运用有序多分类Logit模型来检验这一理论假说:正规程度高(标准信息禀赋高)的农村中小企业更可能同正规贷款人进行金融交易,形成借贷匹配。实证结果支持了理论假说,即正规贷款人是基于借款人提供标准信息禀赋能力而放贷,那些具有高担保资产、悠久信用记录、正规经营证件,以及高社会关系资本水平的农村中小企业,其获得正规金融机构贷款的概率比较大。其政策启示在于鼓励贷款技术创新,发展农村金融互助组织,以及综合正规与非正规金融部门的比较优势以整合农村信贷市场。 The theory is based on an ordered multi-class Logit model to test the hypothesis that rural SMEs that are more formal (high standard endowments) are more likely to engage in financial transactions with formal lenders to create a loan match. The empirical results support the theoretical hypothesis that formal lenders lend on the basis of borrower’s ability to provide standard information endowments and that rural SMEs that have high secured assets, long credit records, formal business credentials, and high social capital levels have access to The probability of a formal financial institution loans is relatively large. Its policy implications include encouraging technological innovation in lending, developing rural financial mutual aid organizations and combining the comparative advantages of the formal and informal financial sectors to integrate rural credit markets.