乡村振兴战略是我国全面建设社会主义现代化国家的重大历史任务，“三农”问题是直接关系到国家长治久安和社会和谐发展的重要问题。乡村金融作为乡村振兴的重要杠杆，是实现农业农村两个现代化的推动力量，在乡村振兴战略中具有重要的战略地位。在我国乡村金融的发展进程中，乡村信贷的发展较为滞后，乡村信贷的普惠性仍无法较好地覆盖乡村的大部分需求，促进我国乡村普惠信贷发展是符合我国追求共同富裕奋斗目标的重要环节，具有重要的现实意义。在关于乡村普惠信贷发展的过往文献中，大多数学者强调了政府干预的作用，并将其与市场作用共同作为重要因素。从理论上看，尽管政府干预的作用被广泛强调，但政府干预是具有成本的，且政府的资源是有限的，探讨怎样的政府干预对乡村普惠信贷发展是“有为”的，具有重要的理论意义。尽管如此，学术界仍鲜有人对此进行论证。因此，本研究选择以最优政府干预理论和三维金融理论作为理论指导，重点围绕习近平总书记关于我国普惠金融高质量发展的构建思想和《关于金融服务乡村振兴的指导意见》中的战略发展目标，从政府为什么干预、政府干预的作用和政府如何干预三个方面构建政府干预与乡村普惠信贷发展的理论框架，并依据实践案例和数据对“政府如何干预最符合乡村普惠信贷发展的需求”这一研究问题进行论证和检验。

本研究首先界定了乡村普惠信贷及其发展的概念，并阐述了三维金融理论和最优政府干预理论的基本内容及其在本研究主题的应用。在此基础上，本研究采用比较制度分析法，通过市场机制下和政府直接干预下的供求双方博弈建立了政府干预如何促进乡村普惠信贷发展的基本理论命题和分析框架。然后，本研究采用比较分析法、案例研究法和定量研究法，从宏观、中观和微观三个层面分别针对政府干预的必要性、作用机制和作用效果进行实证研究，对本研究的理论命题和分析框架的有效性提供经验证据的支持。最后，本研究结合实证研究的结果，对促进乡村普惠信贷发展提供合理有效的政府干预策略。

本研究的理论分析结果表明，市场机制下的乡村普惠信贷供求关系存在理论上的制度缺陷，会造成信贷供给不足的结果，主要原因在于供给侧信贷机构的逆向选择问题和需求侧农户的道德风险问题，在政府进行信贷补贴的直接干预下，供给侧信贷机构的逆向选择问题会得到临时性解决，需求侧农户的道德风险问题仍然不受影响，可见政府直接干预并不能从根本上解决市场机制下的制度缺陷，政府干预需要借助市场主体和社会主体发挥作用。其中政府干预有禀赋性干预和结构性干预两种方式，在作用于商业性信贷和合作性信贷后，通过市场主体和社会主体发挥需求效应和供给效应，从而实现乡村普惠信贷的发展。基于在乡村普惠信贷发展的实践，形成了政府干预机制的基本原则和理论探索，其中政府干预方式的适用性以其目标为导向，政府干预的作用是实现市场和社会的有机融合，政府干预“有为”在于对供给和需求的发展匹配。

本研究的实证分析结果表明，禀赋性政府干预能够显著提高信贷供给，但这种效果会加大市场风险，其结果不可持续，而结构性政府干预虽然不能明显提高信贷供给，但能充分发挥市场和社会机制的作用，平衡供求关系和消化市场风险，政府对乡村普惠信贷的干预应该以结构性干预方式为主；政府干预对乡村普惠信贷发展具有正向作用，但该作用非常有限，因为其发挥的供给效应边际递减，需求效应不能体现，因为政府干预会对市场和社会主体造成挤出作用，政府应在其需求效应方面更多“有为”；政府干预对商业性信贷发展的作用有限且不具有可持续性，政府干预对合作性信贷发展的作用较为显著，政府对乡村普惠信贷的干预应该以合作性信贷作为载体。

相较于过往研究，本研究可能的创新之处在于，在理论方面将三维金融理论和最优政府干预理论进行融合，构建了乡村普惠信贷发展中政府干预的分析框架，揭示了政府干预对乡村普惠信贷发展的作用，从中探索出有为政府干预原则，拓展了两个理论的应用场景，同时丰富了乡村普惠信贷发展研究的理论视角。同时在实证方面综合运用了多种因果效应的论证方法，为乡村普惠信贷发展的政府干预逻辑提供了全面、多样的经验证据，为政策制定者提供多样的证据支持。

