多元信息传递视角下互联网金融对缓解农户信贷约束的影响及对策优化

摘要：农户融资难问题一直是制约农户发展的核心问题，互联网金融的出现促使我们思考互联网金融是否构建了缓解农户信贷约束的新路径。本文从信息不对称的视角，分析参与者多元、信息传递多向的互联网金融机制如何破解信息博弈困境。本项目首先从互联网技术对信息传播结构影响的视角，从互联宏观和微观两个层面利用外生冲击法分析网金融是否对农户信贷市场产生显著影响；其次，将信息交流机制分解成传递、发掘、认证和反馈四方面，试图清晰刻画互联网金融在信息发现、收集和传递机制方面的作用机制；再次，从需求端测度互联网金融缓解农户信贷约束的效果(深度)和影响人群(广度)；最后，从增加影响深度，拓宽影响广度两方面，提出供给优化政策建议。本研究从一个新的视角探询农户信贷约束成因及化解路径，也为互联网金融更好的服务农户信贷提出了政策建议。

Abstract: Rural households’ financing difficulty is the key reason that restricts the development of farmers, the booming of internet finance proposes a new path to solve the rural households’ financing constrains. Based on the information asymmetry theory, we analysis how multiple participants and multi-direction information transfer in internet finance solve the information dilemma. First, we take the information transformation perspective and propose an exogenous shock method to confirm that the impact of internet finance to farmer’s credit is significant on macro and micro level. Secondly, we divide the information transfer channel into formal and informal transformation, investor revelation, institutional certification and investor feedback to document the informational role of internet finance. Thirdly, we study the depth-and-breadth consequences of internet finance for rural households’ credit from the demand side. Lastly, we put forward the corresponding policy suggestion. We take a new perspective, uncover a distinct device solve the problem of rural households’ financing constrains, and promote the regulation proposals.