我国新型农村金融机构的发展特征及政策效果研究
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摘要
金融是现代经济体系的核心,社会主义新农村建设和新型城镇化发展离不开农村金融的支持,统筹城乡发展战略的实施有赖于农村金融市场改革的推动。然而,改革开放30多年来,我国农村金融体制与金融机构发展虽历经三次大的变革和调整,但还是无法根本扭转大量农村资金外流的局面,农村地区(特别是经济落后的农村地区和乡镇层级)依然存在着金融服务供给不足等问题。在此背景下,中国银监会于2006年12月出台相关政策,大幅调整放宽了农村地区银行和非银行金融机构市场准入门槛,鼓励和引导符合条件的境内外金融资本、产业资本和民间资本在农村地区投资设立村镇银行、小额贷款公司和农村资金互助社三类新型农村金融机构。期望通过大力发展扎根农村、服务于“三农”的新型农村金融机构,实现农村资金的部分回流,充分利用新型农村金融机构管理层次少、经营方式活的特点积极“支农”、“支小”和“支微”；同时,改善农村金融市场的现行竞争状况,提高经济和金融资源配置效率。自2007年以来,新型农村金融机构政策推出已有6年多,村镇银行、小贷公司和农村资金互助社究竟发展情况如何?它们与其他农村金融机构相比,有何发展特征?新型农村金融机构的试点是否达到了预期政策效果和目标?这正是本文选题研究的意义之所在。
本论文以我国新型农村金融机构的可持续发展为线索,首先从理论上探讨了新型农村金融机构的生存发展机理和理论依据,并结合我国统筹城乡发展背景下三农发展对金融服务的需求特征,探讨了我国农村金融机构发展的历史变迁及环境约束；然后,论文通过实地调查深入考察了我国三种类型新型农村金融机构的试点现状、发展特征及存在问题,找出影响新型农村金融机构可持续发展的主要因素：与此同时,又运用试点发展的调查数据,运用统计分析和实证研究等方法对新型农村金融机构的“支农、支小”政策效果及影响政策效果发挥的制度设计因素进行了深入探讨；在此基础上,论文研究和借鉴国外农村金融机构的发展模式及经验,结合我国金融实际和三农发展需要,研究提出了我国新型农村金融机构可持续发展的市场定位、三种类型新型农村金融机构的发展模式和策略选择,以及相关配套改革措施。
全文共包括六大部分,各章节主要研究内容及主要观点如下：
第一章是“导论”。主要对论文的选题背景、研究目的和意义、基本研究思路和方法等进行了简要介绍和阐述。同时,本章还对国内外相关研究动态和主要观点进行了梳理,其中国外的研究动态主要从农村金融发展理论演变、农村金融服务创新等方面进行了归纳,国内研究动态主要从农村金融与农村经济增长的关系、农村金融发展的新范式转变、新型农村金融机构发展的一般理论等方面进行了综述。总体来看,现有文献集中于传统农村金融体制存在问题及改革对策的研究,对新型农村金融机构产生背景、发展环境、试点现状及问题研究的较多,而对新型农村金融机构发展特征、政策效果及可持续发展方向的研究则较为欠缺。
第二章是“新型农村金融机构发展的一般分析”。本章主要对比研究了新型农村金融机构与传统农村金融机构在准入条件、经营特点及功能作用等方面的不同特色,并分析了新型农村金融机构产生的制度环境和理论依据。具体研究思路是,首先分析了新型农村金融机构在整个农村金融体系中的地位,接着对三种类型的新型农村金融机构即村镇银行、小贷公司和农村资金互助社分别进行了界定；其次,结合我国农村金融制度变迁,探讨了新型农村金融机构产生的背景和制度环境,提出发展新型农村金融机构的重要意义在于提高农村金融服务的覆盖率、增加农村市场的资金供给和改善农村金融市场竞争局面。最后,还探讨了支撑新型农村金融机构发展的主要理论基础。研究认为,新型农村金融机构的产生和发展,不仅是我国农村经济社会发展和金融体系改革的现实需要,同时也有其产生的重要理论依据。这些理论依据包括金融抑制、金融深化与农业信贷补贴论、长尾理论、不完全竞争市场理论及农村金融可持续发展理论等。
第三章是“城乡统筹背景下新型农村金融机构试点现状与发展特征考察”。本章主要结合实地调查数据,首先对新型农村金融机构近年来的总体发展格局进行了简要分析,然后,分别对三种组织形式新型农村金融机构的试点现状、发展特征、成效及问题等进行了深入探索。通过对新型农村金融机构试点的区域分布分析发现,三种类型的新型农村金融机构中村镇银行发展速度最快,但分布明显偏向东部地区；有银监会批准的农村资金互助社发展缓慢,主要集中在中西部地区；小额贷款公司的数量分布在东中西部相对均衡,但在资本总额和贷款规模方面,东西差距巨大。论文以福建省为例分析了村镇银行和小贷公司的试点现状、运营特征,认为村镇银行具有管理模式上与主发起行趋同化、运营支行化、定价管理粗放化、设立地点以县城为主等特点,存在着公司治理弱化、筹资难度大、经营成本高、盈利水平低、贷款风险高等问题。从福建及其他地区的小贷公司试点看,小贷公司的兴起推动了农村金融组织体系的创新、拓宽了县域经济的资金来源,有效缓解了农村中小企业和“三农”融资难问题,一定程度上遏制了民间非法借贷的蔓延；但小贷公司也面临着法律地位不明确、融资杠杆率低、资金来源严重受限、专业管理人才不足、监管难度大等问题,论文还从法律定位、监管制度及发展方向三个方面对小贷公司的问题根源进行了深层次的制度分析。本章最后,在比较分析农村资金互助社三种运作模式(机构化运作管理模式、商业银行代管模式和政府主导模式)的基础上,运用来自四川、河南和山东三地调查资料,重点讨论了政府主导型村级资金互助社在设立原则、资金构成、组织架构等方面的运作特征。研究认为,资金互助社具有社员入股产权明晰,社区主导、自我管理,强调社区瞄准和封闭运作、贫困户与非贫困户帮扶机制等发展特征；在扶贫支农方面,资金互助社具有村镇银行、小贷公司不可比拟的优势,但目前也存在着法律地位不明确、治理结构不完善、项目运转缺乏可持续性等问题。
第四章是“我国新型农村金融机构的政策效果分析”。本章首先研究了新型农村金融机构政策的目标、政策传导过程和传导机理；在此基础上,论文对照银监会新型农村金融机构三年规划目标,发现三类机构的数量规划目标只完成了60.7%,在地区分布目标上也没能实现向中西部地区倾斜、农业大县和贫困地区倾斜的预期。接着,论文运用来自三省的农户调查资料,采用描述性统计分析和多元回归实证模型等方法,重点对村级资金互助社的支农效果进行了较为全面深入地研究。研究发现,农户是否参加互助社、是否使用互助资金与农户收入增长变量显著相关；但非贫困户利用资金互助社的机会更多,意味着互助资金对贫困户的支持力度还不足；农村互助资金使用效果的好坏,与借款农户的自身素质(如户主受教育年限、健康状况等)有着密切关系。调查发现,农村资金互助社的运行效果除了扶贫支农方面的经济价值,还具有融洽成员关系、干群关系等方面的社会管理功能,对村级社会治理具有积极的正向效应。本章最后深入探讨了影响新型农村金融机构政策效果的制度设计因素,认为新型农村金融机构在商业金融或普惠金融的性质(或目标)抉择、小型微利或规模经济的规模选择,以及经营策略选择、监管体制选择等制度设计层面,存在着矛盾和冲突,严重影响了新型农村金融机构政策效果的发挥和政策目标的实现。要实现新型农村金融机构的可持续发展,就不能回避或模糊处理这些制度设计层面的冲突。
第五章是“国外农村金融机构的发展模式及经验”。主要介绍和分析了发达国家和发展中国家农村金融机构的发展模式及经验,其中发达国家重点比较分析了美国、法国和日本的农村金融制度和农村金融机构发展特点及经验,发展中国家主要分析了印度和孟加拉国的农村金融制度特色和农村金融机构的发展经验。分析认为,国外经验的重要启示在于：农村金融体系具有相对独立性；农村金融体系的构建必须立足本国国情,不能盲目照搬；强调政府在农村金融机构发展中的作用发挥；合作金融在农村金融体系中具有特殊重要性；农村金融机构的稳定发展要有健全的法律法规作为基础和保障等。
第六章“我国新型农村金融机构可持续发展的模式选择及对策建议”,是全文研究的落脚点。针对三类新型农村金融机构存在的共性和差异化问题,借鉴国外农村金融机构发展经验,首先对新型农村金融机构的未来发展方向及其在我国农村金融体系中的市场功能进行了总体定位；然后,根据村镇银行、小贷公司和农村资金互助社三者各自不同特征,提出它们未来发展的各自模式选择及经营策略；最后,还提出了加大政策扶持力度、积极推进相关配套改革措施的具体建议。研究认为,在市场定位方面,要明确新型农村金融机构是农村社区型小微金融机构和普惠性农村金融体系的生力军属性,坚持“支农、支小、支微”的服务原则和“特色化、能赚钱、可持续”的经营方针,并放宽准入条件、采取激励约束机制引进多元化资本投入,同时,构建中央和地方政府分级协同监管的农村金融监管体制。在可持续发展的模式选择方面,认为村镇银行未来发展可选择总分行制或控股公司制模式；小贷公司的未来发展路径既可选择成为专业化的贷款零售商,也可创造条件逐步改制为村镇银行；农村资金互助社可持续发展模式选择则应是多方合作、相融共生模式,包括资金互助社与商业银行联合发展模式、农村资金互助社的区域联合发展模式、农村资金互助社与农业专业合作社联合发展模式。除了模式选择,论文还提出了促进各种新型农村金融机构顾“支农、支小”政策目标和自身可持续发展需要的具体策略建议。最后,论文还从应对利率市场化挑战、财政和货币扶持政策、优化农村信用环境、建立存款保险和农业保险制度等视角,提出了加大政策扶持力度、推进相关配套改革的系列政策建议,特别强调了农业保险对农村信贷风险的分担和转移功能,提出了新型农村金融机构和农业保险机构合作、农村信贷产品与农业保险产品合作途径及意义。
纵观全文研究,始终以可持续发展为线索,重点探讨了影响可持续发展模式选择的新型农村金融机构发展特征及政策效果问题。只有深入了解新型农村金融机构的运行特征及发展遇到的瓶颈,找出影响新型农村金融机构支农政策效果发挥的各主要因子,才能创新性地提出兼顾支农政策需要和自身可持续发展的新型农村金融机构的市场定位和发展模式。论文研究的主要特色及创新之处包括：
一是对新型农村金融机构的政策效果进行了一定的创新性研究。论文较深入地探讨了新型农村金融机构政策的目标、政策传导过程和传导机理,比较分析了村镇银行、小贷公司和农村资金互助社的“支小、支农”效果优劣,并通过对农村资金互助社的实证研究发现,农村资金互助社作为社区互助性金融组织,不仅对农户家庭增收扶贫具有显著的正向影响,还对村级社会治理具有积极的社会效应。最后还深入探讨了影响新型农村金融机构政策效果的多方面制度设计因素,包括新型农村金融机构的发展目标冲突、规模选择冲突、策略冲突及监管冲突等,认为制度设计层面矛盾和冲突的存在,严重影响了新型农村金融机构政策效果的发挥和政策目标的实现。要实现新型农村金融机构可持续发展,不能回避或模糊处理这些制度设计层面的矛盾冲突。
二是创新性地探讨了新型农村金融机构的市场定位、发展方向及发展模式选择。从我国城乡统筹发展和新农村建设的实际出发,兼顾支农政策目标和新型农村金融机构自身可持续发展的双重需要,论文提出了新型农村金融机构的乡村社区型小微金融和普惠型农村金融体系生力军的市场定位,认为新型农村金融机构的发展应该坚持“支农、支小、支微”服务方向和“特色化、能赚钱、可持续”的经营方针。在可持续发展的模式选择方面,认为村镇银行未来发展可选择总分行制或控股公司制模式,小贷公司则可选择成为专业化的贷款零售商或改制为村镇银行的发展路径,农村资金互助社则只有选择多方合作、相融共生的道路才能实现可持续发展。并且,在设计三类新型农村金融机构可持续发展模式及经营策略时,始终坚持支农政策需要和新型农村金融机构自身可持续发展二者兼顾。
