直接融资发展、金融脱媒与农村商业银行回归本源被引量：3

Direct Financing Development,Financial Disintermediation and the Return of Rural Commercial Banks to Their Origins

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摘要随着我国资本市场的发展,直接融资占社会融资规模比重不断攀升,挤压了农村商业银行(简称农商行)的对公信贷业务。为应对直接融资的发展,农商行会否回归本源,增加对农户和中小企业的信贷供给?借助1020家农商行的样本数据,研究发现:直接融资发展显著促进了农商行回归本源,增加对农户和中小企业的金融支持。其作用机制为,直接融资发展加剧了金融脱媒,促使农商行调整信贷结构,更多地服务农户和中小企业。异质性分析表明,农商行市场份额越大、所在地区土地确权进度越快,直接融资发展对农商行回归本源的促进作用越大。大力发展直接融资,优化直接融资与间接融资比重,对提升金融服务实体经济质效、完善普惠金融体系具有重要作用。 With the development of China's capital market,the proportion of direct financing in aggregate financing to the real economy is increasing,which squeezes the rural commercial banks'corporate credit business.In response to the development of direct financing,will rural commercial banks return to their origins and increase the supply of credit to farmers and SMEs?Drawing on data from a sample of 1020 rural commercial banks,this paper finds that the development of direct financing significantly contributes to the return of rural commercial banks to their origins and increases their financial support to farmers and SMEs.The mechanism is that the development of direct financing intensifies financial disintermediation,prompting rural commercial banks to adjust their credit structure to serve farmers and SMEs more.Heterogeneity analysis shows that the larger the market share of rural commercial banks and the faster the progress of land titling in their regions,the greater the promotion effect of direct financing development on the return of rural commercial banks to their origins.These findings indicate that promoting the development of direct financing and optimizing the proportion of direct and indirect financing play an important role in improving the quality and effectiveness of financial services to the real economy and promoting financial inclusion.

作者亓浩马九杰李军伟 QI Hao;MA Jiujie;LI Junwei

机构地区南京农业大学金融学院中国人民大学农业与农村发展学院广东省人民政府办公厅

出处《华南师范大学学报（社会科学版）》 CSSCI 北大核心 2023年第4期96-109,206,207,共16页 Journal of South China Normal University：Social Science Edition

基金江苏高校哲学社会科学研究一般项目“农地经营权抵押能否发挥‘德索托效应’:效应评估与政策优化”(2022SJYB0046) 中央高校基本科研业务费项目“农地经营权抵押能否发挥‘德索托效应’:效应评估与政策优化”(SKYC2022005) 中央高校基本科研业务费项目“金融科技对资本要素市场一体化的影响研究”(SKQY2023003) 国家自然科学基金青年项目“农村金融机构数字化转型的普惠效应、作用机理与路径优化研究”(72203097) 教育部人文社会科学研究青年基金项目“数字化转型能否推动农村金融机构回归本源:效应、机制与路径优化”(22YJC790094)。

关键词直接融资金融脱媒农村商业银行农户和中小企业贷款普惠金融 direct financing development financial disintermediation rural commercial banks loans to farmers and small and medium-sized enterprises inclusive finance

分类号 F832.43 [经济管理—金融学]

作者简介通讯作者:李军伟,Email:ruclijw@163.com。