【摘要】 本文构建了农村金融市场不同部门之间替代或互补关系的理论模型,并基于三年数据,采用PSM-DID模型分析了三部门之间的关系。研究发现:贫困村互助资金与农村金融市场的正规金融、非正规金融部门之间存在替代关系,尤其是替代了非正规金融部门贷款,且这种替代关系在贫困群体以及消费性借贷中表现更突出。上述发现为合理引导农村合作金融组织发展、建立与完善农村金融市场等方面提供了实证依据。更多还原

【Abstract】 This paper constructs a theory model to explain whether the relationship among different sectors in rural credit market is substitutive or complementary. Using a three-year panel data,this paper applies PSM-DID model to analyze the relationship among the poor village mutual fund,the formal financial sector and the informal financial sector in rural credit market. It’s found that there exists substitutive relationship among these three financial sectors. The mutual fund substitutes for part of the informal financing. Especially, the substitutive relationship is much more significant in poor groups and in the situation of consumption lending.These findings provide some scientific basis to guide the development of the rural cooperative financial organizations and to improve the rural financial market to be more mutually complementary.更多还原