城乡二元体制下农村产权的信贷供给效应研究

农村产权抵押的信贷供给效应是一个争论较大的问题。我们究竞应该对农村产权抵押持何种理性态度呢？由于我国试点时间短，经验证据还比较缺乏，无论从农村金融历次改革绩效的宏观角度，还是从信贷交易的微观角度分析，都能发现农村产权抵押有其开展的必然逻辑，会使部分地区和经营主体受益，故不能简单否定。但我们不能期望产权抵押成为解决农村融资困境的钥匙。现阶段因受制于城乡二元体制，农村产权抵押面临着比城市更多的约束，在金融资源配置、借款人抵押意愿、产权抵押品、产权抵押配套体系及产权抵押融资项目等方面，都具有城乡差别。因此，农村产权抵押不可能像城市产权抵押一样能有效地撬动大量信贷资源，短期内的信贷供给效应很有限。但这并非是抵押技术本身的问题，其症结主要在于城乡二元体制。创造条件继续推进农村产权抵押试点，随着城乡二元体制的破除，其效应将逐步显现。

Agricultural Property Right Collateral Security and Loan Supply Effect under the Dual Structure of the Urban and Rural

Rural property mortgage credit supply effect is a large debate issue. As the pilot of a short time, the empirical evidence is still relatively scarce. What a rational attitude should we really have to- wards rural property mortgage credit supply？ Both from a macro point of the previous reform of rural finan- cial performance, or from the microscopic point of credit transactions analysis, we can find the inevitable logic of rural property mortgage which will benefit some regions and business entities, it can not simply be denied. But we can not expect it to be a key to solve the rural property mortgage financing difficulties. Because under the dual structure of the urban and rural nowadays, rural property mortgage faces more constraints than urban, urban-rural divide exist everywhere ,just like the allocation of financial resources, the borrower mortgage wishes, the property collateral, the matching system and financing projects. Thus, rural property mortgage credit supply can not activate effectively a lot of credit resources like that in ur- ban, credit supply effects in the short term is limited. But the problem is not the mortgage technology it- self, the crux lies in the dual structure of the urban and rural. We should continue to promote the pilot rural property mortgage. If get rid of the dual structure of the urban and rural, rural property mortgage credit supply effect will gradually appear.