Econ Papers Daily / 期刊论文
土地抵押化而未资本化：中国农地抵押贷款改革中缺失的德索托效应
Land collateralization without capitalization: The missing De Soto effect in China's agricultural land mortgage reform
摘要
This paper exploits China's agricultural land mortgage reform as a quasi-natural experiment to examine whether strengthening land property rights improves rural credit market performance. Using panel data from 1700 rural commercial banks across China over 2010–2018, and employing a difference-in-differences approach, we find that the reform did not lead to a statistically significant expansion in the supply of agriculture-related credit, providing no evidence of a De Soto effect under the prevailing institutional conditions. We attribute this null finding to the limited mortgageability of agricultural land management rights: neither household-contracted nor transferred management rights satisfies the core criteria of eligible collateral. These findings suggest that the realization of a De Soto effect depends critically on the surrounding institutional and market environment and requires carefully designed complementary policies.
中文摘要
本文以中国农地抵押改革作为准自然实验，考察强化土地产权是否能够改善农村信贷市场绩效。基于2010—2018年中国1700家农村商业银行的面板数据，并采用双重差分方法，我们发现该改革并未带来涉农信贷供给在统计上显著的扩张，未能在既有制度条件下提供德·索托效应的证据。我们将这一零结果归因于农地经营权可抵押性的有限性：无论是家庭承包经营权还是流转经营权，均不满足合格抵押品的核心标准。这些发现表明，德·索托效应的实现关键取决于周边制度与市场环境，并需要精心设计的配套政策。