金融学院知识库

党的二十大报告明确提出全面推进乡村振兴。农村经济的全面繁荣对于全面推进乡村振兴具有重要意义，而农村金融的发展水平直接影响到农村经济的活力与效率。近年来，随着我国农民教育水平、人力资本水平等综合素质提升，以及财政支农政策和农村产业融合等持续推进，农民收入实现了稳步增长。然而，农村金融网点由于长期充当着将资金从农村转移至城市的中介角色，导致农村地区的信贷资源配置与经济发展需求不匹配。从2006年以来，农村金融市场的准入门槛逐步放宽，村镇银行、小额贷款公司、农村资金互助社等新型农村金融机构相继设立，在推动农村经济发展和促进农民增收方面发挥着日益重要的作用。特别是在我国中西部地区，新型农村金融机构设立有效增加了金融供给，一定程度上缓解了农村地区信贷资金不足的问题。

基于上述分析，本文使用2000-2022年中国中西部地区1300个县域的非平衡面板数据，采用双重差分法探究中西部地区新型农村金融机构设立对农民收入的影响及作用机制。研究发现：第一，新型农村金融机构设立通过促进金融市场竞争和丰富农村信贷渠道以提升农民收入，在经过平行趋势检验、安慰剂检验和内生性检验后，结论仍然成立。第二，机制研究表明，新型农村金融机构的设立，可以通过提高农业要素配置效率，以及优化产业结构以促进农民收入增长。第三，异质性分析表明，在以农业生产为主导、农民收入水平较低、人力资本水平欠佳的县域，新型农村金融机构设立更能促进农民增收。

基于上述研究结论，本文从新型农村金融机构的定位、治理、发展、监管维度提出以下政策建议。强化新型农村金融机构的支农定位。金融服务触角延伸至行政村层级，建立涵盖生产履约、消费行为、社会评价的三维信用评价体系；提高新型农村金融机构的治理水平。完善内部治理体系，实施透明化管理策略；推动新型农村金融机构因地制宜发展。结合中西部地区的资源禀赋与金融需求特征，推出涉农特色金融产品；加强新型农村金融机构的合规管理。监管部门建立风险管理制度，持续深化新型农村金融机构改革。

The report of the 20th National Congress of the Communist Party of China explicitly emphasized the comprehensive promotion of rural revitalization. The development of the rural economy plays a critical role in ensuring the stability and growth of the national economy as a whole. Furthermore, the level of rural financial development directly affects the vitality and efficiency of the rural economy. In recent years, with the continuous improvement of farmers' comprehensive qualities, such as education levels and human capital, alongside the sustained advancement of policies like fiscal support for agriculture and the integration of rural industries, farmers' income has steadily increased. However, rural financial institutions have historically functioned as intermediaries transferring funds from rural to urban areas, resulting in a mismatch between credit resource allocation in rural regions and the actual needs of economic development. Since 2006, the entry threshold for the rural financial market has gradually decreased, leading to the establishment of new-type of rural financial institutions, including village and town banks, small loan companies, and rural mutual funds. These institutions have played an increasingly important role in promoting rural economic development and increasing farmers' income. Particularly in the central and western regions of China, the establishment of these new rural financial institutions has effectively enhanced financial supply and, to some extent, alleviated the issue of insufficient credit funds in rural areas.

Based on the above analysis, this paper utilizes unbalanced panel data from 1,300 counties in the central and western regions of China spanning from 2000 to 2022. It employs the difference-in-differences method to examine the impact of the establishment of new-type rural financial institutions on farmers' income and its underlying mechanisms. The research findings indicate that, first, the establishment of new rural financial institutions promotes farmers' income by intensifying financial market competition and diversifying rural credit channels. This conclusion remains robust after passing the parallel trend test, placebo test, and endogeneity test. Second, the mechanism analysis reveals that the establishment of new rural financial institutions enhances farmers' income by improving the efficiency of agricultural factor allocation and optimizing the industrial structure. Third, the heterogeneity analysis demonstrates that in counties dominated by agricultural production, with relatively lower farmers' income levels and weaker human capital, the establishment of new rural financial institutions exhibits a more pronounced positive effect on farmers' income.

Based on the above research conclusions, this paper puts forward the following policy suggestions from the dimensions of positioning, governance, development and supervision of new rural financial institutions. Strengthen the agricultural support positioning of new rural financial institutions. Extend the reach of financial services to the administrative village level and establish a three-dimensional credit evaluation system covering production performance, consumption behavior and social evaluation; improve the governance level of new rural financial institutions. Improve the internal governance system and implement transparent management strategies; promote the development of new rural financial institutions in accordance with local conditions. In light of the resource endowments and financial demand characteristics of the central and western regions, launch agricultural characteristic financial products; strengthen the compliance management of new rural financial institutions. Regulatory authorities should establish risk management systems and continue to deepen the reform of new rural financial institutions.