| The concept of social capital was first put forward by the French sociologist Pierre Bourdieu, who defines it as "aggregate of the actual or potential resources which are linked to possession of a durable network of more or less institutionalized relationships of mutual acquaintance and recognition - or in other words, to membership in a group - which provides each of its members with the backing of the collectivity-owned capital, a ’credential’ which entitles them to credit, in the various senses of the word." Later, many different schools of the definition of social capital also has different, which all have in common is adopted the "credit" as the core content. There is no doubt that with the importance of credit in borrowing, especially in the rural social environment. As a leading agricultural nation, China’s deep-rooted small-scale rural economy is now counteracting with the ongoing rural financial system reform. The rural capital outflow and the rural household behavior difficult problems trouble farmers who are experiencing the transformation from traditional agriculture to modem agriculture. Simply relying on the government’s efforts, such as promoting commercial banks moving into the countries, moving urban commercial financing model to rural land is not feasible. How to adjust measures to meet the local conditions and to help farmers through the transition, promoting the healthy development of rural financial market is the issue that the government needs to consider. China’s rural social capital is unique as it is built on the basis of kinship, agnation and neighborhood. This type of close-knit social network is the foundation of "credit". To make good use of the influence of social capital on the rural household behavior and to develop suitable rural social lending model are the feasible ways to alleviate these problems. This thesis is devoted to the following three issues:(1) Analysis of the influence of social capital on rural household loans; (2) Analysis of the influence of social capital on the risk of rural household loan repayment; (3) Analysis of the influence of social capital on farmers’ welfare effect. To sum up, it is how social capital affects the rural households’ credit behavior initial, intermediate, as well as the later stages.Based on previous literature, this thesis is an interdisciplinary study that draws on theories from the following fields:economics, finance, management and sociology theory of financial repression and financial deepening theory, structural hole theory, strong and weak relations proposition, theory of social resources and social capital theory. Due to the lack of census data on rural household social capital and credit behavior, I designed a questionnaire and distributed it during my fieldwork that lasted from November 2013 to January 2014 in the following nine locations that are at different economic conditions:Wuyuan in Shangrao, Guixi in Yingtan, Dongxiang in Fuzhou, Yongfeng in Gi’an, Fengcheng, JingAn in Yichun, Yongxiu in Jiujiang, Wanli district and Nanchang county in Nanchang, Jiangxi Province. Methodologically, I combine the group interviews and household survey. 1294 valid questionnaires were included in the final quantitative analysis, empirical analysis and game model.First of all, I reviewed closely related previous literature on the rural household behavior and social capital. By tracing the origin of the concept of social capital back to Max Weber’s capitalist spirit, I give the following definition of social capital:it is a kind of capital on the basis of good faith to build a social network and embedded in the network for the individual (or organization) shows various benefit potential or a collection of resources. This definition clarifies that the stock of social capital is valuable, incremental, and takes no physical form. Based on review of theories on rural household behavior and carding, on the basis of the characteristics, types and changes of the rural social capital are analyzed, and the rural social capital of this article is divided into:direct and indirect social capital model to two kinds of social capital. The rural household behavior since 1978’s reform and opening up development of 36 years is divided into four stages (1978-1993,1994 and 2002, 2003 and 2007,2008-2014). I discuss the "spindle"-shaped rural household behavior and provide longitudinal comparative analysis of temperal and regional difference of the rural household behavior. Quantitative analysis is performed on the rural household behavior rates, borrowing, lending capital source, use borrowing, lending interest rate, term, receipt and guarantee.Secondly, this thesis sets off to discuss the effects of social capital on the rural household behavior in the early stage of borrowing behavior. Social capital is divided into local clans-based social capital, corporative social capital, and legal theory of social capital, word of mouth type and status of social capital. More specially, it includes the frequency of relative visiting, the creditability among the relatives, the creditability of the neighbors, and the relationship between the farmers’ professional cooperative organization, credit rating in the formal financial institutions, whether to participate in the rural household of group, in good faith between the village folks evaluation level, whether one is a party member, whether the staff has an effect on the farmers borrowing opportunities. I take Jiangxi, a major agricultural Province, as an example. Through the empirical study of 1294 questionnaires, I draw the conclusions: relatives trust, trust degree of harmony neighborhood, and the relationship between agricultural specialized cooperative organizations, in the credit rating of formal financial institutions and in good faith between the village folks evaluation level has a significant influence on effective lending opportunities for farmers, relatives-visiting frequency, whether to participate in the group, whether to join the Party membership, whether to work in the government have no significant influence on the effective lending opportunities for farmers. At the same time, around the structural holes and strength relation of the influence of rural household behavior. Four dimensions of questionnaire in the first place in the corresponding relationship between strength measuring standard interaction