Research On The Internal Growth Logic And Path Of China's Rural Finance

From the perspective of financial growth effectiveness,financial internal growth contains the diffusion and trickle effects of various growth factors,which generate continuous internal impetus for the establishment of financial innovation,incentive and restraint mechanisms.From the perspective of institutional changes,the inductive changes of market forces,compared with the mandatory changes of government forces,reflect more the efforts and interest preferences of financial growth subjects,and eventually shows the advantages of financial property rights subjects.Judging from the past reform process of rural finance,the government-led compulsory reform model cannot fundamentally improve the internal mechanism for rural financial operations,and cannot meet the growing rural financial needs.It urgently needs to be transformed into a process led by internal growth.Internal financial growth is also a common form of financial growth in countries with high levels of financial development.Therefore,whether in terms of theory or practice,the internal growth of rural finance is the key to better serving rural economic entities and improving China's rural financial market system.With respect to the actual environment of China's rural economic development,financial internal growth is limited due to the government's reform inertia and misunderstandings.However,what needs to be paid special attention is: Why is the phenomenon of growth in China's rural finance so active in such a small space? What is the logic of internal growth in China's rural finance? If the internal growth method is suitable for China's rural finance,what are the advantages,bottlenecks,and motivations for its growth?What is the relationship between internal growth and external growth? What kind of endogenous path should China's rural finance follow? Concerned with these questions,this article makes a comprehensive use of management,economics and other disciplines knowledge,as well as the combination of empirical and normative methods,case study and comparative analysis.Under the guidance of multiple theories such as inductive institutional changes,local knowledge,spontaneous order,and enterprise growth,it focuses on “internal growth of rural finance in China”,aiming to provide theoretical reference and practical guidance for building a sound rural financial system and boosting rural economic development.First,after distinguishing and defining the core concepts of endogenous finance,financial endogenous growth,and rural financial endogenous growth,the thesis introduces the classic theories such as the theory of induced institutional change and the theory of local knowledge.Secondly,it conducts theoretical analysis,growth evolution and motivation analysis,empirical analysis,and case analysis on the internal growth of rural finance,and comprehensively analyzed the internal growth logic of rural finance in my country.At the level of theoretical analysis,from the perspective of rural financial reform,it analyzes the logical deviation caused by exogenously leading rural financial reform,which is manifested in neglecting the shaping of endogenous subjects,ignoring the financial needs of endogenous subjects,and deviating from financial growth trends;At the same time,it analyzes the logical rationality of the internal growth of rural finance,and conducts a game analysis on the internal and external organizations of the rural financial market from the perspective of rural financial organization.At the level of growth evolution and motivation analysis,the thesis combs the trajectory of rural financial internal growth,explores the history and current situation of rural financial growth in our country,and analyzes the internal and external motivations of internal growth.The study finds that the accumulation of resource capacity,the conversion of credit system arrangements,and the improvement of the property rights system arrangements constitute the internal motivation for the internal growth of rural finance.The role of government behavior,the influence of external finance and the driving force of industrial growth constitute external motivation for the internal growth of rural finance.At the empirical level,in order to verify the performance of the internal growth of rural finance,field investigations are conducted of exogenous rural mutual fund cooperatives,endogenous farmers' mutual fund cooperatives,and endogenous farmers' professional cooperative internal fund mutual aid departments.Analysis is also made for the performance of the three types of mutual fund organizations.At the level of typical case analysis,taking the example of the Financial Mutual Aid Department of Hunan Jinxiu Qiancun Agricultural Cooperative,the bottleneck restriction of its internal growth is analyzed,and the reasons for the restriction are comprehensively investigated.The study finds that rural endogenous financial organizations are limited in scale and business scope,the growth environment is not optimistic,and the governance of endogenous entities is flawed,all of which hinder the internal growth of rural finance.The reason for the bottleneck restriction is that the self-organization cost of the endogenous subject is too high,the system has spawned the anti-endogenous tendency,and the path dependence of the formation of external growth.Finally,drawing experience of internal growth in rural finance in developed and developing countries,based on the internal and external motivations of internal growth and the bottleneck constraints faced by internal growth in case analysis,the study proposes path of growth in rural finance from three levels: micro,meso and macro,and offers countermeasures and suggestions for growth in rural finance.The main contributions of this paper are as follows: First,it expands the perspective of rural finance research from the perspective of growth;second,it systematically analyzes the logic of internal growth in rural finance and verifies the rationality of internal growth;third,from the three-level perspective,it constructs a framework for the analysis of long-term development of rural finance,which provides new insights for similar research in the future.