马旺林 郑宏运 朱月季 起建凌 | 合作社社员身份对中国香蕉种植户财务绩效的影响：一个异质性分析

Ma,Wanglin, Zheng, Hongyun, Zhu, Yueji, and Qi, Jianling. (2021). Effects of cooperative membership on financial performance of banana farmers in China: A heterogeneous analysis. Annals of Public and Cooperative Economics. First online

全文链接：

https://onlinelibrary.wiley.com/doi/full/10.1111/apce.12326

题目：合作社社员身份对中国香蕉种植户财务绩效的影响：一个异质性分析

作者：马旺林，郑宏运，朱月季，起建凌

摘要：本文分析了合作社社员身份对小农户农业生产财务绩效的异质性影响，财务绩效主要考察净收益、投资回报率和边际利润率三个指标。在采用两阶段预测因子替代模型控制了社员身份变量的内生性后，本文使用无条件分位数回归模型对中国626名香蕉种植户的调研数据进行分析。结果表明社员身份总体上提高了香蕉种植户的财务绩效。具体来看，在选定的分位点（20th、40th、60th、80th）上，社员身份对净收益和投资回报率均有显著的正向影响，且在80分位点上影响最大。社员身份对边际利润率在除20分位点外的其它分位点上也有显著的正向影响，但在较低分位点上的影响更大。

Abstract: This paper estimates the heterogeneous effects of cooperative membership on smallholder farmers’ financial performance, measured by net returns, return on investment (ROI), and profit margin. We employ an innovative two‐stage predictor substitution model combined with an unconditional quantile regression model to address the endogeneity of the cooperative membership variable and analyze data collected from 626 banana farmers in China. Results, in general, show that cooperative membership improves banana farm financial performance. Particularly, we show that cooperative membership affects net returns and ROI positively and significantly across the selected unconditional quantiles, with the highest impact occurring at the highest 80th quantile. Cooperative membership also has a positive and significant impact on the profit margin for all quantiles (except for the 20th quantile), but the larger impacts occurring at the lower quantiles.

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