【摘要】 养殖大户收入的持续增长，是实现乡村全面振兴的有力支撑，也是加速农业现代化进程的重要驱动。活体抵押贷款为养殖大户提供了融资新渠道，探究活体抵押贷款对养殖大户收入的影响能够为优化农村金融政策、提升金融服务实体经济能力提供一定参考。基于2024年对山西省、内蒙古自治区两地共计339家养殖大户的调研数据，采用倾向得分匹配法(PSM)系统性分析活体抵押贷款对养殖大户收入水平的影响。研究表明，活体抵押贷款显著提高了养殖大户的收入水平，经过稳健性检验后该结果仍然成立。机制检验结果显示，活体抵押贷款主要通过促进养殖大户采纳数智化技术进而推动其收入增长。异质性分析显示，在政府培训情景下参与活体抵押贷款对养殖大户收入的影响更为显著。为此，应持续拓宽活体抵押贷款的覆盖面，强化数智化技术的推广与支持以提升政策实效，并深化政府培训内容的针对性，从而全方位发挥助农增收效应。更多还原

【Abstract】 The sustained growth of large-scale farmers’ income serves as not only a vital foundation for achieving comprehensive rural revitalization but also a key driver for advancing agricultural modernization. Livestock mortgage loans provide large-scale farmers with a new financing channel, and investigating the impact of such loans on their income can offer valuable insights for optimizing rural financial policies and enhancing the capacity of financial services to support the real economy. Based on survey data collected from 339 large-scale farmers in Shanxi and Inner Mongolia in 2024, this study employs the Propensity Score Matching(PSM) method to systematically analyze the impact of livestock mortgage loans on large-scale farmers’ income levels. The results show that the loans significantly increase the income of large-scale farmers, and this finding remains robust after rigorous testing. Mechanism analysis reveals that the loans primarily foster income growth by encouraging farmers to adopt digital and intelligent technologies. Heterogeneity analysis further indicates that the income-enhancing effect of the loans is more pronounced when farmers participate in government-sponsored training programs. Therefore, it is suggested to expand the coverage of livestock mortgage loans, strengthen the promotion and support of digital and intelligent technologies to maximize policy benefits, and further optimize government training by integrating technical skills with capacity building, so as to fully leverage the loans’ income-boosting effects for farmers.更多还原