| China began to implement a planned economy for a long time in 1949,and the extensive construction of rural credit cooperatives in rural areas is actually the peak of China’s rural inclusive financial development.Since 1978,in the context of the reform and opening up policy,the rural inclusive financial system with rural credit cooperatives as the core has been broken,and the rural inclusive financial system has turned from prosperity to decline.Rural credit cooperatives have carried out market-oriented reforms in batches,gradually moving away from rural areas under the guidance of maximizing operating profits.This is specifically reflected in the long-term unsatisfaction of credit in rural areas,difficulty in expanding agricultural production and operations,and constraints on farmers’ income growth.These issues have also attracted the attention of the central government and gradually determined the macro path for financial institutions to return to the countryside.The Inclusive Finance Development Plan(2016-2020)launched by the State Council in 2015 means that the resolution of credit problems in rural areas will be accelerated from top to bottom.Since the promulgation of the inclusive finance development plan,whether the policy has a promoting effect in the increase of the disposable income of rural residents,whether its promotion effect is consistent under heterogeneous conditions,and whether it has an improvement effect on the poverty vulnerability of rural residents,this article will explore.The research results have certain theoretical and practical value for the differentiated development of inclusive finance under heterogeneous conditions.This article first builds a comprehensive indicator system for measuring the development level of inclusive rural finance with the support of literature,and develops a descriptive statistical analysis based on the indicator system.Secondly,using 2016 as the policy year to analyze the effects of rural DPI’s inclusive financial policy.Once again,it analyzes the impact of rural inclusive finance on the vulnerability of rural households through zero docking Poisson regression,and launches an analysis of the heterogeneity of rural households with different characteristics.Finally,the impact of rural inclusive finance on the income of rural households is analyzed through the tailing regression,and the analysis of the heterogeneity of rural households with different characteristics is carried out.The core conclusions of the research are as follows.1.The development of inclusive finance in rural areas in the western region is the best,followed by the eastern region.The central region lags behind the eastern and western regions significantly.With the increase in capital density,rural households with entrepreneurial behavior,engaged in industry and commerce,non-poor households and multiple houses in rural households have easier access to financial resources.2.From the perspective of farmers,the financial penetration in the central region is weaker and the distance between outlets is longer.With the increase in capital density,the financial penetration rate of rural households with entrepreneurial behavior,engaged in industry and commerce,and non-poor households with multiple houses is higher and the distance between outlets is closer.From the perspective of financial institutions,the supply of financial services to rural households in the central region is relatively weak.With the increase in capital density,the supply of financial services to rural households with entrepreneurial behavior,engaged in industry and commerce,non-poor households,and rural households with multiple houses is even greater.many.3.The implementation of the inclusive financial policy effectively promotes the disposable income of rural residents,which means that the implementation of the inclusive financial policy has significant positive value and has achieved the policy goal of promoting farmers’ income.On the macro level,the development of inclusive finance can improve the poverty and vulnerability of rural households in our country,and this effect exists in the eastern,central and western regions at the same time.However,it has no significant effect on improving the poverty vulnerability of poor households,non-industrial and commercial,and entrepreneurial rural households.This article believes that this means that when the unexpected comes,it is difficult for poor households to achieve poverty resistance through the credit effects of inclusive finance.4.The development of inclusive finance can increase the income of rural households,and this effect exists in the eastern,central and western regions at the same time.However,the improvement effect of inclusive finance in the central region is the weakest,and with the increase of capital,the effect of inclusive finance on the income growth of rural households has weakened.Based on the above conclusions,this article analyzes the problems in rural inclusive finance,and proposes targeted measures based on the summary of the advanced development experience of foreign rural inclusive finance.In addition,this article believes that the current rural inclusive financial financing model ignores the blindness of farmers in the production process.Based on this,this article proposes a type of production-sales-loan linkage model.Compared with the current inclusive financial operation mechanism,the production-sales-loan linkage model will focus on the production and sales of farmers’ professional cooperatives,and carry out credit activities to improve the effect of driving farmers’ income. |
