本书将民间金融作为解释宁波地区民营经济增长之谜的一个视角，从农户、中小企业信贷需求的角度对宁波地区民间金融运行及效率进行以下实证检验：宁波地区民间金融在一定的秩序框架下其金融深化程度与宁波地区中小企业产出增加具有正向之关联性；与宁波地区农户收入增长具有正向之关联性。基于上述结论，作者提出了如下观点：（①）民间金融作为诱致性制度变迁是为了获得正规金融无法实现的潜在收益而进行的制度创新，民间金融在中国不应该是过渡性的制度安排；（②）民间金融市场在农村金融结构演进的过程中，充当着不可或缺的角色并起着不可替代的作用；（3）民间金融作用并非简单的拾遗补缺，实际上是与正规金融并存的必要的融资方式；（4）在一定秩序框架下必须给予民间金融应有的合法地位。

Ordinary financial theories state that there exists positive correlation between financial development and economic growth，and financial development in rural area is an important premise of agricultural economy growth.However，rural finance is the weakest link in the whole financial system in China，there exists unique phenomenon in Chinese financial development termed as“mystery of Chinese rural finance”，this phenomenon is especially remarkable in Ningbo prefecture which is characterized by farmer entrepreneurship and rural industrialization and whose development mainly relies on private economy.Private economy in Ningbo prefecture grows rapidly without sufficient formal finance supply. It is a puzzle worthy of probe how Ningbo's private economy obtains growth，and the puzzle how Ningbo's private economy breaks urban-rural dual structure and impels productive factors to gather to cities and towns for participating in industrialization and thus attains economic growth also deserves probe.This research takes informal finance as the visual angle to explain the mystery of private economy growth in Ningbo prefecture，and this research makes empirical test with regard to informal finance and its efficiency in Ningbo prefecture from the angle of credit demand of farmers and minor enterprises.The Findings of empirical research include：（1）Under certain framework for rules，the extent of financial deepening of informal finance has positive correlation with output of minor enterprises in Ningbo prefecture.（2）Under certain framework for rules，the extent of financial deepening of informal finance has positive correlation with increase of farmers'income.And therefore it is deduced that informal finance has positive correlation with private economy in Ningbo prefecture.By means of this research，the author realizes that capital-push growth mode is the major mode of economic growth in Ningbo prefecture，effective folk borrowing and lending is the important source of Ningbo's economic growth，and high efficiency of capital distribution directly promotes formation of capital and economic growth.Under the framework for theory of“Mackinnon-Shaw”，informal finance is considered as an inefficient arrangement for financing，and it is thought unimportant in both mature market-oriented economy countries and developing countries.Nevertheless，analysis of this thesis shows that the above viewpoint doesn't completely conform to the reality of informal finance and private economy in Ningbo prefecture.Based on conclusion of empirical analysis，the following viewpoints are pointed out：（1）Informal finance as induced institutional transition is a system innovation in order to gain potential profit which can not be achieved under formal finance，informal finance should not be a transitional system arrangement in China.（2）Informal finance market plays an indispensable role and its function is not replaceable in the process of evolution of agricultural financial structure.（3）Informal finance should not be simply a supplement for formal finance，but should be a necessary financing pattern that is compatible with formal finance.（4）Under certain framework for rules，informal finance should be granted legal status.At present，informal finance market is still not completely competitive or efficient，it needs normalization and guidance. Key Words：Informal Finance，Minor Enterprises，Farmers，Ningbo Prefecture