信贷约束对农户主观贫困的影响——基于中国居民收入调查数据的实证研究

 信贷约束不仅会通过经济生活影响农户的主观贫困，也可能会通过影响农户的心理状态而影响农户的主观贫困感受。基于中国居民收入调查数据库（CHIP2013）的农户样本，分析了信贷约束对农户主观贫困的影响。为了尽可能地减少偏误，使用倾向得分匹配（PSM）方法控制了农户是否受到信贷约束的非随机性。同时，为了结果的稳健性，根据农户的收入和家庭规模，将总样本划分成不同的子样本，再次验证信贷约束的影响。研究结果显示，相对于未受到信贷约束的农户，受到信贷约束的农户感受到主观贫困的概率显著提高。进一步研究发现，正规信贷约束的经济效应较为显著，对农户最低收入型（MIQ）和收入评估型（IEQ）主观贫困均有显著影响。而非正规信贷约束的心理效应更为显著，对农户主观幸福感（SWB）具有显著影响。其次，农户受到的信贷约束类型主要是需求型信贷约束，但供给型信贷约束对农户的主观贫困影响更为显著。因此，加强农村金融的普惠性，仍然是提高农民福利的关键。

On impact of credit constraints on farmers' subjective poverty:A empirical study useing Chinese household income survey data

Many studies have shown that credit constraints have a significant negative impact on farmers' objective welfare such as income and consumption. However, few studies have dealt with the impact of credit constraints on farmers' subjective welfare. Credit constraints may not only affect the subjective poverty of farmers in economy but also psychologically affect the subjective poverty of farmers. Based on the rural household samples in the China Household Income Projects (CHIP2013) database, we analyze the impact of credit constraints on subjective poverty of farmers. To minimize the bias, we use the propensity score matching (PSM) method to control the non-randomness of farmers' credit constraints. To ensure robust results, we also divide the sample into different sub-samples based on farmer's income and family size, and verify again the impact of credit constraints on farmers' subjective poverty. The results are as follows. Firstly, compared with the farmers without credit constraints, the probability of subjective poverty among farmers with credit constraints is significantly increased. Secondly, formal credit constraints have a significant effect on farmers' subjective poverty expressed by minimum income and by income evaluation. However, informal credit constraints have a significant effect on the subjective well-being of farmers. Therefore, the economic effect of formal credit constraints is more significant and the psychological effect of informal credit constraints is more significant. Thirdly, although demand-based credit constraints are the main type of credit constraints to which farmers are subject, supply-based credit constraints still have a larger impact on farmers' subjective poverty. Therefore, to strengthen the inclusiveness of rural finance is still the key to improving farmers' welfare.