毫无疑问,降息是当前宏观调控当局所能采取的必要措施,至少有利于改变县域金融资源持续外流和实体经济虚拟化态势。第一,综合考虑融资的管理成本和“三农”的特质性风险(缺乏抵押品、自然灾害和农产品价格波动剧烈等)后,我们会发现农村地区经过风险调整后的融资总体回报水平低于城市,利率下行无疑意味着融资准入门槛的降低,或许有助于更多的借款人进入信贷市场。第二,民间借 Undoubtedly, interest rate cuts are the necessary measures that the current macro-control authorities can take, at least conducive to changing the continuous outflow of financial resources in the county and the virtualization of the real economy. First, considering the management costs of financing and the peculiar risks of “three rurals” (the lack of collateral, natural disasters and sharp fluctuations in prices of agricultural products, etc.), we find that the overall level of risk-adjusted financing returns in rural areas Lower than the city, the downturn in the interest rate will undoubtedly mean that the lowering of the access threshold for financing may help more borrowers to enter the credit market. Second, private borrowing