Information,Borrowing Transaction Costs and Borrowing Matching:an Analysis Based on Rural Medium-Small Enterprises
用有序Logit模型检验了农村中小企业中标准信息禀赋更高的企业更可能获得正规金融机构贷款的假设，发现资产、信用记录、正式证件和社会关系资本有助于提高贷款可得性。
In the paper,the Ordered Logit Model is applied to test the theoretical hypothesis that Rural Medium-Small Enterprises(RMSE) with higher endowments of standard information are more likely to engage in financial transactions and to be matched with formal lenders.The econometric results support the hypothesis,that is to say,formal lender's lending decision is based on the RMSE's ability to supply standard information,and the RMSE with higher endowments of secured assets,past credit records,formal license and document,and higher level of social relationship capital,have higher probabilities to obtain loans from formal financial institutions. The policy implications of the paper include that innovations in lending technologies should be encouraged,financial self-help groups in the rural areas should be developed,and comparative advantages of formal and informal finance would be synthetized to integrate rural credit markets.