银行贷款门槛高一直是农民融资难的一个重要原因。政府为了降低银行贷款门槛，减弱信贷配给的影响，让农民更容易获得贷款而出台了财政贴息的政策。本文基于广西A县中国农业银行农户小额贷款的个体数据，采用“准实验”设计的方法，研究财政贴息政策对银行放贷行为的影响，进而对贴息政策是否达到惠民的目标进行讨论。研究分以下方面展开：（1）贴息政策的实施是否降低了银行对贷款人经济实力的要求；（2）贴息政策在县城和乡镇之间的实施效果有何差异；（3）在2012年贴息政策取消后，银行贷款门槛是否再次提高。研究结果发现，（1）贴息政策使银行贷款门槛显著降低，使更多处于经营起步期急需资金的农户获得了贷款。（2）贴息政策使得非县城地区家庭的申请难度显著下降，县城地区家庭的申请难度在贴息后无显著变化，贴息政策带来的惠民效果在非县城地区表现更明显。（3）银行贷款门槛在贴息政策取消后并没有显著的变化。本研究的意义在于利用了地方银行系统的真实数据，对以惠民为目标的财政贴息政策所取得的实际效果进行了经济学分析，对今后政府政策的制定有一定的参考意义。

Using an original database of peasant microfinance in Guangxi Zhuang Autonomous Region, this paper gives empirical evidence of the effects of finance discount policy on the loan limits of Agricultural Bank of China. Difference in Difference method is used as a main analyzing tool and the regression results indicate that (1) finance discount have had a positive impact on lowering the loan limits of the bank, giving more opportunities to get the loan. (2) The positive impact referred to before towards loan applicants who live in non-county is more significant than that of county residents. (3) After the cancellation of finance discount policy, the loan limits of Agricultural Bank of China did not have any significant change.