三是结合福建省的试点调查资料,较全面地考察了小额贷款公司的发展历史、现状、特征及存在的问题,创新性地探讨了影响小额贷款公司可持续发展问题的深层次制度根源,并提出了小贷公司可持续发展的多种模式选择及对策建议。论文从现行法律法规出发,深入讨论了小额贷款公司在法律上的模糊性质定位及对小贷公司经营的不利影响,分析了小贷公司未来两条发展路径的可行性及应具备的经营条件和制度环境,探讨了小贷公司现行的多头监管造成的有些管得太多、有些无人管的失序局面,并有针对性地提出了较全面的小贷公司发展策略及监管制度改革的建议。
Finance is the core of the modern national economy. The development of new rural are closely connected to the strong support of rural finance. In spite of the three significant reforms and adjustments during the thirty-odd years of the reform and opening-up in China, rural financial system and rural financial institution have been failed to fundamentally turn around the situation of large scale rural capital outflow. Problems still exist in rural areas especially in backward parts and at town and village level, such as low branch network coverage, short of financial supply and insufficient competition. Rural small and micro business, individual business and peasant families find it difficult to secure bank loans, so they turn to underground banks and usurious loaners from time to time. Under the circumstances, China Banking Regulatory Commission unveiled related policies in December,2006to dramatically lower the threshold for market access to rural banking institutions. Financial capital from abroad and home, industrial capital and private capital are encouraged and guided to set up three sorts of new rural financial institutions in rural area, which are local banks, micro-credit companies and rural funds cooperatives. In vigorously developing these new institutions rooted in and served for rural areas, rural capital is expected to flow back partly. With less management levels and more flexible business operation, new rural financial institutions will take a full part in supporting peasants, small business and micro business. Meanwhile, they will change rural financial competitive landscape and improve the efficiency of rural financial resource allocation. Six years more have gone by since the announcement of the new rural financial policies, so how well do the rural banks, micro-credit companies and rural funds cooperatives develop? What are the new characteristics of these new rural financial institutions compared to traditional ones? How successful are the expected policies effects and goals achieved? These are the main points of this research.
The paper uses the sustainable development of new rural financial institutions as a clue, and firstly explores how the new rural financial institutions survive and develop on the theoretical basis. Under the background of balancing urban-rural developments, rural financial services need to meet the demand of the development of countryside, agriculture and farmers. In view of this, the paper further discusses the historical changes and environmental constraints of the small and medium-sized financial institutions in rural China. Then through field investigation into the development status, characteristics and existing problems of three new rural financial institutions in China, this paper finds out the main factors affecting the sustainable development of new rural financial institutions. At the same time, by using the survey data of the trial sites, it discusses the policy effects of new rural financial institutions on supporting farmers and small business and system design factors preventing policy effects from making progress. On this basis, the paper, which after studying and referring to the models and experience of foreign rural financial institutions and combined with the financial reality of our country and rural development, puts forward the market positioning strategy for the sustainable development of new rural financial institutions in China. And it also proposes development models and strategies for three kinds of new rural financial institutions, as well as the related reform measures. This thesis consists of six parts, the contents and main points of each chapter are as follows:
The first chapter is Instruction, which makes a brief introduction and statement about the background, objectives and importance, basic research ideas and methods, etc. Meanwhile, this chapter reviews the research trend at both home and abroad and major opinions. Foreign research trend is basically stated from three aspects:the evolution of rural financial theories, the innovation of rural financial service, rural financial system environment. Domestic research trend is reviewed and generalized about the relation between rural financial and rural economic growth, rural policy-based financial establishments and reforms, rural credit cooperatives' property right reforms, the transformation in rural financial models, the general theories in developing new rural financial institutions. On the whole, the existing references are mainly about traditional rural financial institutions on their problems and the countermeasures. There is relatively a lack of research on new rural financial institutions about their development characteristics, policy effects and sustainable development.
