数字普惠金融与传统农村金融：替代抑或互补？——基于农户融资约束放松视角

《财经研究》 2022年48卷第6期 页码：34 - 48  online：2022年6月6日

数字普惠金融与传统农村金融：替代抑或互补？——基于农户融资约束放松视角

Digital Inclusive Finance and Traditional Rural Finance: Substitution or Complementarity? From the Perspective of Relaxing Farmers’ Financing Constraints

作者（中）：许月丽1, 孙昭君1, 李帅2, 3

作者（英）：Xu Yueli1, Sun Zhaojun1, Li Shuai2, 3

作者单位：1.广东外语外贸大学 经济贸易学院, 广东 广州 510016 2.广东外语外贸大学 金融学院, 广东 广州 510016 3.广东外语外贸大学 华南财富管理研究中心基地, 广东 广州 510016

摘要：通过在信贷配给模型中引入主客观项目成功概率距离这一测算信息不对称程度的指标，文章创新性地构建了解释传统农村金融和数字普惠金融之间关系的理论模型，并提出了相关假说。研究表明：（1）数字普惠金融的发展具有显著的“总量效应”，即促进农村信贷供给总量的边际增加。数字普惠金融的发展显著提高了农户当期消费与持久性收入之间的相关度，并且显著弱化了农户投资对储蓄的依赖性。（2）数字普惠金融对不同阶层的农户具有异质性影响，即存在“结构效应”，且对于弱势农户的融资约束问题具有更强的放松作用。（3）相对于传统农村金融，数字普惠金融在某些方面更具有解决农村金融市场信息不对称问题的能力，两者之间更多地呈现出有效互补而非简单替代关系。上述结论意味着，在数字金融深刻而全面地改变着金融结构和业态的背景下，厘清数字普惠金融和传统农村金融的功能边界，构建两者有机耦合的新型农村金融体系，是新时期对农村金融发展具有重要战略意义的政策选项。

关键词：融资约束; 主观与客观项目成功概率; 数字普惠金融; 传统农村金融

Summary: In recent years, the government has vigorously promoted the construction of the rural financial system and increased financial support for three rural issues (agriculture, rural areas and farmers). However, the solution of the three rural issues still face serious financing difficulties, because the huge temporal and spatial separation of input and output leads to the superposition of multiple factors such as production and market risks. Fortunately, the rise of digital inclusive finance in recent years seems to bring a new dawn to the solution of this knotty problem. While, rural credit has always been regarded as a typical relationship financing, and the operation of the credit market depends heavily on community capital based on geography and kinship. Therefore, the following important theoretical and practical questions are raised: To what extent can digital inclusive finance solve the difficulties faced by traditional rural finance? Can it penetrate the corners that traditional rural finance cannot reach through the application of new technologies?This paper attempts to explore whether the relationship between them is effective complementation or simple substitution from the functional perspective of solving the information asymmetry in the rural credit market. The results show that the development of digital inclusive finance has a “total effect” of significantly marginally increasing the total rural credit supply. It significantly improves the correlation between farmers’ current consumption and persistent income, and weakens the dependence of farmers’ investment on savings. What’s more, it also has a “structural effect” with a heterogeneous impact on different levels of farmers, and has a stronger relaxing effect on the financing constraints of vulnerable farmers. On the whole, compared with traditional rural finance, digital inclusive finance has more ability to solve the problem of information asymmetry in the rural financial market in some aspects, and the relationship between them is more effective complementation than simple substitution.The contributions of this paper are mainly reflected in the following aspects: Firstly, it creatively constructs a theoretical model to explore the relationship between digital inclusive finance and traditional rural finance, by introducing a new index to measure the degree of information asymmetry, namely the distance of the success probability of subjective and objective projects. Using this model, this paper explains the impact of the development of digital inclusive finance on farmers’ financing constraints from a theoretical perspective. Secondly, according to the economic logic of consumption liquidity constraints and investment credit rationing, it empirically explores the relationship between digital inclusive finance and traditional rural finance by using two groups of nested models. Finally, it finds that the development of digital inclusive finance has brought new opportunities for the improvement of the rural financial system. Therefore, the construction of a new multi-level rural financial system organically coupled with traditional finance and digital inclusive finance is the basic path to solve the difficult financing of three rural issues.

Key words: financing constraints; the success probability of subjective and objective projects; digital inclusive finance; traditional rural finance

DOI：10.16538/j.cnki.jfe.20220113.203

收稿日期：2021-9-6

基金项目：国家社会科学基金重大项目（21&ZD113）；国家社会科学基金重点项目（19AJY017）

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