林业经济问题2025，Vol.45Issue(1)：91-100,10.DOI:10.16832/j.cnki.1005-9709.20240463
金融联结对林权抵押贷款可得性的影响分析
The Impact of Financial Linkages on the Accessibility of Forest Property Rights Mortgage Loans
摘要
Abstract
(1)Background——Forest property rights mortgage loans broaden the scope of farmers'collateral,allevi-ates the credit constraints,and help realize the value of forest ecological products.But the promotion of forest property rights mortgage loans in China still faces many difficulties.The mechanism and application effect of the financial linkages of"formal financial institutions+rural intermediaries+farmers"in mortgage loans and credit loans may be different.So,it is of great practical significance to explore the mechanism of financial linkages on the accessibility of forest property rights mortgage loans. (2) Methods——This paper first put forward the research hypotheses on the basis of theoretical analysis.Then,the probit model and propensity score matching(PSM)method were used to analyze the impact of finan-cial linkages on the accessibility of forest property rights mortgage loans.Finally,the mediation effect model and moderation effect model were used to analyze the mechanism of the impact of financial linkages on the accessibili-ty of forest property rights mortgage loans. (3)Results——First,in the whole samples and the samples of the farmers with loan demand,the contribu-tion rate of the financial linkages to the accessibility of mortgage loans for the farmers'forest property rights sig-nificantly increases by 8.3％and 22.6％,respectively,and passes the robustness test of the PSM method.Sec-ond,the transaction costs play a mediating effect in the relationship between the financial linkages and the acces-sibility of forest property rights mortgage loans.The financial linkages promote the accessibility of forest property rights mortgage loans by reducing the transaction costs.Third,the financial linkages have a positive moderating effect on the relationship between the collateral value and and the accessibility of forest property rights mortgage loans,which is manifested as a complementary effect on the collateral value.The financial linkages make up for the risks caused by the lack of collateral effectiveness through the advantages of information,supervision and col-lateral disposal provided by the rural intermediaries. (4) Conclusions and Discussions——Based on the above research conclusions,the following policy sug-gestions are put forward:First,further encourage and promote the application of the financial linkages model in the forest property rights mortgage loans,give full play to its complementary mechanism for the forest property rights collateral,in order to improve the capitalization rate of forest property rights assets.Second,promote the forest property rights mortgage loans collection and storage guarantee services and various types of forestry insur-ances through the establishment of big data,collection of digital information,and the improvement of the forest property rights trading market and discount policies.Further reduce the transaction costs such as information search and forest property rights evaluation,and promote the accessibility of forest property rights mortgage loans.Third,strengthen the cultivation of rural intermediary organizations and develop diversified types of rural interme-diary organizations.Actively guide the rural intermediary organizations to carry out the financial linkages services for forestry investment and financing,improve the enthusiasm of rural intermediary organizations to participate in the financial linkages through improving the relevant policies and systems.关键词
林权抵押贷款/金融联结/贷款可得性/交易成本Key words
forest property rights mortgage loans/financial linkages/loans accessibility/transaction costs分类
经济学引用本文复制引用
李莉,黄和亮,黄森慰,林俊杰..金融联结对林权抵押贷款可得性的影响分析[J].林业经济问题,2025,45(1):91-100,10.基金项目
国家社科基金青年项目(22CGL003)、福建省社科规划项目(FJ2024BF044) （22CGL003）
