“三农”问题，是当前中国现代化建设进程中亟需解决的头等大事。2004年以来，中央一号文件连续12年聚集“三农”，进一步凸显了“三农”问题的重要。而“金融抑制”则是制约我国“三农”经济发展的重要因素,对此，理论界早已形成共识。由于标准的商业性金融对一些农村地区，特别是部分农户来说，仍然是一种可望而不可及的制度安排，加之合作金融异化，内生性“草根”金融受到政府管制，因此，农业政策性金融在当前中国显得尤为重要。它对于缓解农村金融抑制，破解“三农”难题，具有十分重要的现实意义。本文首先结合中国农村经济发展脉络，阐述农村金融体系的历史变迁，分析了农村金融抑制的现状和成因，探求农业政策性金融缓解农村金融抑制的作用机制及其路径。本文研究认为，中国农村金融抑制天然的弱质性、显著的外部性、信息不对称性和城乡二元结构等成因，需要政府进行必要的干预，以消除金融抑制，应对市场失灵，实现社会公平。与其他方式相比，农业政策性金融这个金融与财政、市场性与行政性、间接管理与直接管理、有偿与无偿的巧妙结合体，一头连着政府，一头连着市场，其实质是用金融的手段，履行政府的职能，实现国家特定政策目标，是政府干预农村金融市场的优选工具。因此，要充分发挥农业政策性金融逆市场扶持、首倡诱导—虹吸—扩张和合作—扩张三大机制的功能作用，通过逆向增加供给、诱导消除信贷配给、主导合作缓解市场失灵、开展批发业务四大路径，来缓解农村金融抑制。其次，实证检验了农业政策性金融与农村金融抑制的线性关系及缓解程度。本文利用中国农业发展银行“东中西部县域经济金融调研”中13个省市147个县的经济数据，区别于传统研究中大量使用的微观农户数据以及省级面板数据，试图从更贴近农村实际的样本出发进行定量研究；为了克服不同县域的异质性而导致的内生性问题，区别于传统的回归方法，选用了异质性双边随机前沿模型，对农业政策性金融供给究竟在多大的程度上缓解了金融抑制进行探讨，而不仅仅局限于只关注它们之间的线性关系。结果表明：农业政策性金融供给、社会消费水平、金融机构不良贷款以及政府规制等异质性特征共同解释了90%的金融抑制的波动；其中，农业政策性金融供给对当期农村金融抑制起到了缓解作用，同时也增强了未来期的缓解效应；从平均水平看，农业政策性金融供给、社会消费水平提升使得金融抑制程度相对于均衡水平下降了23.88%。最后，提出农业政策性金融缓解农村金融抑制的对策建议。通过对世界主要国家农业政策性金融发展模式的梳理和借鉴，提出要建立起能够有效满足不同发展水平、不同区域农村金融需求的农业政策性金融为先导的新型农村金融体系，探索自上而下引导、自下而上发展的多元化道路。包括：先导性的具有强大影响力的农业政策性金融机构体系；能够被制度诱导、创新驱动的商业性金融；符合合作原则的真正意义上的合作性金融；各类资本参与组建的小额信贷公司、村镇银行、民营银行等新型农村金融供给主体等。农业政策性金融与其他竞争性的农村金融微观主体之间是一种合作关系，而不是竞争关系，是制度与市场的引导，而不是纯粹的行政主导。通过政策诱导、体制创新和制度完善，来保障并放大金融支农力度，缓解农村金融抑制，破解“三农”难题。

The issue of agriculture, farmers and rural areas is the cardinal task in the process of China’s modernization construction. Since 2004, the central government’s first policy document has focused on the issue of agriculture, farmers and rural areas for 12 years, which highlights the importance of that issue. Financial repression is the crucial factor that hinders the economic development of agriculture, farmers and rural areas. Therefore, the consensus has been reached in theoretical fields. Due to the fact that the standardized commercial finance is still beyond reach in some rural areas of China and the differentiation of cooperative finance as well as the regulation of local finance, the policy-based finance of rural areas becomes prominent issue in China and of great significance to relieve the financial repression of rural areas and solve the issue of agriculture, farmers and rural areas. According to the literature, the research on financial repression of agriculture in terms of policy-based finance is sparse; meanwhile there is still no exact conclusion about the relationship between financial supply of agricultural policy and financial repression. Firstly, the thesis discusses the development of economy of rural areas of China and the evolution of financial system of rural areas. Then the thesis illustrates the state and reasons of financial repression of rural areas and explores the resolution of financial repression of rural area by the policy-based finance of agriculture. According to thesis, government should intervene in the financial market of rural areas to eliminate the financial repression, tackle with market failure and realize social fairness because of the externality, fragility, information asymmetry of financial repression of rural areas of China and urban-rural dual structure. The policy-based finance of rural areas is connected with government and market, the essence of which is to perform the governmental function and realize the targeted goal through financial approach and becomes the optimal method for government to intervene in financial market of rural areas. Therefore, the support of agricultural policy-based finance on reverse market, inducement-siphon-expansion and cooperation- expansion should be brought into play. Besides, the resolution of financial repression of rural areas should be conducted in the following ways: increasing financial supply in reverse, elimination of credit rationing by inducing, reliving market failure by cooperation and conducting business.Secondly, we apply the empirical research to study the issue stated above. Compared with traditional research that uses panel data or micro-data on peasant household, we use the data collected from 147 counties of 13 provinces of eastern, central and western regions in China from Agriculture Development Bank of China so as to make our research compatible with reality of rural areas. Apart from this, we apply heteroscedastic stochastic frontier model to eliminate endogenous problem caused by heterogeneity of different counties and study how much the policy-based finance of rural areas relieve financial repression. The model we apply in the thesis is different from the traditional research which only focuses on the linear correlation. The results show that heterogeneities including the financial supply of agricultural policy, consumption, bad loan from commercial banks and governmental regulation explain 90% of the fluctuation of financial inhibition. Moreover, the financial supply of agricultural policy does weaken the repressive effect of rural finance while strengthening the relieving effect of the future. On average, the repressive effect decreases by 23.88% relatively due to the increase of financial supply of rural finance and consumption. Meanwhile, we also do the empirical research in terms of the scale, structure and efficiency of policy-based finance of rural areas so as to lay the foundation for relieving financial repression.Finally, based on the study of international policy-based finance model, we recommend that the government should build the agricultural policy-based finance oriented financial system of rural area which could satisfy diverse financial demands of different rural areas, including the agricultural policy-based financial system with great influence, the commercial finance which is easily induced by policy and initiated by innovation, the cooperative finance which satisfies the principles of cooperation, new financial suppliers of rural areas such as village banks, private banks and micro-credit companies financed by diverse capitals etc. Besides, the relationship between agricultural policy-based finance and other competitive financial micro-bodies of rural areas is cooperative rather than competitive. Their relationship should be guided by policy and market rather than complete regulation. Policy inducement, system innovation and improvement are indispensable to the financial support on agriculture and the resolution of financial repression of rural areas and the issues of agriculture, farmers and rural areas.