林权抵押贷款信贷配给的影响因素及其异质性分析——基于福建省农户调研数据的研究

李莉^1,2　黄和亮¹　黄森慰³　陈思莹¹

（1. 福建农林大学经济与管理学院；2. 福建农林大学金山学院；3. 福建农林大学公共管理与法学院）

　　内容提要：基于福建省集体林区785户样本的调研数据，本文对林权抵押贷款信贷配给的影响因素及异质性农户的差异进行分析，研究结论为：（1）林权抵押贷款的信贷配给程度严重，从有效需求样本看，遭受配给程度高达75.94%，小农户遭受配给程度高于适度规模农户。（2）林权抵押贷款供给型配给主要受抵押品特征、声誉资本、经济资本特征以及地区市场政策方面的影响；需求型配给主要受声誉资本、交易成本、风险补偿成本、地区市场政策方面的影响。（3）农户遭受配给的影响因素存在显著差异。抵押品特征是造成农户供给型配给差异的主要因素，小农户供给型配给主要受林地面积的影响，适度规模农户主要受林权证、树种类型的影响。第三方组织的参与发挥对抵押品的补充功能，对小农户供给型配给的缓解更显著。风险补偿变量对小农户需求型配给的影响较规模农户更显著。地区变量对小农户各类配给的影响均更显著。

　　

　　关键词：林权抵押贷款；信贷配给；供给型配给；需求型配给；声誉资本；风险补偿；市场政策；抵押品特征

　　

　　作者简介：李莉，福建农林大学经济与管理学院博士研究生、福建农林大学金山学院副教授，福州，350002；黄和亮，福建农林大学经济与管理学院教授、博士生导师，通信作者；黄森慰，福建农林大学公共管理与法学院教授、博士生导师；陈思莹，福建农林大学经济与管理学院副教授。

　　

　　基金项目：国家社会科学基金一般项目“农村环境治理体系和治理能力现代化研究”（20BSH113）；福建省中青年教师教育科研项目“金融联结对林权抵押贷款信贷配给的影响研究”（JAS20527）

　　

　　引用格式：李莉,黄和亮,黄森慰,等.林权抵押贷款信贷配给的影响因素及其异质性分析——基于福建省农户调研数据的研究[J].经济与管理研究,2023,44(4):71-89.DOI:10.13502/j.cnki.issn1000-7636.2023.04.005.

　　

　　

Influencing Factors and Heterogeneous Analysis of Credit Rationing of Forest Rights Mortgage Loans

—Based on Survey Data of Farmers in Fujian Province

LI Li, HUANG Heliang, HUANG Senwei, CHEN Siying

(Fujian Agriculture and Forestry University, Fuzhou 350002)

　　

　　Abstract: Investigating the influencing factors of credit rationing and its heterogeneity is essential for addressing the dilemma faced by forest rights mortgage loans. Based on the supply-demand rationing theory, this paper empirically tests the influencing factors of different credit rationing of forest rights mortgage loans and the differences in heterogeneous farmers using the survey data of 785 farmers in collective forest areas in Fujian Province.

　　The conclusions are as follows. First, the credit rationing of forest rights mortgage loans is severe. It affects 75.94% of farmers in the effective demand sample, with small-scale farmers suffering more than large-scale farmers. Second, supply rationing of forest rights mortgage loans is mainly affected by collateral characteristics, reputational capital, economic capital and regional market policies. On the contrary, demand rationing is closely related to reputation capital, transaction costs, risk compensation costs and regional market policies. Third, heterogeneous farmers suffer from significant differences in the influencing factors of supply rationing. Among them, collateral characteristics are the main factors. Small-scale farmers are mainly influenced by the forest land area, while large-scale farmers are mainly influenced by the acquisition of forest rights certificates and tree species types. The participation of third-party organizations is complementary to collateral and mitigates supply rationing for small-scale farmers more significantly. The risk compensation variable has a stronger effect on demand rationing for small-scale farmers than for large-scale farmers, while the area variable affects all types of rationing for small-scale farmers. Therefore, it is recommended to formulate differentiated forest rights mortgage policies to meet the loan needs of heterogeneous farmers. Meanwhile, it should actively explore the complementary mechanisms for forest rights mortgage loans when collateral is insufficient to encourage small-scale farmers to participate in cooperative operations. In addition, the level of social security for small-scale farmers should be improved to facilitate their demand rationing.

　　This paper may have some contributions in the following aspects. First, it focuses on investigating supply rationing and demand rationing of forest rights mortgage loans. Second, it analyses the causes of supply rationing from the perspective of information asymmetry and demand rationing from the perspective of transaction cost rationing, risk rationing and price rationing. Third, it explores the differences in the influencing factors of heterogeneous farmers.

　　Keywords: forest rights mortgage loan; credit rationing; supply rationing; demand rationing; reputational capital; risk compensation; market policy; collateral characteristics