农地确权对小农户信贷可得性的影响——基于双稳健估计方法的平均处理效应分析

基于我国9省小农户调查数据,运用双稳健的平均处理效应模型,研究了农地确权对小农户信贷可得性的影响及其作用机理。结果表明:农地确权可以提升小农户信贷可得性。进一步研究发现,需求方面的影响路径是:确权提高了小农户的土地安全性,增加了农业长期投资,并提高了信贷意愿。供给方面的影响路径是:确权增加了小农户的财产权并使其拥有了可流转大额财产,传递了还款可能性增加的信号;而且可将农地作为抵押品获得农地抵押贷款,增加了金融机构的贷款供给。不过,农地的信号传递作用大于抵押作用,农地抵押作用的发挥需要进行进一步的制度和组织创新。

Impact of farmland titling on credit availability of small farmers: Average treatment effect analysis based on doubly robust estimation

The impact and mechanisms of farmland titling on credit availability of small farmers is investigated based on the survey data of small farmers from nine provinces in China. A doublely-robust average treatment effect estimation model is used in this study. The results show that titling increases farmers'' credit availability. Further analyses find that the impact path of demand is: Farmland titling improves land security, increases the long-term investment of small farmers and ultimately increases their loan willingness. The impact path of supply is: Farmland titling increases the property rights of small farmers and makes them possess large amount of transferable property, which transmits the signal that the possibility of repayment increases. Farmland also can be used as collateral to obtain land mortgage loan, which increases the loan supply of financial institutions. However, the role of the signal is greater than mortgage. The role of farmland mortgage needs further institutional and organizational innovation.