| This article focuses on institutional reasons for the deficiency of normal financial services in China's rural areas by analyzing the institutional mechanism. The previous studies on this problem all agreed on the deficiency of the normal services, but the systematic study of institutional reasons for it is far from satisfaction. In this study, the key question is:what institution is the reason leads to the lack of rural financial services? Research objectives are:first, to grasp the status of the rural financial institution and their mutual relations, the evolution of the rural financial institution and the law; the second is to measure the status of rural financial services lack, intensity and impact; third is to find the mechanism of rural financial services lack, and propose policy recommendations for innovation institution. Research ideas are:based on the new institutional economics theory, the theory of financial development, study on the rural financial institution, starting research from the important position of rural financial services, based on the status of rural formal financial institution, it analysis the performance, strength and influence of formal rural financial services lack. Then, it analyzes the institutional reasons for the formal rural financial services lack in details, and to propose innovative policy proposals.First, main contentThe main contents of the study include:(1) Establish the logical starting point for research and analytical framework of this study. Based on the new institutional economics theory, the theory of financial development, related concepts such as rural finance, rural financial services, rural formal and rural formal financial services, financial services, measure of rural financial services; (2) Rural formal financial institution status, relationships and evolution. Analyzed the relationship and the status quo between Policy-oriented financial, commercial financial and cooperation financial, a comprehensive review and summary of the 1951 changes since the rural financial institution; (3) Study the lack of formal financial services in rural areas. From the rural financial service coverage study China's rural formal financial services status, from rural financial supply and demand gap point estimates the lack strength of rural formal financial services, and it's impact; (4) Reasons for lack of formal financial services. Focus institutional reasons on lack of formal financial services in rural areas:the system of state monopoly of financial arrangements, the rural financial market access restrictions and the lack of a institution out of the rural cooperative financial institutions, property rights system deficiencies, deficiencies in the institution of rural credit supply, rural cooperative financial institutions lending rate pricing institution defects and rural financial institution reform target offset and so on.Second, the major conclusions of the research1. China's Policy-oriented financial, commercial financial, cooperation financial lack of coordination between the financial institutions. China has built a Policy-oriented financial, commercial financial and financial cooperation framework for the financial institution, the Agricultural Development Bank, Agricultural Bank and rural credit cooperatives are the three main providers of financial services, however, insufficient coordination between them with the problem. Commercial finance in rural areas gradually atrophy, policy-oriented financial did not complement the shortage of business finance and cooperation financial, resulting in financial services in rural areas a "vacuum".2. China's rural financial institutional changes have obvious mandatory, progressive and hysteresis characteristics. Government is the planners and promoters in every changes, the microscopic is always in a passive position; when the new arrangements for the financial institution to achieve good results through such forms by the pilot, and then gradually replaced with new institutional arrangements for the old financial institutional arrangements; China's financial institutional changes dependent on the economic institutional changes.3. China's rural financial services is obviously deficient and the gap of rural financial supply and demand is big. Mainly in the low coverage of rural financial services, inefficient agricultural loans, rural exodus of funds, bad results of micro-credit in rural areas, weak sustainable development of rural financial institutions, and large financial gap between supply and demand in rural areas. Through the national average Finance-related rate (FIR), the reality in rural FIR, rural areas'theory FIR, rural GDP estimates the funding gap in rural areas, and increasing year by year. Constraints of formal financial services in rural areas lack the financial industry's own development, leading to low efficiency of rural financial markets; cause slow development in rural areas, strengthen the dual economic structure, weakening the fundamental role of agriculture.4. Institutional weaknesses are the main reasons for the lack of rural financial services. There are many reasons for rural financial services lack, such as the low level of economic development in rural areas, restricted the development of rural finance and rural financial services; rural financial market credit deterioration of the environment, leading financial institutions reluctant to provide financial services in rural areas. However, according to the new institutional economics theory, the financial institution is the major determinant of financial services; financial institution determines the quality of financial services, because the institution is the most fundamental reason.(1)The institution of state monopoly of financial arrangements led to a lot of financial resources in rural areas to urban and industrial. In the system of state monopoly of financial arrangements, the main function of financial institutions is to mobilize savings and financial institutions in rural areas; the main task is to gather rural funds available to urban sector and businesses. Establishment of a market economy, the central government and local governments for the control of financial resources, the formation of a national financial system of vertical and horizontal partitioning, the formal financial sector to mobilize rural savings. In rural financial system a "market failure" and "government failure" coexist "double failure "phenomenon, leading to lack of rural financial services.