摘要
论文重点研究了社会信任与关系型融资之间的关系。文章运用CFPS(2014)微观数据,发现信任水平越高的债权人,越愿意提供关系型融资。进一步的异质性分析表明:社会信任对非正式融资的影响主要集中在农村而不是城市地区,在年龄结构上主要集中于25~50岁的年龄范围。考虑到可能的内生性估计偏误,文章不仅要解决人力资本、社会网络、宗族力量等遗漏变量问题,还利用"南稻北麦"的种植方式作为社会信任的工具变量进行IV估计,进一步证实信任对关系型融资的因果效应。结果显示,在正式金融制度短缺的落后地区,积累社会资本、提高社会信任水平,对于促进非正式金融市场发展、满足社会多样化金融需求具有积极的借鉴意义。最后针对关系型融资的互联网化和乡村宗族文化式微下社会信任作用的不断消解问题,提出一些政策指导。
As the essential part of social capital,social trust imposes great influences on decreasing transaction costs and promoting the development of informal financial market.Different from the present research about the effect of social network on relational financing,our research studies the relationship between social trust and relational financing.By using CFPS(2014)microdata,we find that‘the loan we lend to others is the given trust’,which means that the creditors with higher level of trust are more willing to provide relational financing.And the further heterogeneity analysis demonstrates that the influence of social trust on informal finance mainly occurs on the people aged between 25 and 50 in rural areas rather than urban areas.Considering the impossible endophytism estimation errors,we not only solves the problem of missing variables such as human capital,social networks,clan power,but also exploit the planting pattern‘south rice or north wheat’as the instrumental variable of social trust and the results of IV estimation further prove the causal effect of trust on relational financing.On top of that,we confirm that the accumulation of social capital as well as the improvement of social trust possess reference meaning in improving informal financial development and satisfying diverse financial requirements.Concerned about the problem of the Internet of relational financing and the constant dissolution of social trust’s impacts on informal financing under the rural clan culture,this article proposes some policy guidances.
作者
董诗涵
丁从明
DONG Shi-han;DING Cong-ming
出处
《农村金融研究》
2020年第1期60-71,共12页
Rural Finance Research
关键词
社会信任
关系型融资
社会资本
南稻北麦
Social Trust
Relational Financing
Social Capital
South Rice North Wheat
