Study On Forestry Financing Path And Mode Based On Forest Right Trade Market

The new collective forest right reform and the supporting construction provided a great opportunity for the combination of forestry factor market and capital market. Based on the problems analysis of forestry financial system and financing needs of farmers and forest enterprises, taking collective forest right reform supporting as the entry point, in order to widen forestry investment channel and promote the forestry development, the possibilities connection between the forestry factor market and the capital market were discussed in this paper based on forest right trade market.Theoretical and empirical analysis, qualitative and quantitative analysis, combined with typical survey research methods were used in this paper, to analyze the contradictory relationship between financing difficulties and forestry insufficient funds, discuss the shrinking reason of forest right trade, which was seriously faced by forest right trading institutions. It was pointed out the advantages and important role of forest right trading institutions in attracting capital from investors. Combined with field surveys and literature, and the development of market, as well as the level of development of forestry industry and capital market maturity, phased development mode was build to financing forestry involved in forest right trading institutions.The main content, conclusion and perspectives were as follows:Firstly, in general, the total amount of forestry investment was insufficient and inefficient, forestry funding was difficult to meet the needs of the ecological construction, but also cannot satisfy the need of forestry reproduction expand. The forest resource quantity argument relying on central fiscal expenditure, while not on establishment of effective capital operation system, resulting in dual pressures of the government ecological funds and difficulties of forestry production and management in financing. As a result, with the current forest right reform and construction, exploring new mode of forestry capital introduction mechanism in the view of market, industry, development and opening up a new path for forestry development were discussed. Secondly, based on the use of transaction cost theory and behavioral game theory, combined with the investigation, the current forest right trading types and problems were analyzed, forest right trading contraction issues were demonstrated. It was proposed that the forest right trading institutions should take the professional advantages in the field of forestry and information services infrastructure which has been established to improve their own development and existing services, offering innovative product and trading patterns to attract social funds from the perspective of financial intermediaries.Thirdly, based on analysis of forest assets special financial attributes, the potential and conditions of forestry investment were discussed for building forest right trading institutions involved in forestry attract investment by using game behavior mode, according to relevant financing and trading patterns, forestry investment path and phased development model were explored in the perspective of forest resource asset economic problems.Fourthly, the problems of the current forest right mortgage loan were analyzed supported by survey data, mortgage optimization mode was build supported by the combination of government involvement and forest right trading institutions function deepening; Timber assets forward contract mode was explored for forest assets in long-cycle management; Using the basic principles of SME collective bonds, bonds design was discussed with the joint of securities companies and forest right trading institutions. Operation of each mode, participating subjects, feasibility and the main risks were analyzed, the key issues associated with relevant proposals were discussed.Lastly, combining with the full research, suggestions in three aspects were proposed. Government functions should be transformed, establishing a multi-level capital market, broadening the forestry financing channels, supporting forestry construction and transformation of forest right trade market development; The forest right trade exchange need to enhance the internal construction, promote innovative trading products, combine with traditional financial institutions; In order to support development of capital markets, policies of forest insurance and commercial forest harvesting should be promote to suit the construction of credit system.