Study On The Effect Of New Rural Financial Institution On Supporting Agriculture In West China

On December 20,2006,the CBRC promulgated several opinions on adjusting and relaxing the access of banking financial institutions in rural areas to support for the construction of new socialist countryside.In this context,the new rural financial institutions such as rural banks gradually established.In the new round of rural finance incremental reform,the coverage of rural financial institutions in rural areas has been improved,and the rural financial system has been formed,which is characterized by diversified,wide coverage and multi-level competition.In addition,the preliminary exploration of the financial services of the "city with rural" and rural financial supply "East to the West" model,enhanced the level of financial services in rural areas to a large extent.As of early 2015,China initiated the establishment of 1233 village banks,of which there were 322 village banks in the western region,339 village banks in the central region,492 villages banks in the eastern region.And established 49 rural credit cooperatives and 14 loan companies.A total of 1296 new rural financial institutions were established.The new rural financial institutions accumulated a total of 489.6 billion yuan of loans,farmers' loan balance of 213.7 billion yuan,rural SME loans 241 billion 200 million yuan,a total of two accounted for 92.91% of total loans,loans accounted for all Midwest farmers number more than 70%.The number of new rural financial institutions,such as village banks,has been increasing in the western region,and the rural financial market environment in the western region has been greatly improved.The new rural village banks and other financial institutions through continuous innovation,activate the rural financial market,the rural financial market environment is optimized,the rural area has formed a diversified,wide coverage,multi-level rural financial service system.However,whether the new rural financial institutions can reduce the credit rationing in rural areas and improve the credit availability of farmers? How does the farmers' cognition of the loan policy of the new rural financial institutions,the willingness of the loan,the behavior and the satisfaction of the service? Whether if the new rural financial institutions have improved the financial environment in the rural areas and improved the competition level of the rural financial market,which will help to increase the savings and investment,and then promote the improvement of the farmers' welfare level.All of these are the problems that need to be tested and solved,which is also the main problem in this paper.This paper uses the data of farmers in Shaanxi and Ningxia to analyze the effect of new rural financial institutions from theoretical and empirical aspects.First,through the combing of domestic and foreign literature,to seek the entry point of this study,elaborates the relevant theory and designs the theoretical framework,as the theoretical basis of this study.Secondly,it reviews the development process of the new rural financial institutions,clarifies the development status of the new rural financial institutions in the western region,and analyzes the existing problems in the development of the new rural financial institutions in the western region.Thirdly,the HLM model is used to analyze the relationship between the new rural financial institutions and the credit availability of the farmers.It is further explored whether the establishment of the new rural financial institutions reduces the credit rationing(cost and risk allocation,full quantity rationing and partial rationing)and improves the availability of credit for farmers.Fourthly,the Ordered Logit model and the Poisson Hurdle Model are used to analyze the farmers 'willingness,loan availability,loan quota and service satisfaction of the new rural financial institutions,and to explore the farmers' satisfaction with the service of the new rural financial institutions.Fifthly,the Multivariate Probit model is used to analyze the relationship between the different financing channels of the farmers,the Treatment Effect Model is used to analyze the difference of farmer's welfare effect between the new rural financial institutions and the traditional rural financial institutions' loans,the Quantile TreatmentEffect Model is used to estimate the loan Of the quantile effect.Sixthly,the paper analyzes the effect of new rural financial institutions in supporting agriculture,and puts forward the strategies and policy suggestions to enhance the effect of new rural financial institutions.Finally,this paper draws the following main conclusions:(1)The impact of the new rural financial institutions on the full number of credit rationing of farmers is negatively negative,indicating that the new rural financial institutions have reduced the total number of credit rationing of farmers;The impact of the new rural financial institutions on the farmers' credit availability is significant,indicating that the establishment of new rural financial institutions will improve the credit availability of farmers in their coverage areas;The impact of the new rural financial institutions on the cost and risk of credit rationing is not significant;The impact of the new rural financial institutions on the number of rural farmers is not significant.(2)By using Ordered Logit Model and Poisson Hurdle Model,this paper analyzes the farmers' willingness,credit availability,credit quota and service satisfaction of new rural financial institutions,farmers' new rural financial institutions have a strong willingness to lend,accounting for 72.06% of the sample farmers,farmers' satisfaction with the loan service of new rural financial institutions is better,accounting for 92.76% of the loans to new rural financial institutions.However,fewer farmers received loans from new rural financial institutions,accounting for only 22.42% of the sample farmers,and the amount of loans obtained from new rural financial institutions is still at a low level;(3)Farmers have obvious preference for the choice of financing channels,the traditional rural financial institutions are the main financing channels for the farmers.The financing of the new rural financial institutions has a strong substitution effect on the financing of the traditional rural financial institutions,and the selection of the private financing of the farmers has a strong complementary effect.Farmers 'traditional rural financial institution financing also has complementary effect on the choice of farmers' private financing.(4)Whether it is the financing of the new rural financial institutions or the financing of the traditional rural financial institutions,there is a significant positive impact on farmers' annual per capita income,agricultural income,annual per capita expenditure,living expenses and productive expenditure.This suggests that financing significantly improves the welfare of farmers.Although the financing improves the welfare level of the farmers,the welfare effect of the new rural financial institutions is less than that of the traditional rural financial institutions.(5)The impact of the new rural financial institutions on farmers' welfare is decreasing with the increase of the sub-points,that is,the financing of the new rural financial institutions has a greater impact on the welfare effects of the farmers whom in low welfare level.Among them,each coefficient of the maximum and minimum values of the ratio were 3.26 times,2.34 times,4.64 times,1.33 times,2.2 times and 6.98 times,and the wave range of the definite impact of farmers' expenditure is the largest,and the wave range of the definite impact of farmers' per capita expenditure is the smallest.