The second chapter is the General Analysis of New Rural Financial Institutions'Development. In this chapter, new rural financial institutions are compared with traditional rural financial institutions in access requirement, operational characteristics and functions. This chapter also analyzes the special background and theoretical basis on which new rural financial institutions founded. The specific research ideas are as follow:firstly, it analyzes the status of new rural financial institutions in the whole rural financial system; secondly, it defines the three kinds'of new rural financial institutions, namely, local banks, micro-credit companies and rural funds cooperatives; thirdly, in light of the changes to rural financial regulations, it discusses the background and system environment under which new rural financial institutions were created. Moreover, it points out that the significance of developing new rural financial institutions lies in improving rural financial service coverage, increasing rural capital supply and ameliorating rural financial market competitive landscape. It also talks about how economically helpful new rural financial institutions are to the development of rural areas; lastly, it analyzes the theoretical basis of rural financial institutions. The research suggests that the new rural financial institutions not only are the practical demand of the rural economic and social development and the reform of the rural financial system, but they come into being and develop according to necessary theoretical basis, including Financial Repression, Subsidized Credit Paradigm, The Long Tail, Incomplete Competition Market Theory, the Rural Financial Sustainable Development Theory.
The third chapter is the Investigation into the Development Characteristics of Rural Financial Institutions. Based on field survey data, this chapter makes a brief analysis of the overall development pattern of new rural financial institutions in recent years. Then it further discusses respectively on three sorts of new rural financial institutions about development status, characteristics, effects and problems. Through comparison, it concludes that local banks are developing in the fastest speed among three institutions while most of them locate at the eastern part. Rural funds cooperatives develop at a relatively slow speed and locate mainly in central and western regions. Micro-credit companies are almost equal in quantity among three parts of China but quite different in total amount of the capital and loan scale. The thesis takes Fujian Province as an example and analyzes the development status and operational characteristics of local banks and Micro-credit companies. Local banks have some problems such as they are similar to their main originating banks, established mainly in the counties not in towns and villages, difficult to raise capital, with high operating costs, low level of profitability and high risk of loaning. Micro-credit companies in Fujian Province and other areas, which are on trial, are successful in promoting the innovation of rural financial organization system, expanding the funding sources of local economy, alleviating the financial problems of rural small and medium-sized enterprises and peasants, containing the illegal private lending. These micro-credit companies also have their own problems, including the obscure legal status, the low financing lever, limited financing sources, inadequate professional management personnel and difficult supervision. Besides, the thesis further analyzes the problems of the micro-credit companies from three aspects which are legal position, supervision system and development direction. Finally, this chapter compares three models of rural funds cooperatives by using the survey data of Sichuan, Henan and Shandong. And it focuses on the analysis of operation characteristics of rural funds cooperatives on village level. Rural funds cooperatives give special importance to the orientation of the communities and self management. They also emphasize the clear property right management and the complementary assistance between poor and non-poor households. Rural funds cooperatives have incomparable advantages in helping the poor and supporting agriculture over rural banks and micro-credit companies. But they also run into difficulties, for example, there is no clear legal position, management structure is not perfect, and they lack operational sustainability of projects.
