二元转型、信息流动变异与农村借贷合约的激励设计

    Dual Transformation, Information Flow Variation and Incentive Design of Rural Debt Contracts
    基金：基金项目：国家社会科学基金项目（12BJY099）;教育部人文社科规划资助项目（12YJA790183）
    摘要：文章在标准的借贷合约委托一代理模型基础上，通过引入二元转型所引起的信息流动变异，构建了一个农村借贷合约的拓展模型，提出了两个研究假说：一是农村金融机构借贷合约的激励结构设计随二元转型过程而变化；二是农村金融机构借贷合约的激励结构设计对金融机构类型具有敏感性。文章在此基础上利用泊松受限因变量模型进行了实证检验，主要得到以下结果：第一，反映二元转型与金融机构类型的系数均显著不为0，这为两个研究假说提供了经验证据；第二，新型农村金融机构的出现并没有降低农户的违约成本，合约的声誉自执行机制仍是有效的；第三，新型农村金融机构的出现对解决农村金融市场严重的信息不对称问题具有显著作用，农户借贷须提供抵押品的比例明显降低。文章的一个重要政策含义是，从优化借贷合约的角度看，进一步放宽农村金融机构准入限制，进而优化农村金融机构结构，或许是比利率市场化更有效的政策选择。
    Based on a standard principal-agent model concerning debt contracts, this pa- per constructs an extended model of rural debt contracts by the introduction of information flow variation caused by dual transformation, and puts forward two hypotheses as follows. the incentive design of debt contracts of rural financial institutions changes in the process of dual transformation; the incentive design of debt contracts of rural financial institutions is sensitive to the types of financial institutions. By using the Poisson restriction dependent var- iable model, it makes the empirical test and comes to the main results as follows, firstly, co- efficients reflecting dual transformation and the types of financial institutions are significant- ly different from zero, providing evidence for the two hypotheses; secondly, the emergence of new types of rural financial institutions does not reduce the default costs of rural house- holds, and the contract reputation self-enforcement mechanism is still effective; thirdly, the emergence of new types of rural financial institutions plays a significant role in the solution to serious information asymmetry of rural financial market, and the ratio of collateral con- tracts significantly reduces. This paper gives important policy implication that from the per- spective of the optimization of debt contracts, further relaxation on access restriction of rural financial institutions and thus optimization of the structure of rural financial institutions may be a more efficient policy choice than the marketization of interest rates.
    关 键 词：二元转型 信息流动变异 借贷合约激励设计
    dual transformation information flow variation incentive design of debtcontracts
    分 类 号：F832.35
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