The Research On The Influence Mechanism Of Livelihood Capital To Peasant Household Credit

At present, with reform and development of rural society and economy, the living activities and living strategies of peasant households present more and more diversified, the formal credit demands from rural families are very strong. It is a dilemma for peasant households’ borrowing and financial institutions’ loaning in rural credit market, the basic problem is that financial institutions don’t think peasant households meet the "credit level". Although rural credit cooperatives are developing a series work of credit rating and credit construction in the rural areas now, but in fact,the results of these activities are actually beneficial for peasant households in good economic condition. In addition, the successful development of microfinance helps peasant households get access to financial services in a certain extent, but the sustainability and "mission drift" problems of microfinance cause the attention from both theoretical and practical fields. These all suggest that the financial services for peasant households should pay more attention to “peasant household credit graduation”. The five kinds of livelihood capital(natural capital, physical capital,financial capital, human capital and social capital) are key elements for survival and development of peasant households, discussion about the influence mechanism of livelihood capital to peasant household credit has theoretical and practical significance.This paper has mainly completed three aspects of work:1. According to the actual research and cases which can be in contact with,determining the logical starting point of this paper is to treat peasant household credit as a manifestation of peasants’ livelihood results. The system analysis about background structure of peasant household credit and the basic credit elements system is on the basis of economic theory of peasant household, credit theory, the embedding theory of economic sociology, social capital theory and with method of framework for livelihood development. Studies have shown that:(1)Livelihood capital of peasant household, the natural environment they are faced with and social environment constitute the basic background of peasanthousehold credit, this result can help us analyze and grasp the dependent variable system of peasant household credit properly.(2)The basic function of living capital to peasant household credit is reflected as: Firstly, livelihood capital is the basic dependence of peasant household against livelihood risk. Secondly, livelihood capital can not only affects the transformation of peasant household credit behavior but also the ability and level of peasant households’ access to credit resources.(3)The five livelihood capital of peasant household reflect the inner element of peasant household credit thoroughly. Meanwhile, there exists interaction effect between living capital and external environment, so livelihood capital of peasant household reflects external factors of peasant household credit appropriately,livelihood capital constitutes the basic and relatively completed credit elements of peasant household credit.(4)Because of sequence and substitution which exist among livelihood capital,as the core element of peasant household livelihood development, the influence of these five kinds of livelihood capital(natural capital,physical capital, financial capital,human capital, social capital) to peasant household credit presents structural characteristics. The activity and importance of social capital determine the special status of peasant household social capital in this structure.(5) This paper has established a system analysis concept model of peasant household credit, the basic meaning of the model is: at present, livelihood orient is still the general characteristic of peasant household economic behavior, the activities of peasant household credit is one of the livelihood choices which made by peasant households depend on livelihood capital, peasant household credit condition is a reflection of peasant household livelihood development; The core element of peasant household livelihood development——livelihood capital, natural environment peasant households faced with and social environment determine the condition of peasant household credit together. The internal factors of peasant household credit are consisted of five kinds of peasant household livelihood capital, considering the interaction among livelihood capital, external natural environment and social environment, the livelihood capital of peasant household also embodies externalfactors of peasant household credit appropriately, so the natural capital, physical capital, financial capital, human capital and social capital of peasant household constitute the elements of peasant household credit thoroughly; Sequence and substitution which exist among livelihood capital, make the influence of livelihood capital to peasant household credit form certain structural features, the importance and activity of social capital determine the special status of peasant household social capital in this structure.2.An important content in system analysis concept model of peasant household credit has been discussed, it is the influence of peasant household social capital to peasant household credit. Through defining peasant household credit as the probability that financial institutions think loans can be repaid in time by peasant households, and with the aid of the research method of incomplete information dynamic game to discuss the question that how to determine the probability,analyzing the basic effect of social capital and discussing the direct influence of social capital to peasant household credit at the same time. The results have showed that, the capital effect of social capital produces the impact of promoting peasant household credit through affecting the function of peasant household credit.3.With aid of system analysis concept model of peasant household credit which has been established, research hypothesis are put forward after literature collation, the structure model about the influence of livelihood capital to peasant household credit has been established. In this model, social capital is an intermediary variable.Through the related data from questionnaire survey for peasant household carried by Jiangxi credit association, this paper discusses the relationship among variables through empirical analysis. When it comes to the tests for the mediation effect of social capital, this paper has used structural equation model to research the mediation effect of peasant household social capital. Studies have shown that:(1)In terms of the influence of livelihood capital to peasant household credit,the result has showed: peasant household physical capital, financial capital and social capital have positive effects on peasant household credit, the positive effect of human capital is not obvious and the assumption of natural capital’s positive effect is lack of support.(2)When examining the effect caused by former dependent variable of peasant household social capital to peasant household social capital, the result has showed:human capital and financial capital of peasant household have positive effects on peasant household social capital, but the assumption of natural capital’s positive impact on peasant household social capital can’t be supported here, and peasant household physical capital has a negative effect on peasant household social capital.(3)During the process of mediation effect test about social capital, studies have found that: Firstly, the intermediary effect of peasant household social capital is not clear during the process of natural capital affecting peasant household credit;Secondly, the partial intermediary effect of peasant household social capital is significant during the process of physical capital affecting peasant household credit;the partial intermediary effect of peasant household social capital is significant during the process of financial capital affecting peasant household credit; thirdly, different from some research results made by other scholars, but this paper has found out that although the direct influence of human capital to peasant household credit is not obvious, the intermediary effect of social capital in the influence relationship between peasant household human capital and its credit is really, this result has showed that the influence of human capital is not easy to be observed on the surface, but its overall effect is there, social capital plays a completed intermediary effect.These results concluded by this paper can help us understand the basic elements of peasant household credit and its working mechanism more clearly, and know the decision mechanism of peasant household credit better.The innovation of this paper maybe has three aspects:( 1) System analysis concept model of peasant household credit has been established; Based on this system analysis model, this paper further puts forward the concrete structure model on the influence of peasant household livelihood capital(natural capital,physical capital, financial capital, human capital, social capital) to peasant household credit.This paper is based on the framework of livelihood development analysis to study the problem of peasant household credit associated with social perspective,establishes system analysis concept model of peasant household credit, discusses theimportance of livelihood capital to peasant household credit and peasant household social capital, analyzes the integrity of livelihood capital which is the element of peasant household credit. This paper puts forward research hypothesis after literature collation, establishes structure model on the influence of livelihood capital to peasant household credit, discusses the outcomes brought by former dependent variables of peasant household credit, discusses mediating effect of social capital, gets the path and structure on how livelihood capital influences peasant household credit, it also provides the theoretical basis for further research on the problem of peasant household credit.(2)This paper puts forward the definition of social capital through research,and finds out that the dimension of peasant household social capital is constituted by mobilization dimension of resources, resource quality characteristics dimensions and dimension of social structure of resources, this provides a new perspective to analyze,study and measure peasant household social capital.(3)This paper has discussed the influence of social capital to the function of peasant household credit with the method of incomplete information dynamic game,which reveals the direct impact of social capital to peasant household credit,theoretical analysis and research framework on the influence of social capital to peasant household credit have been further improved.