3973 
3204中国经济发展中的一块鲜明短板是农民收入增长的长期滞后。如何快速补齐这一短板是中国经济面临的一大难题。缺少信贷途径被普遍认为是使农民陷入持续贫困的关键所在，而缺乏有效抵押品又是导致农户信贷难的根本原因。文章利用2005–2017年全国1 831个县域地区的面板数据，采用双重差分方法研究了农地抵押贷款试点政策是否撬动了农民的收入增长。研究表明：第一，从效果来看，该政策显著提高了农民收入，这一结论在进行多项稳健性检验后依然成立。第二，从趋势来看，该政策对农民收入的增加具有可持续的长期影响。第三，从机制来看，该政策的收入撬动效应不仅可以通过信贷渠道实现，还能通过推动农村经济增长、提高农业生产率和促进劳动力非农转移等多个机制来实现。第四，从异质性来看，该政策的增收效应在经济基础条件好、农地抵押价值高以及制度质量好的地区发挥得更好。农地权利的放松是撬动农民收入增长的关键一环，其能通过 “唤醒沉睡的资本”，让农民的“死资产”转化为“活资本”，进而成为农民收入增长的关键抓手。而提高政策有效实施所依赖的经济环境和制度质量则有助于政策作用的发挥。文章的研究为未来相关政策的出台和调整提供了重要启示。
唤醒沉睡的资本：农地抵押贷款的收入撬动效应
摘要
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引用本文
武丽娟, 刘瑞明. 唤醒沉睡的资本：农地抵押贷款的收入撬动效应[J]. 财经研究, 2021, 47(9): 108-122.
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