frequency, emotional strength and the degree of intimacy, mutual exchange problem results made a descriptive statistical analysis. Based on the analyses above, I choose Dongxiang, Guixi, Wuyuan three case studies and further analyze them in detail.Thirdly, this thesis studies social capital’s effects on "middle" and "later" stage of the rural household behavior. The results of the survey demonstrates that often go to the higher and trust relation, trust harmonious neighborhood relationship, the relationship between the farmers’ professional cooperative organizations and farmers coinsurance group, the relationship between the formal financial institutions, and political identity characteristics and characteristics of credit reputation these social capital are the farmer credit default risk has a strong positive engagement. Therefore, social capital should be effectively used to establish the farmer credit risk control mechanism, by farmers of group system, the guarantor system construction of rural credit rating, farmer cooperative organizations and to reduce the farmer credit default rates. Rural household behavior is essentially borrowing main body through repeated game generate integrity to achieve the Nash equilibrium of a process, therefore, in this research, by using the theory of repeated game farmer credit risk are analyzed. Welfare effect after borrowing loans in the late psychological satisfaction and increase their income points substance and two aspects for analysis. Descriptive statistics analysis is provided to show the physical and psychological satisfaction of the loan welfare is achieved. According to the survey data, the loans can significantly increase from loan to increase the net income of the family, to expand the scale of production, to improve the level of consumption and to improve the quality of life. Again by setting lending income welfare model equation of social capital on the impact of increasing the income of rural household loans after the empirical analysis, it is concluded that have access to loans to help farmers get higher income. Also I found that different types of social capital play different role in farmers’ income growth. Farmers’income grows significantly more when borrowing money through organizational social capital when compared to social network-based social capital,Based on the analysis above, this thesis has come to the following main conclusions:1. The rural liability loan is experiencing a transformation from surviving mode to developing mode. Farmer’s credit amount is growing larger and people now are more likely to borrow from formal financial institutions than from friends and relatives., Purposes of borrowing also changed from wedding funds to the development of production and so on. Based on these facts, we can see that China’s rural society is transforming from traditional agriculture to modern agriculture, small-scale rural economy to large scale agricultural economic transformation.2. Different social capital has different degrees of influence on rural household behavior. Influence of rural household behavior social capital can be divided into clan, native type social capital, organizational social capital, legal theory of social capital, and social capital word of mouth of social capital and status of social capital. Embodied in a relative degree of trust, trust degree of harmony neighborhood, and the relationship between agricultural specialized cooperative organizations, in the credit rating of formal financial institutions and in good faith between the village folks evaluation level has a significant influence on effective lending opportunities for farmers, relatives go to quantity, whether to participate in the group, whether to join the Party member, whether to work in the government have no significant influence on the effective lending opportunities for farmers.3. The debit and credit still is given priority to with strong relationship, structural holes decided to say. According to the corresponding strength relationship between the four dimensions of the questionnaire to measure standard of interaction frequency, emotional force, the degree of intimacy, mutual exchange of descriptive statistical analysis and from Dongxiang, Guixi, Wuyuan country three areas of the case analysis, prove stronger than the weak relations are more likely to form a strong and long-term loan relationships and bring more loans. If the debit and credit between hole structure, in the folk lending, intermediaries or capital mutual aid organizations often ACTS as the head of the hole, and therefore profits; In the policy-based lending, the government acted as the role of the hole and function as a role-maker.4. Social capital can be adopted as a risk control mechanism. Kinship based on social network in rural society is more effective than the urban social network thereof. My finding of my survey indicate that the following relationship and social network has a positive binding effect on risk control:regular visits to blood relatives, trust harmonious neighborhood relationship, the relationship between the farmers’ professional cooperative organizations and farmers coinsurance group, the relationship between the formal financial institutions, and political identity characteristics and characteristics of credit reputation these social capital are the farmer credit default risk has a strong positive engagement. Therefore, social capital should be effectively utilized to establish the farmer credit risk control mechanism, via farmers of group system, the guarantor system construction of rural credit rating, farmer cooperative organizations and to reduce the farmer credit default rates.Given the above mentioned conclusion, I put forward the following three suggestions:1. Supervise rural land circulation and trade, guide the construction of rural capital mutual aid organizations, for farmers to manage their land to provide policy guidance and help both money supplies.2. Gradually liberate from policy inclines, establish credit system relying on rural social capital, and eventually create good credit environment for farmers to borrow and lend.3. Encourage and further build benign rural private credit system. Meanwhile, provide farmers more and better financial service through strengthening national and local governmental supervision.
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