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文章从正规与非正规金融机构的比较优势、农村信贷市场微观结构分析了金融联结的机理,并建立产量(贷款)领导的斯塔克伯格模型,推导理论假说和进行实证检验。理论研究和实证分析表明,非正规金融机构在信息甄别、监督、合约执行和交易成本等方面的比较优势是金融联结的正向激励,农村市场内生的低固定成本和市场势力促进了金融联结;正规金融机构因处理系统性风险而产生的低成本是其参与金融联结的主要优势。
The article analyzes the mechanism of financial linkages from the comparative advantages of formal and informal financial institutions, the microstructure of rural credit markets, and establishes the Starkberger model led by yield (loan), deduces the theoretical hypothesis and conducts empirical tests. Theoretical analysis and empirical analysis show that the comparative advantages of informal financial institutions in information screening, supervision, contract enforcement and transaction costs are the positive stimuli of financial linkages. The low fixed costs and market forces inherent in rural markets promote financial linkages ; The low cost of formal financial institutions dealing with systemic risk is a major strength of their participation in financial linkages.