The fourth chapter is the Analysis of Policy Effects of New Rural Financial Institutions. This chapter begins with an analysis of policy objectives, policy transmission process and conduction mechanism of the new rural financial institutions. Based on these, the thesis draws some conclusions after comparing the three years' objectives of the new rural financial institutions. The expected amount of new rural financial institutions is only achieved by60.7%. Still, the geographical distribution objective that new rural financial institutions locate more in the central and western regions and agricultural counties and poverty-stricken areas has not be fully realized.
This chapter also uses household survey data form Sichuan, Henan and Shandong. And a regression model is established to make an empirical research on the effect to support peasants of rural funds cooperatives on village level. The research finds out that farmers'income will grow substantially if they join the new rural financial institutions and use the mutual funds. Non-poor farmers are more willing to obtain loans from rural financial institutions than poor farmers, which suggest that the support of mutual funds to poor farmers is insufficient. There is a close relationship between the quality of rural mutual funds and that of farmers, which include educations level and health status of the householders. Apart from its economic value, rural funds cooperatives which as community cooperative financial organizations also make a contribution towards improving relationships between members, groups, villagers. Thus, they have a positive effect on the positive social governance. Finally, this chapter discusses the system design factors influencing the policy effect of new rural financial institutions. It concludes that the contradictions and conflicts in designing system, such as in the scale selection of small profit or scale economy, in the target selection of commercial finance or inclusive financial, seriously affect the implementation of the new rural financial institutions policy effect and policy objectives. In order to realize the sustainable development of new rural financial institutions, we must not avoid addressing the contradictions in system design level.
The fifth chapter is the Development Model and Experience of Foreign Rural Financial Institutions. This chapter introduces and analyzes the development models and experience of foreign rural financial institutions in developed and developing countries. Among developed countries, it selects and compares the development models and experience of rural financial institutions in America, France and Japan. While among developing countries, it selects and compares those in India, Indonesia and Bangladesh. The important enlightenment of foreign experience to China's rural financial system reform and development of new rural financial institutions is as follow:the rural financial system is relatively independent which consists of rural commercial finance, policy finance and cooperative finance; the construction of rural financial system must be based on our own national conditions rather than copying blindly; emphasizing the role of government in the development of rural financial institutions; financial cooperation is of special importance in the rural financial system; the steady development of rural financial institutions should have the perfect laws and regulations as its basis and guarantee.
The sixth chapter is the Selection of Sustainable Development Model and Countermeasures of New Rural Financial Institutions in China, which is the end of this paper. Given the similarities and differences of three kinds of new rural financial institutions, and drawing lessons from the development experience of foreign rural financial institutions, it firstly makes an overall positioning on the development direction of future new rural financial institutions and its market functions of rural financial system. According to the different characteristics of local banks, micro-credit companies and rural funds cooperatives, it then puts forward their respective models and management strategies for further development. Finally, it also comes up with concrete proposals to increase policy support, and actively promote the related reform, in order to create the system foundation and environment for the sustainable development of new rural financial institutions. In market positioning, we must make it clear that the new rural financial institutions is the new attribution to the small financial institutions and inclusive rural financial system at rural community level. Adhere to the service principle that new rural financial institutions have in supporting peasants, small business and micro business. Adhere to the operating principle of characteristic, profitable and sustainable. And lower the market access qualifications, take the incentive and restraint mechanisms and introduce multiple capital investments. Meantime, construct the rural financial supervision system that central government and local government supervise collaboratively according to administrative level. In choosing the sustainable development model, local banks can select the general branch system model or holding company model in future development. Micro-credit companies can choose to turn into professional loan retailers or to create conditions to transform into local banks. Multiparty collaboration and partly integration models should be the paths for rural mutual cooperatives. These paths could be the joint development model of rural funds cooperatives and commercial banks, the joint alliance model of rural funds cooperatives in different areas, or the joint development model of rural funds cooperatives and rural agricultural cooperatives. In addition to model choices, the paper also makes specific suggestions about new rural finance institutions that could meet both policies need to support peasants and small business and its sustainable development plans. Based on the perspectives of financial policy, monetary policy, the optimization of rural credit environment, the establishment of deposit insurance system and agricultural insurance system, the paper finally proposes a series of measures to increase policy support and to promote related reforms actively. It puts special emphasis on the function of agricultural insurance to share and transfer the rural credit risk. Specifically, it proposes the approach and significance of the cooperation between new rural financial institutions and rural insurance institutions and that between rural credit products and agricultural insurance products.
Throughout the paper, it takes the sustainable development as the clue and discusses the model selection problem of rural financial institutions. Only after knowing the characteristics of the New Rural Financial Institutions and the existing problems, and finding out the factors affecting agricultural policy implement, can we come up with sustainable development models. The innovations of the paper are the following three points:
Firstly, the paper systematically studied the effects of policy. It discusses the policy objectives, policy transmission process and transmission mechanism of the NRFI, and compared with the agricultural support effect of village banks, small loan companies and rural mutual cooperatives. Through empirical study found rural mutual cooperative has a better effect. Finally, this paper inquires into many factors which influence the system design of the NRFI. The existence of contradictions and conflicts in our system at present, has seriously affected the implementation of the relevant policy effect and objectives. In order to realize the sustainable development of NRFI, it can not retreat contradictions conflict level design of these systems.
