CAJ | 학술논문

运用有序多分类Logit模型来检验这一理论假说：正规程度高（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。实证结果支持了理论假说，即正规贷款人是基于借款人提供标准信息禀赋能力而放贷，那些具有高担保资产、悠久信用记录、正规经营证件，以及高社会关系资本水平的农村中小企业，其获得正规金融机构贷款的概率比较大。其政策启示在于鼓励贷款技术创新，发展农村金融互助组织，以及综合正规与非正规金融部门的比较优势以整合农村信贷市场。
운용유서다분류Logit모형래검험저일이론가설：정규정도고（표준신식품부고）적농촌중소기업경가능동정규대관인진행금융교역，형성차대필배。실증결과지지료이론가설，즉정규대관인시기우차관인제공표준신식품부능력이방대，나사구유고담보자산、유구신용기록、정규경영증건，이급고사회관계자본수평적농촌중소기업，기획득정규금융궤구대관적개솔비교대。기정책계시재우고려대관기술창신，발전농촌금융호조조직，이급종합정규여비정규금융부문적비교우세이정합농촌신대시장。
In the paper, the Ordered Logit Model is applied to test 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 lender＇s lending decision is based on the RMSE＇s ability to supply standard information, and the RMSE with higher endowments of secured assets, past credit records, formal license and document, and higher level of social relationship capital, have higher probabilities to obtain loans from formal financial institutions. The policy implications of the paper include that innovations in lending technologies should be encouraged, financial self-help groups in the rural areas should be developed, and comparative advantages of formal and informal finance would be synthetized to integrate rural credit markets.