社会资本与农户创业中的金融约束——基于农村金融调查数据的研究
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| Title | ocial Capital and the Financial Constraints in the Entrepreneurial Decisions: Based on the Credit Market Survey Data from
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| 作者 | 张海洋 郝朝艳 平新乔 梁爽 |
| Author | Zhang Haiyang，Hao Chaoyan，Ping Xinqiao and Liang Shuang |
| 作者单位 | 对外经济贸易大学；中央财经大学；北京大学经济学院 |
| Organization | University of International Business and Economics; Central University of Finance and Economics; Peking University |
| 作者Email | hyang_zhang@163.com；haochy2011@163.com；xqping@pku.edu.cn；liangshuang18@vip.sina.com |
| 中文关键词 | 金融约束 有限责任 道德风险 |
| Key Words | Financial Constraints; Limited Liability; Moral Hazard |
| 内容提要 | 为探究我国农户所受金融约束的形成原因，本文依据农户家庭金融抽样调查所获数据，以农户的社会资本作为切入点，在Paulson et al.（2006）职业选择模型的基础上开展研究。文章使用极大似然估计方法来估计模型参数，并据此利用Vuong检验判别农户所受金融约束的形成原因。本文的研究表明：在当前发展阶段，有限责任机制和道德风险机制都是制约农户融资的原因。但从事农业生产的农户受到金融约束主要是来自有限责任机制，而从事非农产业的农户所受金融约束主要来自道德风险机制。为了激励农业生产，特别是欠发达地区的农业生产，有必要在农业贷款中适度降低抵押、质押等要求，以降低农户的财产对其融资能力的约束。 |
| Abstract | Based on the rural credit market survey data, we try to find out the reason of credit constraint in rural areas of China. The PTK(2006) occupational choice model with Social Capital and Vuong test are used in this paper. We find that the moral hazard and limited liability are both the reasons for credit constraints. For entrepreneurs still working on farm, the main reason is limited liability, but for those entrepreneurs working on business, the main reason is moral hazard. In order to improve the farmer’s welfare, it is important for the government to reduce the collateral needed in the farmer’s loan.
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| 文章编号 | WP261 |
| 登载时间 | 2012-05-22 |
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