Secondly, one innovative research is the new type of rural financial institutions'direction of development, market positioning and development model selection. Overall planning for urban-rural development strategy in China and the reality of the new rural construction, supporting policy need to give attention to agriculture and the sustainable development of new type of rural financial institutions, this paper propose a market orientation of rural community micro financial institutions of new rural financial institutions to small and inclusive rural financial system, believing that the development of new type of rural financial institutions should adhere to the service of "agriculture, small, micro" and "characteristics, profitability, sustainable" business principles
Thirdly, it considers that the future development of rural bank branches can select a center branch system or a holding company system mode for the sustainable development. Small loan companies can choose to become professional retailers or loan restructuring path for the development of village banks. Rural mutual cooperatives can choice multilateral cooperation in order to achieve sustainable development. Moreover, in the design of three types of sustainable development of new rural financial institutions and business strategy, it always adhere to support both of the policy of agriculture and sustainable development of the new rural financial institutions.
本论文以我国新型农村金融机构的可持续发展为线索,首先从理论上探讨了新型农村金融机构的生存发展机理和理论依据,并结合我国统筹城乡发展背景下三农发展对金融服务的需求特征,探讨了我国农村金融机构发展的历史变迁及环境约束；然后,论文通过实地调查深入考察了我国三种类型新型农村金融机构的试点现状、发展特征及存在问题,找出影响新型农村金融机构可持续发展的主要因素：与此同时,又运用试点发展的调查数据,运用统计分析和实证研究等方法对新型农村金融机构的“支农、支小”政策效果及影响政策效果发挥的制度设计因素进行了深入探讨；在此基础上,论文研究和借鉴国外农村金融机构的发展模式及经验,结合我国金融实际和三农发展需要,研究提出了我国新型农村金融机构可持续发展的市场定位、三种类型新型农村金融机构的发展模式和策略选择,以及相关配套改革措施。
全文共包括六大部分,各章节主要研究内容及主要观点如下：
第一章是“导论”。主要对论文的选题背景、研究目的和意义、基本研究思路和方法等进行了简要介绍和阐述。同时,本章还对国内外相关研究动态和主要观点进行了梳理,其中国外的研究动态主要从农村金融发展理论演变、农村金融服务创新等方面进行了归纳,国内研究动态主要从农村金融与农村经济增长的关系、农村金融发展的新范式转变、新型农村金融机构发展的一般理论等方面进行了综述。总体来看,现有文献集中于传统农村金融体制存在问题及改革对策的研究,对新型农村金融机构产生背景、发展环境、试点现状及问题研究的较多,而对新型农村金融机构发展特征、政策效果及可持续发展方向的研究则较为欠缺。
第二章是“新型农村金融机构发展的一般分析”。本章主要对比研究了新型农村金融机构与传统农村金融机构在准入条件、经营特点及功能作用等方面的不同特色,并分析了新型农村金融机构产生的制度环境和理论依据。具体研究思路是,首先分析了新型农村金融机构在整个农村金融体系中的地位,接着对三种类型的新型农村金融机构即村镇银行、小贷公司和农村资金互助社分别进行了界定；其次,结合我国农村金融制度变迁,探讨了新型农村金融机构产生的背景和制度环境,提出发展新型农村金融机构的重要意义在于提高农村金融服务的覆盖率、增加农村市场的资金供给和改善农村金融市场竞争局面。最后,还探讨了支撑新型农村金融机构发展的主要理论基础。研究认为,新型农村金融机构的产生和发展,不仅是我国农村经济社会发展和金融体系改革的现实需要,同时也有其产生的重要理论依据。这些理论依据包括金融抑制、金融深化与农业信贷补贴论、长尾理论、不完全竞争市场理论及农村金融可持续发展理论等。
第三章是“城乡统筹背景下新型农村金融机构试点现状与发展特征考察”。本章主要结合实地调查数据,首先对新型农村金融机构近年来的总体发展格局进行了简要分析,然后,分别对三种组织形式新型农村金融机构的试点现状、发展特征、成效及问题等进行了深入探索。通过对新型农村金融机构试点的区域分布分析发现,三种类型的新型农村金融机构中村镇银行发展速度最快,但分布明显偏向东部地区；有银监会批准的农村资金互助社发展缓慢,主要集中在中西部地区；小额贷款公司的数量分布在东中西部相对均衡,但在资本总额和贷款规模方面,东西差距巨大。论文以福建省为例分析了村镇银行和小贷公司的试点现状、运营特征,认为村镇银行具有管理模式上与主发起行趋同化、运营支行化、定价管理粗放化、设立地点以县城为主等特点,存在着公司治理弱化、筹资难度大、经营成本高、盈利水平低、贷款风险高等问题。从福建及其他地区的小贷公司试点看,小贷公司的兴起推动了农村金融组织体系的创新、拓宽了县域经济的资金来源,有效缓解了农村中小企业和“三农”融资难问题,一定程度上遏制了民间非法借贷的蔓延；但小贷公司也面临着法律地位不明确、融资杠杆率低、资金来源严重受限、专业管理人才不足、监管难度大等问题,论文还从法律定位、监管制度及发展方向三个方面对小贷公司的问题根源进行了深层次的制度分析。本章最后,在比较分析农村资金互助社三种运作模式(机构化运作管理模式、商业银行代管模式和政府主导模式)的基础上,运用来自四川、河南和山东三地调查资料,重点讨论了政府主导型村级资金互助社在设立原则、资金构成、组织架构等方面的运作特征。研究认为,资金互助社具有社员入股产权明晰,社区主导、自我管理,强调社区瞄准和封闭运作、贫困户与非贫困户帮扶机制等发展特征；在扶贫支农方面,资金互助社具有村镇银行、小贷公司不可比拟的优势,但目前也存在着法律地位不明确、治理结构不完善、项目运转缺乏可持续性等问题。
第四章是“我国新型农村金融机构的政策效果分析”。本章首先研究了新型农村金融机构政策的目标、政策传导过程和传导机理；在此基础上,论文对照银监会新型农村金融机构三年规划目标,发现三类机构的数量规划目标只完成了60.7%,在地区分布目标上也没能实现向中西部地区倾斜、农业大县和贫困地区倾斜的预期。接着,论文运用来自三省的农户调查资料,采用描述性统计分析和多元回归实证模型等方法,重点对村级资金互助社的支农效果进行了较为全面深入地研究。研究发现,农户是否参加互助社、是否使用互助资金与农户收入增长变量显著相关；但非贫困户利用资金互助社的机会更多,意味着互助资金对贫困户的支持力度还不足；农村互助资金使用效果的好坏,与借款农户的自身素质(如户主受教育年限、健康状况等)有着密切关系。调查发现,农村资金互助社的运行效果除了扶贫支农方面的经济价值,还具有融洽成员关系、干群关系等方面的社会管理功能,对村级社会治理具有积极的正向效应。本章最后深入探讨了影响新型农村金融机构政策效果的制度设计因素,认为新型农村金融机构在商业金融或普惠金融的性质(或目标)抉择、小型微利或规模经济的规模选择,以及经营策略选择、监管体制选择等制度设计层面,存在着矛盾和冲突,严重影响了新型农村金融机构政策效果的发挥和政策目标的实现。要实现新型农村金融机构的可持续发展,就不能回避或模糊处理这些制度设计层面的冲突。
第五章是“国外农村金融机构的发展模式及经验”。主要介绍和分析了发达国家和发展中国家农村金融机构的发展模式及经验,其中发达国家重点比较分析了美国、法国和日本的农村金融制度和农村金融机构发展特点及经验,发展中国家主要分析了印度和孟加拉国的农村金融制度特色和农村金融机构的发展经验。分析认为,国外经验的重要启示在于：农村金融体系具有相对独立性；农村金融体系的构建必须立足本国国情,不能盲目照搬；强调政府在农村金融机构发展中的作用发挥；合作金融在农村金融体系中具有特殊重要性；农村金融机构的稳定发展要有健全的法律法规作为基础和保障等。
