农地确权、信贷配给释缓与农村金融的深度发展*

作为一项基础性、制度环境层面的变革，农地确权帮助更多农户进入金融市场、促进农村金融宽度意义上的“量”变作用已经初步显现。但是，它是否可以提高农户贷款数量，缓解信贷配给并促进农村金融深度意义上的“质”变？这是一个重要但鲜有研究的问题。本文从供给、需求、交易成本、价格、风险配给等角度，分析了农地确权缓解信贷配给、促进农村金融深度发展的理论机理，并通过有序多分类变量回归及倾向得分匹配方法进行实证分析。研究表明，农地确权对农户金融参与深度的影响主要表现为：因降低信息成本而缓解价格配给，因弱化农户的损失规避心理而缓解风险配给；同时，数量配给和交易成本配给的释缓作用尚未充分显示。

LAND REGISTRATION,CREDIT RATIONING RELEASE AND THE DEEP DEVELOPMENT OF RURAL FINANCE

As a fundamental and institutional reform, it is apparent that land registration has helped more farmers enter financial market and promote rural finance to develop in “amount” However, is it helpful to increase the amount of loan, ease credit rationing and promote the depth of rural financial development in “quality”? This is still an important but rarely researched problem This paper analyzes theoretical mechanism that land registration eases credit rationing and promotes rural financial develop deeply from comprehensive perspective such as supply, demand, transaction costs, price rationing, risk rationing and so on Besides it carries empirical analysis by using ordinal multi categorical regression model and propensity score matching method Many studies have shown that land registration plays an important role in farmers participation in finance market, because the credit is more available at lower costs which can ease price rationing Weakening the cost of avoiding losses is able to ease risk rationing However, the effect of quality rationing and transaction cost rationing has not yet been fully shown