中国农村民间借贷市场融资约束环境下利率定价模型分析——以广东农村实地调查数据为例

通过对广东农户民间借贷行为实地调查的问卷进行数据分析,了解农村民间借贷中的资金供求关系,发现存在的融资约束问题,进而对融资约束环境下民间借贷资金利率定价过程进行实证分析;着重考察农村民间借贷利率受公共信息和私人信息影响的程度,从借款人和贷款人的角度分别建立定价模型进行经验分析。结果显示,定价模型在F检验1%水平上显著,其他模型具有R2的统计显著性;反映借款用途的变量在10%水平上显著,其他变量均在5%水平上显著。这说明该市场利率能够反映公共信息的影响,借款人和贷款人的利率定价也反映了各自私人信息中相关风险和财务能力因素的影响,得到的经验结论主要是:第一,农村民间借贷市场是自主交易的金融市场;第二,其利率定价过程基本市场化。

Rural Private Lending Market Financing Restraint and Real Diagnosis of Its Price Forming Model:Based on the Fieldwork in Guangdong Countryside

China rural private lending market's system background and the supply and demand condition analysis demonstrated that the farmer financing needs existing financing constraints.Based on rural private lending market microstructure analysis,this paper explores its core trading mechanism respectively,the borrower and lender and market transaction price establishment rate pricing multivariate regression model and empirically.The results showed that the market transaction price model equation in F - inspection of 1% significance level,reflecting the borrowing purpose of variables in 10% significance level,other variables are significant of 5% level.It is illustrated that the market interest rate can reflect public information,the influence of borrower and lender rates pricing also reflects their private information risk and ability factors,knowable rural private lending market is lending transaction folk both independent financial market,its rate pricing basically realize marketization.