第六章“我国新型农村金融机构可持续发展的模式选择及对策建议”,是全文研究的落脚点。针对三类新型农村金融机构存在的共性和差异化问题,借鉴国外农村金融机构发展经验,首先对新型农村金融机构的未来发展方向及其在我国农村金融体系中的市场功能进行了总体定位；然后,根据村镇银行、小贷公司和农村资金互助社三者各自不同特征,提出它们未来发展的各自模式选择及经营策略；最后,还提出了加大政策扶持力度、积极推进相关配套改革措施的具体建议。研究认为,在市场定位方面,要明确新型农村金融机构是农村社区型小微金融机构和普惠性农村金融体系的生力军属性,坚持“支农、支小、支微”的服务原则和“特色化、能赚钱、可持续”的经营方针,并放宽准入条件、采取激励约束机制引进多元化资本投入,同时,构建中央和地方政府分级协同监管的农村金融监管体制。在可持续发展的模式选择方面,认为村镇银行未来发展可选择总分行制或控股公司制模式；小贷公司的未来发展路径既可选择成为专业化的贷款零售商,也可创造条件逐步改制为村镇银行；农村资金互助社可持续发展模式选择则应是多方合作、相融共生模式,包括资金互助社与商业银行联合发展模式、农村资金互助社的区域联合发展模式、农村资金互助社与农业专业合作社联合发展模式。除了模式选择,论文还提出了促进各种新型农村金融机构顾“支农、支小”政策目标和自身可持续发展需要的具体策略建议。最后,论文还从应对利率市场化挑战、财政和货币扶持政策、优化农村信用环境、建立存款保险和农业保险制度等视角,提出了加大政策扶持力度、推进相关配套改革的系列政策建议,特别强调了农业保险对农村信贷风险的分担和转移功能,提出了新型农村金融机构和农业保险机构合作、农村信贷产品与农业保险产品合作途径及意义。
纵观全文研究,始终以可持续发展为线索,重点探讨了影响可持续发展模式选择的新型农村金融机构发展特征及政策效果问题。只有深入了解新型农村金融机构的运行特征及发展遇到的瓶颈,找出影响新型农村金融机构支农政策效果发挥的各主要因子,才能创新性地提出兼顾支农政策需要和自身可持续发展的新型农村金融机构的市场定位和发展模式。论文研究的主要特色及创新之处包括：
一是对新型农村金融机构的政策效果进行了一定的创新性研究。论文较深入地探讨了新型农村金融机构政策的目标、政策传导过程和传导机理,比较分析了村镇银行、小贷公司和农村资金互助社的“支小、支农”效果优劣,并通过对农村资金互助社的实证研究发现,农村资金互助社作为社区互助性金融组织,不仅对农户家庭增收扶贫具有显著的正向影响,还对村级社会治理具有积极的社会效应。最后还深入探讨了影响新型农村金融机构政策效果的多方面制度设计因素,包括新型农村金融机构的发展目标冲突、规模选择冲突、策略冲突及监管冲突等,认为制度设计层面矛盾和冲突的存在,严重影响了新型农村金融机构政策效果的发挥和政策目标的实现。要实现新型农村金融机构可持续发展,不能回避或模糊处理这些制度设计层面的矛盾冲突。
二是创新性地探讨了新型农村金融机构的市场定位、发展方向及发展模式选择。从我国城乡统筹发展和新农村建设的实际出发,兼顾支农政策目标和新型农村金融机构自身可持续发展的双重需要,论文提出了新型农村金融机构的乡村社区型小微金融和普惠型农村金融体系生力军的市场定位,认为新型农村金融机构的发展应该坚持“支农、支小、支微”服务方向和“特色化、能赚钱、可持续”的经营方针。在可持续发展的模式选择方面,认为村镇银行未来发展可选择总分行制或控股公司制模式,小贷公司则可选择成为专业化的贷款零售商或改制为村镇银行的发展路径,农村资金互助社则只有选择多方合作、相融共生的道路才能实现可持续发展。并且,在设计三类新型农村金融机构可持续发展模式及经营策略时,始终坚持支农政策需要和新型农村金融机构自身可持续发展二者兼顾。
三是结合福建省的试点调查资料,较全面地考察了小额贷款公司的发展历史、现状、特征及存在的问题,创新性地探讨了影响小额贷款公司可持续发展问题的深层次制度根源,并提出了小贷公司可持续发展的多种模式选择及对策建议。论文从现行法律法规出发,深入讨论了小额贷款公司在法律上的模糊性质定位及对小贷公司经营的不利影响,分析了小贷公司未来两条发展路径的可行性及应具备的经营条件和制度环境,探讨了小贷公司现行的多头监管造成的有些管得太多、有些无人管的失序局面,并有针对性地提出了较全面的小贷公司发展策略及监管制度改革的建议。
Finance is the core of the modern national economy. The development of new rural are closely connected to the strong support of rural finance. In spite of the three significant reforms and adjustments during the thirty-odd years of the reform and opening-up in China, rural financial system and rural financial institution have been failed to fundamentally turn around the situation of large scale rural capital outflow. Problems still exist in rural areas especially in backward parts and at town and village level, such as low branch network coverage, short of financial supply and insufficient competition. Rural small and micro business, individual business and peasant families find it difficult to secure bank loans, so they turn to underground banks and usurious loaners from time to time. Under the circumstances, China Banking Regulatory Commission unveiled related policies in December,2006to dramatically lower the threshold for market access to rural banking institutions. Financial capital from abroad and home, industrial capital and private capital are encouraged and guided to set up three sorts of new rural financial institutions in rural area, which are local banks, micro-credit companies and rural funds cooperatives. In vigorously developing these new institutions rooted in and served for rural areas, rural capital is expected to flow back partly. With less management levels and more flexible business operation, new rural financial institutions will take a full part in supporting peasants, small business and micro business. Meanwhile, they will change rural financial competitive landscape and improve the efficiency of rural financial resource allocation. Six years more have gone by since the announcement of the new rural financial policies, so how well do the rural banks, micro-credit companies and rural funds cooperatives develop? What are the new characteristics of these new rural financial institutions compared to traditional ones? How successful are the expected policies effects and goals achieved? These are the main points of this research.
