| Our Party and Government attach great importance to the development of rural finance in recent years, the No.1 Central Document has made detailed description for 12 consecutive years from 2004 to 2015. As a series of reform and policy implemented, our county has formed the prototype of modern rural financial system in coordination with Multi-ownership. The economic and social functions of rural formal and informal financial insinuation become definitely, so the relationship between them dose. The financing mode and tool are continuously innovation, supervision and management system of rural financial risks are improving, and intervention of government tends rationality. To some extent, the reform of rural financial has been a huge success which slowed the financial restraint in rural areas. However, there is no denying that the degree of the financial restraint is still very high. In 2009, the degree of credit rationing which Chinese farmers suffered was 61% and the township enterprises suffered was 74.7%.Lots of researchers considered that Government-oriented reform of rural finance attend to introduce and improve formal financial institution, meanwhile the formal finance develop rapidly and the informal finance develop slowly, that’s why the degree of financial restraint is persistent high in our country. Historical experiences have proved that without the development of rural informal finance, it’s difficult to solve the adverse selection and moral hazard produced by information asymmetry depend on formal finance only, probably lead the failure of the reform. Therefore, analyzing the historical evolvement process, operation, effectiveness and the relationship of formal-informal finance is absolutely necessary to develop the rural financial market. Based on the above fact, taking Shandong Province as an sample, on the basis of the preference of rural micro subject-farmers, formal financial institution and informal financial organization, reviewed the relationship between the rural formal-informal finance in existing paper, pointed out the inadequacies of these study, made related analysis. The research results are as following.First of all, divided the historical evolvement process of Shandong rural formal finance into five stages, it is a flexuous and complex process and constant improving and growing with the passage of time. It is composed by ABC, PBSC, Rural Credit Cooperatives and any other institutions. However, there are exist many defects in the process of development, the high potential risks need to be solved. Taking a sample of 80 Shandong Rural Credit Cooperatives and adopted effectiveness evaluation framework proposed by Yaron, then constructed effectiveness evaluation index system to further explain the effectiveness of rural formal finance. The research found that the effectiveness constant increasing from 2008 to 2013. As supplement of Yaron’s framework, construct econometric model on the basis of farmers, use data of 923 rural families to evaluate the operational effectiveness of credit business in formal finance. The research showed that in the statistical level of 5% and 10%, the total loans rural family obtained from formal financial institution was significantly positive to the net income, consumption expenditure and the production investment, there were different effects on the variables. The estimation results had well stability after doing correlation tests.Secondly, same as the history of formal finance, the informal finance composed by the rural cooperative fund, pawnshop and civilian debit and loan and so on. However, unreasonably status and imperfect financial supervisory system are the main reasons that blocked its development. The paper illustrated the effectiveness of informal finance from positive and negative sides. Using the research data from micro rural families, propose the mode of ATE, ATT and ATU through tendency score matching method. There were different effects on net income, consumption expenditure and the production investment in different significance level. The estimation result was reliable through the balance and Rosenbaum test.What’s more, we analyze the difference and relation between the rural formal-informal finance from the aspect of main features, formation mechanism, maintenance mechanism, interest rate and financing cost. Based on the previous research and data of rural families, proposed quaternary Probit simultaneous equations models to show the complementary relation between the formal-informal finance. Then we found the estimation were stable after retesting the models by replacing and increasing the variables.At last, based on the above conclusion, the paper put forward suggestion:making full use of government function and creating a well development environment in order to promote the organic combination of Shandong rural formal-informal finance and provide driving force for the healthy and fast development of rural economy. So that achieves the purpose of this study.
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