两权抵押贷款政策能否促进农业规模经营？

孙继国　岳秀娟

（青岛大学）

内容提要：两权抵押贷款政策是中国农村金融制度的重要创新，对激活农村闲置土地资源，有效破解中国农业生产过程中“融资难、融资贵”的问题，促进农业规模经营具有重要意义。本文基于2011—2023年中国2151个县域层面的面板数据，以两权抵押贷款政策为准自然实验，运用双重差分模型，考察两权抵押贷款政策对农业规模经营的影响。研究结果显示，两权抵押贷款政策的实施促进了试点地区农业规模经营水平的提升，并且这一结论在替换被解释变量等稳健性检验后仍然成立。机制分析结果表明，两权抵押贷款政策的实施有利于增加地区信贷供给和促进劳动力转移，从而促进县域农业规模经营。异质性分析结果表明，两权抵押贷款政策的实施促进了东部和中部地区的农业规模经营。相较于农业落后县，两权抵押贷款政策对农业发达县规模经营带来了“锦上添花”效应。本文的研究结论为进一步深化落实农村金融体制改革、提升金融服务农业质效和推进农业农村现代化建设提供理论依据和实践指导。

关键词：两权抵押贷款政策；农业规模经营；农业农村现代化；信贷供给；劳动力转移

作者简介：孙继国，青岛大学经济学院教授，青岛，266071；岳秀娟，青岛大学经济学院硕士研究生。

基金项目：国家社会科学基金一般项目“普惠金融支持农业创新链和产业链对接的机制与路径研究”（21BJY044）；青岛市哲学社会科学规划项目“数字普惠金融对青岛市乡村产业振兴的影响效应及支持路径研究”（QDSKL2201078）

引用格式：孙继国,岳秀娟.两权抵押贷款政策能否促进农业规模经营?[J].经济与管理研究,2025,46(11):78-90.

Can the Two Rights Mortgage Loan Policy Promote Agricultural Scale Operation?

SUN Jiguo, YUE Xiujuan

(Qingdao University, Qingdao 266071)

Abstract: Moderate agricultural scale operation can break the pattern of small-scale farming operation to optimize the allocation of key rural factors, boost development, and advance agricultural and rural modernization, thus creating a new situation for rural economic development and injecting new impetus into rural revitalization. As a landmark innovation in China’s rural financial system, the two rights (farmers’ housing property right and the right to land contractual management) mortgage loan policy is of great significance for activating idle rural land resources, addressing the problems of difficulty in financing and high financing costs in China’s agricultural production, and boosting agricultural scale operation.

This paper uses panel data from 2,151 counties (county-level cities and districts) in China from 2011 to 2023, treats the two rights mortgage loan policy as a quasi-natural experiment, and employs the difference-in-differences (DID) model to examine the impact of the policy on agricultural scale operation. The findings indicate that the policy can improve the level of agricultural scale operation in the pilot areas. This conclusion remains valid after a series of robustness tests. Mechanism analysis further reveals that the policy can effectively increase the regional credit supply available to agricultural entities and promote the orderly transfer of rural labor, thereby boosting county-level agricultural scale operation. Heterogeneity analysis shows that the positive effect of the policy is more prominent in the eastern and central regions. Additionally, the policy has produced a cumulative advantage in scale operations in agriculturally developed counties. These conclusions provide theoretical foundations and practical guidance for deepening rural financial system reforms, enhancing the quality and efficiency of financial services for agriculture, and advancing agricultural and rural modernization.

The marginal contributions are as follows. First, unlike previous studies that used micro-survey data, this paper chooses the county-level panel data, as counties are the basic administrative units for agricultural policy implementation and serve as key vehicles for agricultural scale operation. Therefore, it offers a more comprehensive reflection of the policy’s overall regional effect and provides valuable macro-level evidence for understanding the financial policy support for regional agricultural scale development. Second, this paper fills a gap in existing literature by integrating the two rights mortgage loan policy and agricultural scale operation into a unified analytical framework, and employs the DID model to conduct an empirical test of the impact of the policy, thus deepening the academic understanding of this policy. Third, from the perspectives of credit supply and labor force transfer, this paper explores the influencing mechanism of the two rights mortgage loan policy on agricultural scale operation, and comprehensively expounds the scientific connotation of the policy promoting agricultural scale operation.

Keywords: two rights mortgage loan policy; agricultural scale operation; agricultural and rural modernization; credit supply; labor transfer

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