The paper uses the sustainable development of new rural financial institutions as a clue, and firstly explores how the new rural financial institutions survive and develop on the theoretical basis. Under the background of balancing urban-rural developments, rural financial services need to meet the demand of the development of countryside, agriculture and farmers. In view of this, the paper further discusses the historical changes and environmental constraints of the small and medium-sized financial institutions in rural China. Then through field investigation into the development status, characteristics and existing problems of three new rural financial institutions in China, this paper finds out the main factors affecting the sustainable development of new rural financial institutions. At the same time, by using the survey data of the trial sites, it discusses the policy effects of new rural financial institutions on supporting farmers and small business and system design factors preventing policy effects from making progress. On this basis, the paper, which after studying and referring to the models and experience of foreign rural financial institutions and combined with the financial reality of our country and rural development, puts forward the market positioning strategy for the sustainable development of new rural financial institutions in China. And it also proposes development models and strategies for three kinds of new rural financial institutions, as well as the related reform measures. This thesis consists of six parts, the contents and main points of each chapter are as follows:
The first chapter is Instruction, which makes a brief introduction and statement about the background, objectives and importance, basic research ideas and methods, etc. Meanwhile, this chapter reviews the research trend at both home and abroad and major opinions. Foreign research trend is basically stated from three aspects:the evolution of rural financial theories, the innovation of rural financial service, rural financial system environment. Domestic research trend is reviewed and generalized about the relation between rural financial and rural economic growth, rural policy-based financial establishments and reforms, rural credit cooperatives' property right reforms, the transformation in rural financial models, the general theories in developing new rural financial institutions. On the whole, the existing references are mainly about traditional rural financial institutions on their problems and the countermeasures. There is relatively a lack of research on new rural financial institutions about their development characteristics, policy effects and sustainable development.
The second chapter is the General Analysis of New Rural Financial Institutions'Development. In this chapter, new rural financial institutions are compared with traditional rural financial institutions in access requirement, operational characteristics and functions. This chapter also analyzes the special background and theoretical basis on which new rural financial institutions founded. The specific research ideas are as follow:firstly, it analyzes the status of new rural financial institutions in the whole rural financial system; secondly, it defines the three kinds'of new rural financial institutions, namely, local banks, micro-credit companies and rural funds cooperatives; thirdly, in light of the changes to rural financial regulations, it discusses the background and system environment under which new rural financial institutions were created. Moreover, it points out that the significance of developing new rural financial institutions lies in improving rural financial service coverage, increasing rural capital supply and ameliorating rural financial market competitive landscape. It also talks about how economically helpful new rural financial institutions are to the development of rural areas; lastly, it analyzes the theoretical basis of rural financial institutions. The research suggests that the new rural financial institutions not only are the practical demand of the rural economic and social development and the reform of the rural financial system, but they come into being and develop according to necessary theoretical basis, including Financial Repression, Subsidized Credit Paradigm, The Long Tail, Incomplete Competition Market Theory, the Rural Financial Sustainable Development Theory.
The third chapter is the Investigation into the Development Characteristics of Rural Financial Institutions. Based on field survey data, this chapter makes a brief analysis of the overall development pattern of new rural financial institutions in recent years. Then it further discusses respectively on three sorts of new rural financial institutions about development status, characteristics, effects and problems. Through comparison, it concludes that local banks are developing in the fastest speed among three institutions while most of them locate at the eastern part. Rural funds cooperatives develop at a relatively slow speed and locate mainly in central and western regions. Micro-credit companies are almost equal in quantity among three parts of China but quite different in total amount of the capital and loan scale. The thesis takes Fujian Province as an example and analyzes the development status and operational characteristics of local banks and Micro-credit companies. Local banks have some problems such as they are similar to their main originating banks, established mainly in the counties not in towns and villages, difficult to raise capital, with high operating costs, low level of profitability and high risk of loaning. Micro-credit companies in Fujian Province and other areas, which are on trial, are successful in promoting the innovation of rural financial organization system, expanding the funding sources of local economy, alleviating the financial problems of rural small and medium-sized enterprises and peasants, containing the illegal private lending. These micro-credit companies also have their own problems, including the obscure legal status, the low financing lever, limited financing sources, inadequate professional management personnel and difficult supervision. Besides, the thesis further analyzes the problems of the micro-credit companies from three aspects which are legal position, supervision system and development direction. Finally, this chapter compares three models of rural funds cooperatives by using the survey data of Sichuan, Henan and Shandong. And it focuses on the analysis of operation characteristics of rural funds cooperatives on village level. Rural funds cooperatives give special importance to the orientation of the communities and self management. They also emphasize the clear property right management and the complementary assistance between poor and non-poor households. Rural funds cooperatives have incomparable advantages in helping the poor and supporting agriculture over rural banks and micro-credit companies. But they also run into difficulties, for example, there is no clear legal position, management structure is not perfect, and they lack operational sustainability of projects.
