从理论上看，资金互助合作对农户减贫的路径主要表现为增进相互信任、发挥监督优势和互助合作共赢，借贷行为则通过获得规模效益、拓宽就业渠道和平滑消费支出三条路径带来减贫。基于苏北经济薄弱地区连云港、盐城和徐州三地46家资金互助合作社、450户农户的微观调研数据，运用Logit模型实证检验了农户参与资金互助合作的减贫效应，并进一步分析了借贷行为在其中的作用。研究表明：在经济薄弱地区，参与资金互助合作具有一定的减贫效应，且对缓解当前贫困的效应更加显著；社员借贷行为一定程度上促进了参与资金互助合作对农户的减贫效应；户主受教育程度、家庭非农就业水平、住房价值、礼金往来支出等是缓解贫困的重要因素，而疾病冲击可能加深家庭贫困，增加重返贫困的概率。

Theoretically, the effect of mutual fund cooperation on farmers’ poverty reduction is mainly to enhance mutual trust, give full play to the advantages of supervision and achieve win-win cooperation. Crediting behavior alleviates poverty through three paths: obtaining economies of scale, broadening employment channels and smoothing consumer spending. Based on the micro survey data of 46 mutual fund cooperatives and 450 farmers in the underdeveloped areas of Northern Jiangsu Province such as Lianyungang, Yancheng and Xuzhou, the poverty reduction effect of farmers’ participation in mutual fund cooperation has been tested by using Logit model and the influence of crediting behavior in it has been analyzed. The research shows that in underdeveloped areas, participation in mutual fund cooperation has a certain effect on poverty reduction, and has a more significant effect on alleviating current poverty. To some extent, farmers’ crediting behavior promotes the poverty reduction effect of participating in mutual fund cooperation. The education level of the householders, the level of family non-agricultural employment, the housing value and the cash flow expenditure are important factors of poverty alleviation, while disease may deepen family poverty and increase the probability of returning to poverty.

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