CAJ | 학술논문

本文运用有序多分类Logit模型来检验：标准信息禀赋高的农村中小企业更可能同正规贷款人进行金融交易，形成借贷匹配。计量结果支持了理论假说，即正规贷款人是基于借款人所提供的标准信息禀赋而放贷，具有高担保资产、悠久信用记录、正规经营证件和高社会关系资本水平的农村中小企业，获得正规金融机构贷款的概率更大。其政策含义在于鼓励信贷技术创新，构建信息收集机制，以及综合正规与非正规金融部门的比较优势以整合农贷市场。
본문운용유서다분류Logit모형래검험：표준신식품부고적농촌중소기업경가능동정규대관인진행금융교역，형성차대필배。계량결과지지료이론가설，즉정규대관인시기우차관인소제공적표준신식품부이방대，구유고담보자산、유구신용기록、정규경영증건화고사회관계자본수평적농촌중소기업，획득정규금융궤구대관적개솔경대。기정책함의재우고려신대기술창신，구건신식수집궤제，이급종합정규여비정규금융부문적비교우세이정합농대시장。
The Ordered Logit Model was fitted to test for the theoretical hypothesis that Rural Medium-Small Enterprises （RMSE）with higher endowments of standard information are more likely to engage in financial transactions and to be matched with formal lenders. The econometric results support the hypothesis, that is to say, formal lenders lend based on the RMSE＇s ability to suppy standard information, the RMSE with higher endowments of col- lateralizable assets,past credit history, government issued license and document,and higher level of social relation- ship capital, have higher probabilities of obtaining loans from formal lenders. Policy implications include that inno- vations in lending technologies should be encouraged, mechanisms of collecting credit information should be provid- ed, externalities of credit innovations should be subsidied, and comparative advantages of fomal and informal finance would be synthetized to integrate rural credit markets.