The strategy of rural vitalization is a major historical task for China to comprehensively build a modern socialist country. Rural finance, as an important lever for rural revitalization, is a driving force for achieving the modernization of agriculture and rural areas, and holds an important strategic position in the rural revitalization strategy. In the current development process of rural finance in China, the development of rural credit is lagging behind, and the inclusiveness of rural credit still cannot better cover most of rural demand. Promoting the development of rural inclusive credit in China is an important link in line with the current goal of pursuing common prosperity in China, and has important practical significance. In previous literature on the development of rural inclusive credit, most scholars have emphasized the role of government intervention and regarded it as an important factor in conjunction with market forces. From a theoretical perspective, although the role of government intervention is widely emphasized, it has costs and government resources are limited. Exploring what kind of government intervention is “promising” for the development of rural inclusive credit has important theoretical significance. Nevertheless, there are still few scholars in the academic community to argue about this. And based on practical cases and data, the research question of "how the government intervenes to best meet the needs of rural inclusive credit development" is demonstrated and tested.

This study first defines the concept of rural inclusive credit and its development, and elaborates on the basic content of three-dimensional financial theory and optimal government intervention theory, as well as their application in this research topic. On this basis, this study adopts the comparative institutional analysis method to establish the basic theoretical proposition and analytical framework of how government intervention promotes the development of rural inclusive credit through the game between supply and demand under market mechanisms and direct government intervention. Then, this study adopts comparative analysis, case study, and quantitative research methods to conduct empirical research on the necessity, mechanism, and effectiveness of government intervention from macro, medium, and micro levels, providing empirical evidence to support the effectiveness of the theoretical proposition and analytical framework of this study. Finally, this study combines the results of empirical research to provide the promising government intervention strategy for promoting the development of rural inclusive credit.

The theoretical analysis results of this study show that there are theoretical institutional defects in the supply and demand relationship of rural inclusive credit under the market mechanism, which will result in insufficient credit supply. The main reason is the adverse selection problem of supply side credit institutions and the moral hazard problem of demand side farmers. With the direct intervention of the government in credit subsidies, the adverse selection problem of supply side credit institutions will be temporarily solved, the problem of moral hazard of demand side farmers is still unaffected. It can be seen that direct government intervention cannot fundamentally solve the system defects under the market mechanism, and government intervention needs to rely on market subjects and social subjects to play a role. There are two types of government intervention: endowment intervention and structural intervention. After acting on commercial and cooperative credit, market and social entities exert demand and supply effects, thereby achieving the development of rural inclusive credit. Based on the practice of the development of inclusive credit in rural areas, the basic principles and theoretical exploration of the government intervention mechanism have been formed. The applicability of the government intervention mode is guided by its goal. The role of government intervention is to achieve the organic integration of the market and society. The "promising" of government intervention is to match the development of supply and demand.

The empirical analysis results of this study indicate that endowment government intervention can significantly increase credit supply, but this effect will increase market risk, and the results are not sustainable. Although structural government intervention cannot significantly increase credit supply, it can fully play the role of market and social mechanisms, balance supply and demand relationships, and digest market risks. The government's intervention in rural inclusive credit should be mainly through structural intervention; Government intervention has a positive effect on the development of rural inclusive credit, but this effect is very limited because its supply effect is marginal and the demand effect cannot be reflected. Government intervention will cause crowding out effects on the market and social entities, and the government should be more proactive in its demand effect; The role of government intervention in the development of commercial credit is limited and not sustainable. The role of government intervention in the development of cooperative credit is relatively significant, and government intervention in rural inclusive credit should be carried out through cooperative credit;

Compared to previous studies, the potential innovation of this study lies in the integration of three-dimensional financial theory and optimal government intervention theory, constructing an analytical framework for government intervention in the development of rural inclusive credit, revealing the role of government intervention in the development of rural inclusive credit, exploring the principles of promising government intervention, expanding the application scenarios of the two theories, and enriching the theoretical perspective of research on the development of rural inclusive credit. At the same time, various causal effect demonstration methods have been comprehensively applied in the empirical aspect, providing comprehensive and diverse empirical evidence for the government intervention logic of rural inclusive credit development, and providing diverse evidence support for policy makers.