(2) Strict access institution for rural financial markets leading to monopoly. Market access restrictions led to rural cooperative financial institutions monopoly the rural financial market, the formation of a monopoly of inefficient financial market structure, resulting in reduced efficiency of rural financial services. Lack of exit institution, leading to rural financial institutions complacent, lazy, neglect of rural economic development and financial needs change impact financial services.(3) Institutional weaknesses of property rights of the rural cooperative financial institutions lead to neglect the client's interests. There still exists property right, property right and property right of buy of empty of dislocation of the stability problem of the rural cooperative financial institutions in China's rural cooperative financial organization. Therefore, in this kind of incentive and constraint mechanism, the rural cooperative finance financial institutions operators (agent) will appear distorted business behavior, the operator (agent) to a client (commune member shareholder) interests concern, ignore the client (commune member shareholder) access to quality of rural financial services in the purpose, cause rural lack of financial service.(4) The defects of rural financial and credit system lead financial needs in the rural are not met. Mainly in credit products rather monotonous, poor adaptability, the loan amount, term and interest rate so it is difficult to adapt to different households, different economic agents in different stages of economic development needs. First, the rural micro-credit loans can not meet to upgrade the industrial structure of agriculture brought large sums of money demand; Second, guaranteed loans for rural joint households have difficulty in practice, the composition of the HSP group, the loan term, amount and so not suited to rural demand; Third, general commercial loan collateral requirements result farmers can not obtain commercial loans; Fourth, poverty alleviation loans and policy loans no direct contact with farmers in general, to meet the financial needs of rural diversity is not much of a role. (5) The interest rate pricing system leads rural credit cooperatives prone to high lending rates. Grassroots credit cooperatives can not determine loans interest rates, the interest rate policy effects are not fully to play. In addition, the rural credit cooperatives in determining when the floating range for lending rates to improve efficiency, improve business performance considerations, often "one floating the ceiling," or floating the maximum extent possible, resulting in higher interest rates, farmers can not accept.(6) Rural financial institution's multi-target leading to ignored the rural financial services needs. Different objectives in the rural financial institution intertwined between government, financial institutions and farmers. The farmers are in the absolute weak position, almost no effect on the ability of the institutional change. Thus, in the top-down in the rural financial institutional changes, the government is the first Action Group, the system design is sure to give priority to the interests of the target to meet their own needs, farmers and financial institutions'goal was ignored, forced to accept new institutional arrangements.Third, Suggestions on Policies1. Change ideas in the rural financial institution innovation. Innovation in rural financial institution should be achieved by the government led to government-induced change, the establishment of a mandatory institution changes induced institutional change with a combination of rural financial institution changes mode. Innovation in rural financial institution should adhere to the rural economy, the main principles involved in the micro; adhere to the principle of local conditions; adhere to the principle of demand-driven; adhere to the principle of a virtuous cycle and the principle of competition.2. Improve the property rights institution of rural cooperative financial institutions. Property rights reform should effectively give farmers the right of income rights:further improve the "three will be" system and market constraints, to form an effective incentive and restraint mechanisms and improve the corporate governance structure; avoid internal control and external human intervention, to enhance prevention and control of financial risks.3. Innovative rural financial market entry and exit institution. Innovation in rural financial market access system, appropriate to reduce the threshold and the establishment of regulatory standards, to encourage social capital and private capital to initiate or participate in the establishment of new rural financial institutions, and gradually form a market which is moderately competitive, and change the backward situation of rural financial services fundamentally.4. Innovative rural credit supply system. According to different levels of economic development, innovative credit management system according to local conditions; innovative varieties of rural credit, according to the level of economic development in different regions and different types of financial needs, to adapt to rural development needs of various market players, with a difference, diversity series of financial products; innovative interest rate pricing mechanism combined interest rate market, suited to the development of rural finance rural development loan risk pricing system.5. Innovative rural financial supporting system. Improve the rural formal financial services fiscal policy and monetary policy support mechanisms; Improve credit environment rural of formal financial services; Construct a reasonable agricultural insurance system; Establish agricultural credit institutions deposit insurance system.Forth, Main Innovation Points of Thesis1. By comprehensively measuring our rural financial service situation, we build a basic indicator of rural financial services. With statistical analysis method, we reveal the current situation of the formal financial services in rural areas; With the FIR, we calculate the theoretical value and actual value of the rural areas'financial quantity. What is more, we make the balance between them, in other words, the rural area's funding gap scale, as an indicator of rural financial services.2. Find out the institutional reasons of rural financial services lack. Study found that the state monopoly of financial institutional arrangements, rural financial market entry and exit system, property rights system, the supply of rural financial and credit system, interest rate pricing system and the defect of the reform goals will result in rural financial services lack.
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