| Formal finance and informal finance exists their efficiency boundary respectively.The fact of Chinese rural finance shows that,the exogenous finance which is guided by the government is failure,but the rural informal finance which is endogenic meets the most financial needs of the farmers.However,various social problems which are induced by informal finance are brought to the attention of people,and gradually,the effect of macro-control is weakened and distorted by informal finance.More importantly,interest rate marketization has become the established direction of Chinese rural financial market reform in the current and future.So,the regularization of rural informal finance becomes a trend.Rural informal finance's regularization can not only speed up the process of interest rate's marketization,but also promote the competition of supply,and increase farmers'income eventually.However,the performance of the new type of rural financial institutions which derived from the formalization of informal finance is not satisfactory;they did not fulfill their expected goal of servicing for "three agriculture" perfectly.So,whether the rural informal finance has increased farmers' income or relieved the enlargement of the income gap between internal farmers?If yes,its mechanism of action and the key factor is what?How to make use of these factors in the process of informal finance's regularization?What are the problems of the new rural financial organizations which derived from the formalization of informal finance?And the informal financial institutions which are legalized should how to choose their service object?In order to clarify the questions mentioned above,this paper firstly analyzed the households' financial demand and the characteristics of informal financial market,and made an initial judgment on the influence of informal finance to farmers' income and consume.Then from the perspective of farmers' credit availability and income level respectively,we analyzed the influence empirically.Considering the relative income is one of the indicators of income effect,we also researched the mechanism of informal finance's impact on internal income gap and poverty by using research data from rural areas in Jiangsu province.Finally,based on the view of endogenous finance,we analyzed the necessity of informal finance's regularization and some kinds of mode.Considering the performance of the new type of rural financial institutions which derived from the formalization of informal finance is not satisfactory,we analyzed the problems of the new type of rural financial institutions.At the same time,this paper analyzed types of demand subject in the rural informal financial markets by employing the logit model on the base of the data from 1202 households in Jiangsu province,and further discussed the market localization of the informal financial institutions which are legalized.Concrete research content and the corresponding conclusion are as follows:Part 1:characteristics of farmers' financial demand and informal financial marketThis part analyzed farmers' financial demand and informal financial market's characteristics by using farmers' survey data.The analysis results show that:The farmer's basic life obtains a safeguard in Jiangsu province.Farmers have the premise condition and needs of the further development,and also have strong financial needs.Pay attention to the farmers' borrowing purposes,although households' borrowing is mainly used for consumption,but the productive loans of farmers are not less than consumer loans significantly.Further,the main purpose of households' borrowing is non-agricultural production or investment(industrial and commercial business of individual,etc.),followed by houses' purchase or building.For most farmers,informal financial market is their main financing way;and zero coupon informal loans' proportion is bigger than dear informal loans.Relative to the formal financial,informal finance mainly services for farmer who is engaged in planting and breeding,and the farmer who works out,who has low income and assets,and whose education level is relatively low.In the informal financial market,zero coupon informal loans mainly serve the farmer whose main income is informal wage.Compared with normal loan,informal loan is mainly used for consumption.In informal lending market,zero coupon informal loans are mainly used for consumption;but dear informal loans are mainly used for non-agricultural production or investment.Therefore,in real life,farmer is a mixture of rational peasant and moral peasant.Part 2:the influence of rural informal finance to household's incomeIn this part,we theoretically analyzed the influence of informal finance to the peasant household's income.Then we analyzed the influence empirically from the perspective of farmers' credit availability and income level respectively.The analysis results show that:Relative to the zero coupon informal loan,dear informal loan and normal loan mainly serve the farmers who have high income and asset.At the same time,because of the transaction cost and delay,the farmer whose house is more far from the formal financial institutions' network tends to informal finance.In addition,relative to the zero coupon informal loan,dear informal borrowing and formal borrowing is mainly used for non-agricultural production.Zero coupon informal loans are mainly used for agricultural production,consumption and farmer's family emergencies.In conclusion,the informal finance and formal finance has significant differences in service object and borrowing purpose,they have complementary relationship.Informal finance expanded the service object in rural financial market,and reduced the threshold of financial services;improved the farmers' credit availability.Informal lending reduced the probability of credit constraints of farmers significantly.Informal finance has a positive and significant influence to the farmer's net income and