Non-cognitive Abilities and Credit Exclusion among Mountain Farmers:Example of Pledged Loans for Public Benefit Forest Revenue Rights in Zhejiang Province
Credit exclusion is a common phenomenon in the supply and demand of rural finance,and it is of great significance to reduce credit exclusion to promote rural financial development.Based on the field survey data of farm households in 12 counties(cities)of Zhejiang Province,we constructed non-cognitive ability indexes by using the Big Five personality scale,and empirically examined the impact of non-cognitive ability on the credit exclusion of farmers'public benefit forest revenue right pledge and its functioning mechanism by using the Probit model.The results of the study show that the higher the non-cognitive ability,the more it can reduce the degree of credit exclusion of farmers,and the conclusion still holds after a series of endogeneity treatment and robustness test.Further research finds that the higher the non-cognitive ability,the more it can reduce the degree of self-exclusion in the credit exclusion of farmers.The mechanism test finds that the improvement of the non-cognitive ability of the farmers reduces the credit exclusion through the increase of the social capital and the enhancement of the risk preference.The findings of the study provide theoretical and practical guidance for promoting the high-quality development of rural finance,and also provide policy insights for realizing rural revitalization and the common prosperity of mountain farmers.
non-cognitive abilitycredit exclusionpledged loans for public benefit forestsmountain farmers
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