CAJ | 학술논문

农业政策性金融供给缓解了农村金融抑制吗？如果是，缓解效应究竟有多大？本文利用13个省市147个县的调研数据，结合异质性双边随机前沿模型对上述问题进行了实证研究。结果表明：农业政策性金融供给、社会消费水平、金融机构不良贷款以及政府规制等异质性特征共同解释了90％的金融抑制的波动；其中，农业政策性金融供给对当期农村金融抑制起到了缓解作用，同时也增强了未来期的缓解效应；从平均水平看，农业政策性金融供给、社会消费水平提升使得金融抑制程度相对于均衡水平下降23．88％。因此，政府要因地制宜对农村金融市场主体进行引导，构建以政策性金融为先导，商业性、合作性金融为主体，其他金融形式为补充的多层次、互补性农村金融体系。
농업정책성금융공급완해료농촌금융억제마？여과시，완해효응구경유다대？본문이용13개성시147개현적조연수거，결합이질성쌍변수궤전연모형대상술문제진행료실증연구。결과표명：농업정책성금융공급、사회소비수평、금융궤구불량대관이급정부규제등이질성특정공동해석료90％적금융억제적파동；기중，농업정책성금융공급대당기농촌금융억제기도료완해작용，동시야증강료미래기적완해효응；종평균수평간，농업정책성금융공급、사회소비수평제승사득금융억제정도상대우균형수평하강23．88％。인차，정부요인지제의대농촌금융시장주체진행인도，구건이정책성금융위선도，상업성、합작성금융위주체，기타금융형식위보충적다층차、호보성농촌금융체계。
Does the agricultural policy financial supply relieves the repression of the rural finance？ If so, how much does the financial supply relieve it？ In this paper, we use the data collected from 147 counties of eastern, central and western regions in China to analyze the topic by heteroscedastic stochastic frontier model The results show that heterogeneities including the agricultural policy financial supply, consumption, bad loan from commercial banks and governmental regulation explain 90% of the fluctuation of financial inhibition. Moreover, the agricultural policy financial supply does weaken the repressive effect of rural finance while strengthening the relieving effect of the future. On average, the repressive effect decreases by 23.88% relatively due to the in- crease of financial supply of rural finance and consumption. Therefore, in order to eliminate the repression of rural finance, the government should build the financial policy - oriented, multi - level and complementary rural financial system, in which the commercial finance and cooperative one are centered with others like micro - finance and informal finance held as its supplements.