Are the People-oriented and Task-oriented Mechanisms of Policy-based Agricultural Credit Guarantee Effective?——Taking the Issue of High Cost of Financing as an Example
"People-oriented-obtaining soft information"and"Task-oriented—obtaining hard information"are important means of alleviating information asymmetry in policy-based agricultural credit guarantee mechanism.Clarifying its mechanism of action on financing cost has important theoretical and practical significance for explaining the problem of"expensive financing".Based on the survey data of 382 agricultural business entities in three cities of Inner Mongolia Autonomous Region,the paper empirically analyzes the differential impact of"people-oriented"and"task-oriented"on different types of financing costs.The study finds that the mechanisms of people-oriented and task-oriented have no effect on explicit financing costs,but the mechanism of people-oriented has a stronger effect on increasing implicit financing costs,while the mechanism of task-oriented has a stronger effect on increasing transfer costs.Mechanism testing indicates that the multi-level principal-agent relationships triggered by the people-oriented and task-oriented mechanisms are the reasons for the high cost of financing.Further research reveals that the hardening of soft information and digital empowerment are effective paths to reduce the financing costs in the policy-based guarantee market.Accordingly,policy recommendations for the high-quality development of the agricultural credit guarantee system are proposed from aspects such as active government plus effective market,strengthening internal incentive mechanisms,introducing capable village cadres,and digital empowerment.
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