金融公共服务与农村信贷市场“使命漂移”的政策纠偏——基于门槛效应的理论与证据

农村金融市场借贷双向信息不对称导致的"使命漂移"及衍生的锚定效应,使贫困农户长期遭遇正规部门的金融排斥。基于社会公平考虑,政府可通过信息公共服务的"扶持之手"来弥补信贷市场失灵,使贫困农户得以跨越"门槛效应"而参与金融市场,促进金融普惠。使用农户问卷数据进行的实证研究结果表明：在"银行（贷）→农户（借）"层面,基于信息不对称的公共服务能降低信息门槛,使金融产品更好地服务于贫困农户;在"农户（借）→银行（贷）"层面,基于自我认知的公共信息服务,有利于诱导农户参与正规金融市场。综合效果是：公共金融服务可以降低财富（收入）水平的门槛要求、纠偏使命漂移,从而使金融产品能更好地瞄准于贫困农户而不是被误置于富裕农户。

Public Services,Anchoring Effect and Rectification of “Mission Drift” in Rural Finance: Theory and Evidence Based on the Threshold Effect

Threshold effect is an important factor for financial exclusion that poor rural residents suffer. In consideration of social equity, governments should adopt public services to make up for market failures, in order to enable the disadvantaged group to overcome the threshold effects and get into the financial market. On account of household questionnaire data, this paper has carried out an empirical analysis on the issue. The results show that public services based on asymmetric information can effectively reduce information barriers and improve the rate of financial market participation of poor farmers; public services based on policy cognition is conducive to match financial supply and demand in the regions effectively; public services based on transaction costs and fixed costs are given an edge to attracting financial institutions to establish and improve financial services network in the developing areas, which helps to afford more opportunities for the people to participate in the financial markets. As to its comprehensive effect, public services can rectify the target deviation of financial institutions and allow low-income farmers to get access to financial services by reducing the wealth level threshold.