, it will prefer to build up a formal financial system, which restrains the development of informal arrangement, but the later has the advantage to solve the four key problems, then the government failure will come out. In this market-based logic, the key to solve market and government failures lies on the construction of vertical cooperation rural financial system. Studies on the practices of many developing economies and China proved the evolving process. But the market-based logic can't solve the rural financial difficulties in essence. China should use the market-based logic, and also try to use anti-market-based logic to solve rural financial puzzle.