| As China’s economy has entered a new normal,agriculture is becoming modernization and large-scale development rapidly,the agriculture structure is constantly adjusted,the rural economy presents diversified characteristic.As the most important agricultural investment subject,the financial demand of the peasant household is changing from the financing demand of small consumption to the financing demand of large-scale modern agricultural management,the demand of the capital is becoming stronger.With the deepening of economic reform,China’s agricultural land property rights system has also been included in the "market" to re-design,the contractual right of the rural land has been paid more and more attention.Rural land contractual right mortgage financing pilot in the country gradually carried out.According to the experience of the experiment around,Northwest China has initially formed two different rural land contractual right mortgage loan finance patterns.The one is market-led,bottom-up driven pattern(represented by Tongxin in Ningxia autonomous region),and the other one is government-led,from top to bottom(Gaoling and Yangling in Shaanxi province,Pingluo in Ningxia autonomous region as the representative).All regional pilot runs well.However,due to the diversification of operation in different financing patterns,rural land contractual right mortgage financing has not been formed the typical pattern of which can be copied,easy to popularize and widely covered.How to improve the effect of the rural land contractual right mortgage financing,and how to design the rural land contractual right mortgage financing patterns need to be further explored.Combing existing literatures of land mortgage financing and based on the institutional change theory,this paper takes Tongxin and Pingluo as examples,summarizes the present situation and the features of the market-led and government-led rural land contractual right mortgage financing patterns.Uses the survey data,from the perspective of demand side,analyzes households’ response,satisfaction evaluation and welfare effects of changes under different patterns,and from the perspective of supply side,analyzes financial institutions business efficiency and client managers’ evaluation under different patterns,compare both the perspective of demand and supply results of the rural land contractual right mortgage financing patterns.Explores the causes of the differences and analyses the advantages and disadvantages of the two patterns and the problems faced.Based on these finding,puts forward some suggestions to improve effect of the experiment,in order to further improve the rural land contractual right mortgage financing top-level design,promote the rural economy sustainable development in northwest china.The mainly research conclusions in our study are as follows:(1)The two kinds of rural land contractual right mortgage financing patterns are very popular in the local area.From the demand side effects of two patterns,the response frequency of farmers to rural land contractual right mortgage financing in Tongxin county where the pattern is market-led is 1.2658 times higher than that in Pingluo county where the pattern is government-led,which means that,in the market-led and bottom-up driven pattern,the farmers’ response to mortgage is more positive and the number of households with multiple loan response is also relatively more.From the view of influencing factors of farmers’ response to rural land contractual management right mortgage financing in different patterns,the effects of gender,age of householder,head of the village cadres and farmers loan experience on farmers’ response in two places are both significant,cultural degree and non-agricultural management type mode have more significant effects on farmers’ response in Tongxin pattern,the proportion of households’ labor force and family members work in a bank have more significant effects on farmers’ response in Pingluo pattern.The evaluation of households on rural land contractual right mortgage financing is generally high,and the number of famers whose evaluation are "satisfied" and above accounts for 82.8% of the total.Households satisfaction evaluation in Pingluo pattern is higher than that in Tongxin pattern,and the number of famers whose evaluation are "satisfied" and above in Pingluo pattern and Tongxin pattern accounts for 89.7% and 63.2% respectively.The more convenient the loan process,the higher the loan valuation,the more understanding of the property mortgage policy,the stronger the willingness to participate in the business and the higher the satisfaction of the loan funds,the stronger the satisfaction of the farmers.The common factors influencing farmers’ satisfaction in two different modes are the degree of loan process and the understanding of property right mortgage policy.In Tongxin pattern,the larger the land size,the higher the asset valuation,the better the attitude of the financial institutions,the more understanding of the mortgage policy and the higher the satisfaction of the funds,the higher the satisfaction of farmers.In Pingluo pattern,the loan experience has a greater impact on farmers’ satisfaction,and the higher the degree of farmers’ understanding of the mortgage financing policy,the stronger the willingness to participate in the mortgage business and the higher the expected satisfaction of the loan funds,the higher satisfaction of the farmers.While the comparative advantage of the rural land contractual right mortgage financing does not improve the loan satisfaction of farmers in Pingluo pattern.In Tongxin pattern,rural land contractual right mortgage loans only have a significant effect on farmers’ household agricultural income and productive expenditure.In Pingluo pattern,rural land contractual right mortgage also has a significant stimulating effect on farmers ’non-agricultural income and consumption expenditure,since farmers’ agricultural land contractual loans are not only used for agricultural production and management,but also for cash flow and other household investment projects.