The fourth chapter is the Analysis of Policy Effects of New Rural Financial Institutions. This chapter begins with an analysis of policy objectives, policy transmission process and conduction mechanism of the new rural financial institutions. Based on these, the thesis draws some conclusions after comparing the three years' objectives of the new rural financial institutions. The expected amount of new rural financial institutions is only achieved by60.7%. Still, the geographical distribution objective that new rural financial institutions locate more in the central and western regions and agricultural counties and poverty-stricken areas has not be fully realized.
This chapter also uses household survey data form Sichuan, Henan and Shandong. And a regression model is established to make an empirical research on the effect to support peasants of rural funds cooperatives on village level. The research finds out that farmers'income will grow substantially if they join the new rural financial institutions and use the mutual funds. Non-poor farmers are more willing to obtain loans from rural financial institutions than poor farmers, which suggest that the support of mutual funds to poor farmers is insufficient. There is a close relationship between the quality of rural mutual funds and that of farmers, which include educations level and health status of the householders. Apart from its economic value, rural funds cooperatives which as community cooperative financial organizations also make a contribution towards improving relationships between members, groups, villagers. Thus, they have a positive effect on the positive social governance. Finally, this chapter discusses the system design factors influencing the policy effect of new rural financial institutions. It concludes that the contradictions and conflicts in designing system, such as in the scale selection of small profit or scale economy, in the target selection of commercial finance or inclusive financial, seriously affect the implementation of the new rural financial institutions policy effect and policy objectives. In order to realize the sustainable development of new rural financial institutions, we must not avoid addressing the contradictions in system design level.
The fifth chapter is the Development Model and Experience of Foreign Rural Financial Institutions. This chapter introduces and analyzes the development models and experience of foreign rural financial institutions in developed and developing countries. Among developed countries, it selects and compares the development models and experience of rural financial institutions in America, France and Japan. While among developing countries, it selects and compares those in India, Indonesia and Bangladesh. The important enlightenment of foreign experience to China's rural financial system reform and development of new rural financial institutions is as follow:the rural financial system is relatively independent which consists of rural commercial finance, policy finance and cooperative finance; the construction of rural financial system must be based on our own national conditions rather than copying blindly; emphasizing the role of government in the development of rural financial institutions; financial cooperation is of special importance in the rural financial system; the steady development of rural financial institutions should have the perfect laws and regulations as its basis and guarantee.
The sixth chapter is the Selection of Sustainable Development Model and Countermeasures of New Rural Financial Institutions in China, which is the end of this paper. Given the similarities and differences of three kinds of new rural financial institutions, and drawing lessons from the development experience of foreign rural financial institutions, it firstly makes an overall positioning on the development direction of future new rural financial institutions and its market functions of rural financial system. According to the different characteristics of local banks, micro-credit companies and rural funds cooperatives, it then puts forward their respective models and management strategies for further development. Finally, it also comes up with concrete proposals to increase policy support, and actively promote the related reform, in order to create the system foundation and environment for the sustainable development of new rural financial institutions. In market positioning, we must make it clear that the new rural financial institutions is the new attribution to the small financial institutions and inclusive rural financial system at rural community level. Adhere to the service principle that new rural financial institutions have in supporting peasants, small business and micro business. Adhere to the operating principle of characteristic, profitable and sustainable. And lower the market access qualifications, take the incentive and restraint mechanisms and introduce multiple capital investments. Meantime, construct the rural financial supervision system that central government and local government supervise collaboratively according to administrative level. In choosing the sustainable development model, local banks can select the general branch system model or holding company model in future development. Micro-credit companies can choose to turn into professional loan retailers or to create conditions to transform into local banks. Multiparty collaboration and partly integration models should be the paths for rural mutual cooperatives. These paths could be the joint development model of rural funds cooperatives and commercial banks, the joint alliance model of rural funds cooperatives in different areas, or the joint development model of rural funds cooperatives and rural agricultural cooperatives. In addition to model choices, the paper also makes specific suggestions about new rural finance institutions that could meet both policies need to support peasants and small business and its sustainable development plans. Based on the perspectives of financial policy, monetary policy, the optimization of rural credit environment, the establishment of deposit insurance system and agricultural insurance system, the paper finally proposes a series of measures to increase policy support and to promote related reforms actively. It puts special emphasis on the function of agricultural insurance to share and transfer the rural credit risk. Specifically, it proposes the approach and significance of the cooperation between new rural financial institutions and rural insurance institutions and that between rural credit products and agricultural insurance products.
Throughout the paper, it takes the sustainable development as the clue and discusses the model selection problem of rural financial institutions. Only after knowing the characteristics of the New Rural Financial Institutions and the existing problems, and finding out the factors affecting agricultural policy implement, can we come up with sustainable development models. The innovations of the paper are the following three points:
Firstly, the paper systematically studied the effects of policy. It discusses the policy objectives, policy transmission process and transmission mechanism of the NRFI, and compared with the agricultural support effect of village banks, small loan companies and rural mutual cooperatives. Through empirical study found rural mutual cooperative has a better effect. Finally, this paper inquires into many factors which influence the system design of the NRFI. The existence of contradictions and conflicts in our system at present, has seriously affected the implementation of the relevant policy effect and objectives. In order to realize the sustainable development of NRFI, it can not retreat contradictions conflict level design of these systems.
Secondly, one innovative research is the new type of rural financial institutions'direction of development, market positioning and development model selection. Overall planning for urban-rural development strategy in China and the reality of the new rural construction, supporting policy need to give attention to agriculture and the sustainable development of new type of rural financial institutions, this paper propose a market orientation of rural community micro financial institutions of new rural financial institutions to small and inclusive rural financial system, believing that the development of new type of rural financial institutions should adhere to the service of "agriculture, small, micro" and "characteristics, profitability, sustainable" business principles
Thirdly, it considers that the future development of rural bank branches can select a center branch system or a holding company system mode for the sustainable development. Small loan companies can choose to become professional retailers or loan restructuring path for the development of village banks. Rural mutual cooperatives can choice multilateral cooperation in order to achieve sustainable development. Moreover, in the design of three types of sustainable development of new rural financial institutions and business strategy, it always adhere to support both of the policy of agriculture and sustainable development of the new rural financial institutions.
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