论文部分内容阅读
中国农村信贷市场的发展受合格抵押品的限制,衍生出基于人际圈层的各种抵押替代。本文基于农村人际圈层抵押替代的相关研究,运用全国农村金融调查数据,采用Probit模型分析非正规信贷市场中人际圈层关系与两类抵押(显性抵押和隐性抵押)替代的关系,发现在农村非正规信贷市场中,大多数借贷的发生基于比较紧密的亲朋邻里的人际关系,采用隐性抵押替代形式,且借贷双方的人际关系越紧密,越倾向于依靠既存的人际关系约束借贷双方。非正规信贷市场较多采用基于人际关系的隐性抵押替代,较少使用显性抵押替代,进一步支持了“圈层差序”的理论假说。
The development of China's rural credit market is limited by qualified collateral to generate various mortgage substitutes based on interpersonal circles. Based on the research of rural inter-city-level mortgage substitution, this paper uses the Probit model to analyze the relationship between interpersonal circles and substitution of two types of collateral (dominant mortgage and implicit collateral) in the informal credit market. In the rural informal credit market, most borrowings are based on the relatively close interpersonal relationships in relatives and neighbors, adopting the alternative form of implicit mortgage, and the more interpersonal relationships between lenders and borrowers are, the more they tend to restrain both borrowers and lenders by existing interpersonal relationships . The non-formal credit market adopts interpersonal implicit mortgage substitution instead of explicit mortgage substitution and further supports the theoretical hypothesis of “Spread Differentiation ”.