consumer spending.At the same time,compared with consumer spending,informal finance's influence to the income of farmers is weak.Due to the presence of informal financial markets,the average net income and consumer spending of farmers increased are 507.17 yuan/and 661.37 yuan/person,the proportion of them that accounts for their net income and consumer spending mean were 2.68%and 4.68%respectively.For the farmers who borrowed from informal financial market,the average net income and consumer spending of them increased are 528.33 yuan/and 712.54 yuan/person,the proportion of them that accounts for their net income and consumer spending mean were 2.79%%and 5.04%respectively.Part 3:the influence of informal finance to farmers' income gapIn this part,we researched the mechanism of informal finance's impact on internal income gap and poverty by using research data from rural areas in Jiangsu province.The results of the study show that:Rural informal financial has soothing effects on farmers' internal income gap and rural poverty by providing financial services for the relatively poor households.The informal financial development level of a village has significant relief effect on the growth of Gini coefficient and the proportion of poverty population,and has significant role in promoting the growth of the lowest income share.Finally,in order to accelerate rural informal financial regularization process,and promote the formal financial and informal financial cooperation,this paper puts forward that we should be issued relevant laws and regulations as soon as possible.Part 4:the necessity and mode of informal finance's regularizationBased on the view of endogenous finance,this part analyzed the necessity of informal finance's regularization and some kinds of mode.The results of the study show that:Informal finance is endogenous.Due to information asymmetry and diseconomies of scale in the rural financial market,Formal finance is failure and then quit,at the same time,farmers have financing needs,and so,informal finance develops gradually.Although the existence of informal finance is inevitable and necessary,but rural informal finance in the current development process has many problems,such as lack of regulatory and legal protection,cause economic disputes and social problems,weaken the effect of macroeconomic regulation and control.More importantly,the regularization of informal finance will promote the marketization of interest rate in Chinese rural financial market.Therefore,the regularization of informal finance is necessary.Informal finance's "regularization" does not want to change their community,miniaturization and flexibility.Informal financial mainly have three kinds of legalized pattern,namely,transformation to the rural capital mutual cooperative,to the small loans,as well as to the town bank.In reality,we should choose the pattern according to the difference of informal financial form.Compared to the horizontal connection mode between formal and informal finance,the market interest rates is lower and farmers' output is higher under the vertical connection mode.Part 5:the market localization of the informal financial institutions which are legalizedIn this part,we analyzed the problems of the New Rural Financial Institutions which derived from the formalization of informal finance.Then we analyzes types of demand subject in the rural informal financial markets by employing the logit model on the base of the data from 1202 households in Jiangsu province,and further discusses the market localization of the informal financial institutions which are legalized.The results of the study show that:National principle for the establishment of a new type of rural financial institutions is"solve financial services blank problems firstly,and insufficient competition posteriorly".But the actual situation in some parts of the areas is that,new type rural financial institutions were not more close to "agriculture,countryside and farmers",did not fill financial blank,and deviated from the original purpose largely.The most important reason of informal finances' sustainable is that,their scale exist boundary,and the key factor is the social network.Therefore,new type rural financial institutions must control their scale,realize their staff and service localization,and finally reduce the threshold of rural financial service.The households who are quantity rationed,transaction cost rationed,and risk rationed in the formal sector are more likely to borrow from informal financial market than households who are price rationed in the formal sector.Furthermore,the main capital source of households who are risk rationed and price rationed is zero interest loan in informal financial markets,but the main capital source of households who are quantity rationed and transaction cost rationed is high interest loan in informal financial markets.The informal financial institutions which are legalized should make full use of their own advantages,reduce the financial services threshold,and target their market to the households who are quantity rationed and transaction cost rationed in the formal sector.The capital requirements of the households who are risk rationed and price rationed will be satisfied by zero interest loans in informal financial markets.Based on the research content and conclusion,this paper argues that China should clear the legal status of informal finance,and eliminate legal barriers for informal finance's regularization;strengthen the supervision of the informal financial activities,support the regularization of informal finance;establish bond between informal finance and formal finance,and guide the regularization;control the new type of rural financial institutions'scale,simplify constraint rules of the new type of rural financial institutions;At the same time,establish exit mechanism for the new type rural financial institutions. |
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