(2)From the supply side effects of two patterns,rural land contractual right mortgage financing develop very well in the two counties.The data presents that,the loan scale and the quota shows a substantial growth,the financial performance of the two branches are good.Rural land contractual right mortgage financing business in Tongxin accounted for a higher share of the total business loans than in Pingluo,but the single business income is lower than Pingluo.Using DEA model calculated the business efficiency of the land contractual right mortgage financing by financial institutions,in nearly three years,the comprehensive efficiency values of land contractual right mortgage financing business in Pingluo rural commercial bank were 0.965,0.682 and 0.976.In Tongxin pattern,the comprehensive efficiency of the rural land contractual management right mortgage financing business value is gradually reduced,respectively 0.943,0.817 and 0.742.The pure technical efficiency and scale efficiency of this business in different patterns are different.Client manager evaluation to rural land contractual right mortgage financing business in Tongxin is higher than Pingluo.In Tongxin pattern,the evaluation of client manager is mainly affected by procedures,business prospects and laws and regulations,and in Pingluo pattern,collateral characteristics,organization characteristics,the financial environment all have impact on managers’ evaluation.Credit records are the most important factor that affects the loan granted to the applicant.In Tongxin,agricultural output value,credit records,loan experience is the most important three factors in getting loans,while the client managers in Pingluo are more recognized credit records,land management area and land value.(3)Using the scale evaluation method,scored on the comprehensive effect of the two pilot patterns.The comprehensive effect of Tongxin pattern scores 4.016,while in Pingluo pattern it scores 3.952.Overall,the effect on Tongxin pattern is slightly better than Pingluo.In different patterns,the effect is also different.From the demand side effects,Tongxin scores higher than Pingluo,but from the supply side effects,Pingluo is better.In Tongxin pattern,“guarantor+ collateral” is the biggest advantage.Households apply for loan through the land transfer cooperatives.This measure can mobilize enthusiasm of households whom have fund demand.And the default risk can be shift in the land transfer cooperatives,financial institutions’ credit risk cost and personnel inputs are both low,and with small pressure,arouse the enthusiasm of financial institutions,enhance the satisfaction of financial institutions.But in this pattern,the land contractual right mortgage financing loan value is in low level,the leading role for the household income and expenditure is limited,and the lack of standardized system,low collateral value reduces households’ satisfaction to the business.Financial institutions have no incentive to improve the financial institutions in the allocation of resources,the comprehensive efficiency of the rural land contractual right mortgage financing business value is gradually reduced.In Pingluo government-led pattern,the government has established security agencies,and the business has standardized procedures,can be implemented in a short time,the operational risk is small.The operational efficiency in financial institutions are comparatively high.The loan value in Pingluo pattern is high while the interest rate is in a low level,can promote the farmers of agricultural reproduction and non-agricultural management,improve the welfare and the satisfaction evaluation of households.The disadvantage of Pingluo pattern is that this pattern must be supported by the strong financial resources of local finance.It is harder to carry out some areas where the economic level is poor and the government’s financial resources are limited.Once the customer defaults,it will be difficult to implement collateral,and reduce the enthusiasm of financial institutions.(4)Based on the conclusions,in order to further optimize the rural land contractual right mortgage financing patterns and improve the effect,this paper combined with the advantages and disadvantages of the different patterns puts forward some policy suggestions.Specifically: mend and improves the correlation statue laws and regulations,implement differentiated regulatory policies according to circumstances;establish rural credit cooperative organization selectively;expand the awareness;appropriate moderate scale management;deepen customer management;optimize the allocation of financial institutions resources;guide the healthy competition of rural financial market;improve the rural property rights transfer system;improve the rural credit system;increase loan risk prevention;establish a multi-level risk sharing mechanism and rural property transfer platform. |
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