| Rural Land Shareholding Co-operative System is the reform and innovation of our country’s rural land property and rights system, and is a mode of land transfer coming from the practice. It originated initially in the Nanhai of Guangzhou and Baoan and so on in the1992. With the accelerated pace of the agricultural adjustment and the continued reform of the land scale running system, stock cooperative system of rural land developed well in Guangdong, Fujian and other coastal areas, besides countries in central and western regions and remote areas have also launched into various forms of stock cooperative system of rural land pilot, and have made something. Stock cooperative system of rural land, as a typical induced institutional change, is able to overcome the shortcomings of the current collective land ownership and the average household contract management, besides it shows apparent social effects, and it has been a hot question attended by the theorists.As a exploration of new system, stock cooperative system of rural land shows many questions during the period of its implement, such as ownership structure not clear, rural land contract and management rights shares valued unscientific, income distribution system not standardized, risk prevention not perfect, Supporting the construction of the system lagged behind and so on, which directly impact on the fully exertion of stock cooperative system of rural land. This paper, which comprehensively uses modern economics, management science and mathematical techniques, does theoretical and empirical research on the organizational model of stock cooperative system of rural land, pricing shares of agricultural land use rights, arrangements of property rights system, improvements of the efficiency of the governance structure, the distribution of benefits and risk management and supporting systems, and further enriches and develops the theory of stock cooperative system of rural land. The framework for the standard operation of stock cooperative system of rural land established in the paper and relevant measures and policy advises proposed further to promote the development of stock cooperative system of rural land, will provide reference for the specific practice of stock cooperative system of rural land and policy formulation of relevant government departments. So the paper study will undoubtedly have important theoretical and practical significances for regulating rural land, optimizing industrial structure of agriculture, increasing income for farmers.(1) First,in this paper we define the related concepts of the shareholding cooperative system of rural lands,and analyse its main mode,legal basis and adaptable conditions.In the meanwhile, we explain the causes of the circulation of shareholding rural lands according to new institutional economics theories.Besides, according to the model formulas of Land productivity efficiency and the comprehensive assessment of labor efficiency, we work out the comprehensive evaluation indexes of the economic and social performance of the mode for the rural land circulation. On this basis,we make empirical comparison of the economic and social performance of various modes and analyse the comparative advantages of the shareholding cooperative system of rural lands to provide theoretical and empirical evidence.(2) Different rural land shareholding cooperative organization models,the costs of friction, organization and transaction are diffrrent.In this paper, we make game analysis of the main stakeholders(farmers, enterprises and local governments) in rural land shareholding cooperative systerm and their behavioral strategies.According to the different types of "lead" or "sponsor",we create the organizational models of rural land shareholding cooperative system and analyse its adaptive conditions. At last, considering fully Chinese unbalanced economic development in rural areas,we discuss the optimal choice of the organizational model in more developed regions and underdeveloped regions of non-agricultural industries.(3) Based on the Land rent and price theory, the price theory of property rights and land revenue theory,we analyse the theoretical basis of the rural land contract and management rights for assessing the value of shares and its factors in terms of natural environment, economy and society, land supply and demand, and the land uses.On this basis, with the use of fuzzy matter-element analysis and CBR technology,we establish a model to evaluate the share price of rural land-use right and make case analysis.(4) From the compression of the endogenous transaction costs, the ownership arrangement of stock cooperative system of rural land is efficient in part. But there are risks in this ownership arrangement, such as during the time of reducing, it will produce different levels of transaction costs. In view of this, the paper uses the theory of endogenous transaction costs to evaluate the performance of property rights arrangements of stock cooperative system of rural land. On this basis, we define the property rights of stock cooperative system of rural land, and establish efficient equity allocation mechanism, including ownership structure, ownership percentage and so on. Finally, it studies and establishes the shares in circulation of stock cooperative system of rural land, and guides the rational flow of equity, besides, solve the problems arising from the inflow of equity.(5) The governance structure of rural land shareholding cooperative system is a complex institutional arrangements,in order to solve the problem of internal division of work and incentives and prevent the generation of moral hazard. In this paper,we describe the principal-agent relationship, analyze the root causes of moral hazard and evaluate the efficiency of its governance structure with the use of endogenous transaction cost theory.Based on this, we study the establishment of incentive-monitoring mechanism to prevent moral hazard and put forward measurs to improve rural land shareholding cooperative governance structure efficiency.(6) The process of the interests allocation of stock cooperative system of rural land, at the same time, it is the process of the interests consultation of all kinds of the property rights. What’s more, to develop stock cooperative system of rural land must establish the risk protection mechanism to make sure the land revenue, which is the fundamental starting point and destination to implement the stock cooperative system of rural land, and also the main symbol to measure whether it is successful of stock cooperative system of rural land. The paper based on the equity setting, uses cooperative game theory, and sets up the Nash negotiation model for the distribution of interests and population-weighted center of gravity model in order to reasonably coordinate the proportion of interests distribution of all kinds of equities. Thus, it identifies the possible risks faced by the stock cooperative system of rural land, then it studies and establishes multi-angle and multi-level risk aversion mechanism to reduce the operational risk of the stock, in order to address the protecting issue of landless peasants.(7) Any introduction and performing of a system must have the related systems to support. In this paper,we build the support system to develop the rural land shareholding cooperative system in terms of the reasonable position of local government, the improvement of market mechanisms, the optimization of the laws and regulations, fiscal and financial support, the establishment of sound rural social security system and so on. |
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