利率浮动政策、差别定价策略与金融机构对农户的信贷配给

本文从不完全契约理论视角构建了利率对农村金融机构信贷供给决策影响的模型,基于该模型分析利率及其变动对农户遭受信贷配给类型和程度的影响;然后运用实地调查数据和多元Logit回归模型进行了实证分析。研究发现:利率变动与农户遭受的信贷配给程度之间存在非线性关系,利率增加先减缓农户信贷配给,而后,利率进一步提升将会导致信贷配给程度的增强;当前利率已经处在相当高的水平上,利率提升引发的信贷配给已相当明显。

Interest Rate Policy,Differential Pricing policy and Rural Credit Ration by Formal Financial Institutions in China

In the paper,the authors build an incomplete contract theoretical model to analyze the impact of interest rate policy and differential pricing policy on the credit ration of formal financial institutions decision. Then,the field data and multinomial logit model are used to the empirical econometric analysis.The results show that there is nonlinear relationship between interest rate and extent of credit ration faced by agricultural households.It means that when interest rate growing,the level of credit ration decreased,and then increased.