【摘要】 乡村产业融合发展是提升乡村产业发展水平的关键路径，但新型农业经营主体参与产业融合发展仍受到严重的融资约束，乡村产业融合发展能否发挥农贷效应、破解农贷市场精英俘获的负外部性值得探讨。本文利用CRERFS 2021调查数据考察乡村产业融合发展对新型农业经营主体信贷融资的影响。研究发现，乡村产业融合发展显著提升了新型农业经营主体信贷可得性，发挥了农贷效应。机制分析表明，乡村产业融合通过促进生产要素重组、提升收入水平、降低生产经营风险，发挥农贷效应。此外，乡村产业融合发展具有金融普惠效应，对体制外、非经济精英、低数字素养、低金融素养经营主体的信贷融资增进作用更为明显。上述发现印证了乡村产业融合发展不仅有助于缓解新型农业经营主体融资困境，还有助于破解传统农贷市场的精英俘获现象，推动乡村产业共享式发展和农村金融的包容性增长。更多还原

【Abstract】 Rural industrial integration is a key pathway for enhancing rural industrial development.However, new types of agricultural business entities continue to face severe financing constraints when participating in industrial integration, raising the question of whether rural industrial integration can generate credit effects and mitigate the negative externalities of elite capture in rural credit markets.Using the data from the 2021 China Rural Economy and Rural Finance Survey(CRERFS),this study examines the impact of rural industrial integration on credit financing for new agricultural business entities.The results show that rural industrial integration significantly improves credit accessibility for new agricultural business entities, indicating a clear credit effect.Mechanism analysis reveals that rural industrial integration facilitates credit access by promoting the reallocation of production factors, increasing income levels, and reducing production and operational risks.In addition, rural industrial integration exhibits a financial inclusion effect, as reflected in a stronger credit-enhancing impact on entities operating outside the formal system, non-economic elites, and those with lower levels of digital and financial literacy.Overall, these findings suggest that rural industrial integration not only helps alleviate financing constraints faced by new agricultural business entities, but also mitigates elite capture in traditional rural credit markets, thereby promoting shared rural industrial development and inclusive growth in rural finance.更多还原