Abstract: Expanding the scope of collateral is an important way to alleviate the financial difficulties in rural areas. Therefore, the mortgage of farmers' housing property rights is expected to make a difference and become an important direction of rural reform in recent years in China. Taking advantage of the mortgage of farmers' housing property rights in 59 pioneer counties during the period of December 2015 to December 2017, this paper investigates whether the mortgage of farmers' housing property rights increase the agriculturerelated loan by using 1024 rural credit cooperatives and rural commercial banks data during 20102016. This paper holds that, at present, farmers' housing property rights are faced with problems such as difficult value evaluation and difficult disposal of collateral, so it is difficult to act as loan collateral. The results show that the mortgage of farmers' housing property rights did not increase the supply of agriculturerelated loans and could not stimulate the rural financial market. The above results remained robust after considering the alternative effect of the mortgage of farmers' housing property rights had on the other mortgage methods, the mortgage of farmland use rights and the reform of “three plots of land”. The government should make greater efforts to complete the supporting measures for the reform of rural housing property rights mortgage loan, explore and expand the scope of the transfer of farmers' housing property rights. Therefore, the value of housing property rights can be better achieved and the problem of mortgage disposal can be better alleviated.

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摘要： 扩展抵押品范围是缓解农村金融困境的重要途径。在这一思路下，农民住房财产权抵押被寄予厚望，成为近年来农村政策改革的重要方向。本文使用2010—2016年1 024家农信社和农商行的数据，利用2015年12月国务院在天津市蓟州区等59个试点县（市、区）开展为期两年的农民住房财产权抵押贷款试点这一“准自然实验”，对农民住房财产权抵押对涉农贷款供给的影响进行了检验。本文认为，现阶段农民住房面临着价值评估难、抵押物处置难的问题，抵押效果不佳。实证结果显示，农民住房财产权抵押没有显著增加涉农贷款供给，对农村金融的供给作用有限。本文在考虑了农民住房财产权抵押对其他担保方式的替代作用、农地经营权抵押和“三块地”改革的影响之后，上述结果依然稳健。本文的政策启示是，政府应着力做好农房抵押贷款改革的配套措施，推动宅基地制度改革，探索扩大农民住房财产权的受让范围，充分挖掘住房财产权的价值潜力，缓解抵押物处置难问题。

关键词: 农民住房财产权抵押, 抵押品, 农村金融