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本文从借款人类型社会资本结构效应出发,考察了利率市场化与农村正规金融发展绩效之间的关联机制。与已有理论不同的是,这一机制的逻辑是,利率市场化通过社会资本对借款人类型的鉴别作用,将农村正规金融机构对金融市场的信息获取能力内生化,从而影响了其经济绩效。在理论分析的基础上,本文首先给出了关于利率市场化与农村正规金融发展关系的两个命题,进而据此提出了一个可以验证的推论。然后,基于改革开放以来中国农村利率改革的阶段划分,本文利用动态面板GMM估计方法对推论进行了检验,结果证明了利率市场化对于农村正规金融发展的重要性。这一研究结果的意义在于:即使对于具有严重不完全性的农村金融市场,仍应重视市场化的利率价格机制的建设,市场的不完全性不应成为阻碍农村利率市场化进程的理由。
Based on the effect of borrowers’ social capital structure, this paper examines the correlation between the interest rate marketization and the performance of rural formal financial development. Different from the existing theory, the logic of this mechanism is that the marketization of interest rates affects the economic performance of interest rate market-oriented internalization of the ability of rural formal financial institutions to acquire information on financial markets through the identification of borrower types by social capital . On the basis of theoretical analysis, this paper first gives two propositions on the relationship between the interest rate marketization and the development of rural formal finance, and then puts forward a verifiable corollary. Then, based on the stage division of the rural interest rate reform in China since the reform and opening up, the paper uses the dynamic panel GMM estimation method to test the corollary. The result proves the importance of the interest rate marketization to the development of rural formal finance. The significance of this research result is that even for the rural financial market with serious incompleteness, we should pay attention to the construction of the market-based interest rate pricing mechanism. The imperfection of the market should not be a reason to impede the marketization of rural interest rates.