农地确权、信任转换与农村金融的新古典发展*

兼具资本、不动产和商品三种属性的土地,可以作为陌生人社会中的声誉载体。它可以被商业银行接受为抵押品并用于控制借款者的违约风险。土地确权也可以因此促进农村金融的现代化发展。本文理论模型及其实证分析表明：土地确权可以从广度、交易环境、深度和宽度四个方面,促进农村金融的内生发展。本文研究还发现：土地确权不仅提高了制度信任在商业银行风险控制中的重要性,还降低了商业银行对人际信任和社会资本的过度依赖。通过促进人际信任向制度信任的模式转换,土地确权有利于农村金融的新古典式发展。

LAND RIGHTS VERIFICATION,CREDIT TRANSFORMATION AND THE NEOCLASSICAL DEVELOPMENT OF THE RURAL FINANCE

Land has three attributes of capital,real estate and commodities,which can be used as the carrier of reputation,accepted by the commercial bank as collateral and used to control the stranger the default risk of the societyLand rights verification can contribute to the modernization of the rural financeTheoretical models and empirical results in this paper show that rural land rights can be conducive to endogenous development of the rural finance from four aspects: height,trade environment,depth as well as breadthRural land rights verification not only raises the importance of risk control regarding institutional trust in commercial banks,but also reduces its over reliance on interpersonal trust and social capitalBy promoting the credit transformation from interpersonal trust to institutional trust,land rights verification benefits the neoclassical development of the rural finance