4830 
6347通过在信贷配给模型中引入主客观项目成功概率距离这一测算信息不对称程度的指标，文章创新性地构建了解释传统农村金融和数字普惠金融之间关系的理论模型，并提出了相关假说。研究表明：（1）数字普惠金融的发展具有显著的“总量效应”，即促进农村信贷供给总量的边际增加。数字普惠金融的发展显著提高了农户当期消费与持久性收入之间的相关度，并且显著弱化了农户投资对储蓄的依赖性。（2）数字普惠金融对不同阶层的农户具有异质性影响，即存在“结构效应”，且对于弱势农户的融资约束问题具有更强的放松作用。（3）相对于传统农村金融，数字普惠金融在某些方面更具有解决农村金融市场信息不对称问题的能力，两者之间更多地呈现出有效互补而非简单替代关系。上述结论意味着，在数字金融深刻而全面地改变着金融结构和业态的背景下，厘清数字普惠金融和传统农村金融的功能边界，构建两者有机耦合的新型农村金融体系，是新时期对农村金融发展具有重要战略意义的政策选项。
数字普惠金融与传统农村金融：替代抑或互补？——基于农户融资约束放松视角
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引用本文
许月丽, 孙昭君, 李帅. 数字普惠金融与传统农村金融：替代抑或互补？——基于农户融资约束放松视角[J]. 财经研究, 2022, 48(6): 34-48.
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