| This article consists of introduction and 6 chapters. The article by using SSCP analytic paradigm, that is Status of environment, Structure of governance, Conduct of farmer household`s investment & finance and Performance, researched the internal linkage between the mechanism of farmer household`s investment & finance under various governance, provide theoretical evidence and selective depath of policy for deepden rural finance system reform.This article was organized in the following way.Chapter 1, IntroductionFirstly, in this chapter, the background, purpose and significance of selecting this topic are elaborated. Secondly, by recently domestic research, the farmer household and it`s borrowing issue, rural co-operative economic organization and its aligned famer household`s behave, agricultural vertical integration and its aligned famer household`s behave, China`s rural financial reform issue and its reason were comprehensively, objectively outlined and assessed. to abroad research, the issue on behavior and efficient of peasant`s investment disscused by classical economist, the theory on entrepreneur, innovation and finance industrialization investment considered by neo-classical economist, and the rural financial policy practice and theory of rural market in the developing countries after world warâ…¡were comprehensively reviewed. Especially, it objectively assessed theories on vertical integration behave and co-ops development etc. At last, the hypothesis, thinking, basic methods and likely innovation of this article were outlined.Chapter 2, The theoretical basis on mechanism of farmer household`s investment &financeFirstly,it classified and distinguished the main form of farmer household and agroindustrialization organization. By the objectively fact of differentiation and converegence of farmer household and rural collective organization in 1978~2006, elaborated the law of rural micro-economic organization`s evolving from Co-ops orientation to investment owner firm. Secondly, elaborated the contemporary mainstream economics theories,focused on the core thinking of Neo-classical economics` Choice theory, which involves in the mainbody of behave, the economic interest and expected utility, and on the core thinking of Neo-institution economics` Contract theory, which involves in linkages among uncertainty, bounded rationality, asset specificity, various form of contract or governance,and the mechanism of investment and finance. This chapter provides the key theorial basis of article.Chapter 3 Analysis on the status and institutional environment changes of farmer household`s investment & financeIt studied the status and institution environment change of farmer household & agroindustrialization to finance investment activities since rural economic reform in 1978,mainly explored the change of rural economy and policy environment effect on the model of rural fund turnover and movement stagely. Some conclusions:The diversified financial demands of farmer household & agroindustrialization were mainly caused by rural economic reform. But due to there were lack of institutional arrangement of diversified formal financial supplies, that caused the emerging of rural co-operative fund as organizational informal financial sector. Most of informal financial sector are the main Chanel of farmer household to finance. Singularity of rural informal finance supply was inconsistent with diversified finance demand of farmer household & agroindustrialization,this contravention must be resolved through insititution innovation. This chapter provides the institution background and realistic base for the topic research.Chapter 4 Analysis on the mechanism of rural household borrowingFirstly, by using neo-classical economics choice theoretical mothed, it studied the main factors which are effect on both rural household productive and consumptive borrowing behaves. A set of mathematic models of rural household productive and consumptive borrowing were established by using von Neumann-Morgensteren`s expected utility theory, and the linkage among risk preference, wealth endowment and productive finance of rural household,as well as the linkage among formal credit,net income and consumption welfare of rural household were elaborated. Informal credit is necessary for rural household to realize optimal consumptive schedule in life cycle. under guaranty,there is game equilibrium between rural household and informal credit,with the guaranty increasing,a set of equilibrium nodes were given , which were connected into the rural household borrowing-informal credit spreading line.Secondly,emprical analysis on relationship between rural household welfare and informal finance credit,using 1979~2002 statistic data for group of rural household consumption, net income, input and ABC&RCC extended loan to farm families, examined relations between rural household's consumption, net income, inputs and rural formal finance credit. The results indicate that the loan, which ABC&RCC extended to farm families in 1979~1989, significantly influenced their non-capital consumption and housing expenditure, as well as inputs, these results are in contrast to the findings for rural household net income effects. But all results are different both in1979~1989 and 1990~2002. Chapter 5 Analysis on the mechanism of specialized farmer household`s investment & financeFirstly, it discussed the distinctive characteristic and statistic classification about specialized farmer household,and distinguish speciliazed farmer household with rural household,as well as smallholder from motivation, object, modern inputs and risk preference. Elabroted the rationality of smallholder &â… pluralism householder inside track governance,as well as the adaptive efficient of specialized farmer householder`s market goverenance.Secondly, it discussed the original scale and endogenetic expanding motivation of specialized farmer household investment under certain situation. The institutional environment uncertainty is Given, then specialized farmer household`s investment activities are modelled by using von Neumann-Morgensteren`s expected utility theory.Third, it discussed the incomplete contract factors which are effect on asset specificity investment decision of specialized farmer household, Presented two results: the first is specialized farmer household investment scale is contribution to the wealth effect of asset specificity, rather than income maximum. The second is institutional risk cuase inside constringency of specialized farmer household asset specility investment. Through analysis on a great deal of data and more recent research, it argued that the institutional risk mainly come from market economy, next policy, and last natural environment. Then suggested that it is much more necessary to establish commodity futures & option market system to improve the adaptive efficient of specialized farmer household.Chapter 6 Analysis on mechanism of farmer household aligned with agroindustrialization`s investment & financeThis chapter discussed the linkage between internal governance, investments & finances activities, and the relative economic performance in the new rural microeconomy organization from the viewpoint of farmer household & agroindustrialization interaction. The chapter elaborated the main type, development status, and distinctive character of agroindustrialization, as well as its coordination mechanism & non-cooperative game playing with aligned farmer household. It mainly discussed agricultural vertical coordination that is farmer household aligned with"Longtou"enterprise (HLE), as well as Rural Co-ops (RCPs) that is rural household aligned with"Nongcunzhuanyehezuojingjizuzhi"Co-ops.It elaborated the sale credit, non-cooperative and aligned game equilibrium between aligned farmer household and"longtou"enterprise in the HLE, as well as the benefit relationship between the associator (patroner), investor (owner) in the RCPs.anlysis on relationship between the mechanism of RCPs`s investment & finance and the governance, argued that there are incentive compatibleness between longterm investment and governance such as Closed Member System & Marketing Agreement Commitment etc.Chapter 7 Some policy suggestions about optimal mechanism of farmer household`s investment & financeIn this chapter ,firstly it brought forward several conclusions about the efficient of farmer household`s investment and finance, and by use of Williamson`s asset specificity theory, contracting theory, security features theory etc., elaborated that various governance such as"generic kind"rural household, market governance farmer household or specialized farmer household, mixed governance or farmer household aligned with Co-ops and hierarchy governance or farmer household aliged with longtou enterprises,which are suitable for diversification to finance investment, such as borrowing from informal financial sector, availabe formal credit,issue bond or equity security,there are incentive compatibleness between various governance of farmer household and diversification to finance investment,that is adaptive efficient.So beside depeeden rural financial system reform, if farmer household would increase the efficient of inventment & finance, they must firstly improve themslves governance kind. It argued that modern agrointegration innovation can effectively improve the farmer household`s governance structure, optimize incentive mechanism of farmer household to finance investment, realize the adaptive efficient of farmer household`s investment & finance. it is necessary for government to overcome the market failure in the modern agriculture integration innovation through public investment and entrance regulation for agriculture, In addition,unceasingly complete the mechanism of both market and industrial policy,actively induce the innovation behavior of longtou enterprises, quicken up the step of modern agrointegration innovation, increase agricultural production and operating efficient.
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