摘要
与正规信贷机构相比,小额信贷机构更接近借款人的社会网络,并在其甄别、监督客户以及实施合约的过程中更能发挥这种优势。利用三个非政府小额信贷项目区的调查数据,本文实证考察小额信贷对不同正规信贷配给类型的影响,并采用需求可识别双变量模型分别估计农村信用合作社和小额信贷机构的放款行为。研究发现:(1)小额信贷机构将服务对象从富裕农户扩展到比较富裕的农户;(2)小额信贷有效缓解了农户所面临的正规信贷配给问题,其中,对数量配给和交易成本配给的影响较大,而对风险配给的影响较小;(3)小额信贷机构缓解农户正规信贷配给的原因在于其通过特殊的组织、制度安排有效地利用了当地信息。本文对如何进一步扩展对农户的贷款服务提出了政策建议。
Compared with the formal institutions, the microfinance institutions （MFIs） have advantages in credit screening and monitoring and contract enforcement,as they are closer to their clients. Using a sample data set from three microfinance pilot areas, this paper employs Bivariate Probit models to examine the effeets of the microfinanee operation on credit rationing of rural households imposed by formal rural financial institutions. The paper found that （ 1 ） compared with Rural Credit Cooperatives （RCCs） which mainly serve the rich, MFIs have extended credit services to the poorer rural households. （2） MFIs have effectively reduced the credit rationing on rural households imposed by RCCs, of particularly the transaction cost rationing and quantity rationing, the impact on risk rationing is however less evident. （3） The impact of MFIs on formal credit ration is due mainly to a number of institutional and product innovations aimed at using locally available information. Policy recommendations are made on further extending credit services to the poorer communities and households in China＇s poor areas.
出处
《金融研究》
CSSCI
北大核心
2010年第12期190-206,共17页
Journal of Financial Research
基金
中国博士后基金项目"贫困地区农户正规信贷约束及其缓解的经验研究"(资助编号:20080441239)
国家自然科学基金青年项目"信贷约束与市场分割:基于微观计量模型的经验研究"(项目批准号:70903056)的资助
关键词
小额信贷
信货配给
双变量Probit模型
rural household, Rural Credit Cooperatives, micro-credit, credit rationing, Bivariate Probit Model
