异质性信贷约束对农民创业绩效的影响

创业绩效是每个创业者关注的核心问题。本文基于信贷均衡理论,采用我国传统劳务输出大省江西省创业农民的调查数据,甄别了样本的信贷约束及类型,实证研究了信贷约束及其类型异质性对农民创业绩效的影响。内生处理效应模型的估计结果表明,相比无信贷约束样本,受到信贷约束的农民创业财务绩效低94%,充分缓解其信贷约束能够提升财务绩效约45%。采用控制方程方法、OLS模型的回归结果表明,相比无信贷约束样本,受到完全数量型信贷约束、风险型信贷约束和部分数量型信贷约束的农民创业财务绩效分别低34%、26%和16%。信贷约束及其类型异质性对农民创业成长绩效的稳健性检验结果也印证了两者的负向关系。因此,应实施差异化的信贷政策,努力缓解创业农民的信贷约束,提升其创业绩效。

The Impact of Heterogeneous Credit Constraints on Entrepreneurial Performance of the Farmers

It is a core issue for the entrepreneurs to improve entrepreneurial performance.Based on the credit equilibrium theory and the survey data in Jiangxi province,this paper identifies the credit constraints and examines their impact on financial performance of the entrepreneurial farmers.The results of the endogenous treatment effect model show that the financial performance of the entrepreneurial farmers who suffer from credit constraints is 94%lower than those free from credit constraints.If the credit constraints can be totally alleviated,their financial performance will be improved by about 45%.The combination of the control function approach and the results of the OLS model shows that all kinds of credit constraints negatively affect the financial performance.The financial performance of the farmers who suffer from credit constraints caused by total quantity,risk and partial quantity are 34%,26%and 16%less than that of those free from such constraints.The robustness check made by the impact of credit constraints on farmers'growth performance testifies the negative relationship between credit constraints and farmers'entrepreneurial performance.Therefore,differential credit policies should be implemented to ease credit constraints and improve farmers'entrepreneurial performance.