Research On Supervision Of Default Risk In Transferring Of Rural Land Management Right

China has more people and less land.Agriculture adopts management mode of small-scale agricultural production under collective ownership of land,which is in contradiction with demand of socialized large-scale production.After building a well-off society in an all-round way,it is of great strategic significance to promote“separation of three rights” of rural land and promote transferring of rural land management right under background of Rural Revitalization Strategy.Transferring of rural land management right helps to form a production mode of moderate large-scale operation.However,phenomenon of “breaking contract and returning land” occurs from time to time in practice,and default risk of transferring of rural land management right can’t be ignored.What factors affect default risk,how to effectively prevent default risk,and so on,all of these questions have important research value.This paper takes supervision of default risk in transferring of rural land management right as research object.Based on combing of existing literatures and theories,there are three main innovations: firstly,using classified and quantitative research method to identify influencing factors to default risk,this paper classifies the factors affecting default risk,and conducts empirical test one by one to identify influencing factors of default risk.Secondly,putting forward the countermeasures to build a new idea of penetrating supervision for default risk,this paper learns from idea of preventing and resolving financial risks,and builds a penetrating supervision mechanism from three aspects of the chain,the subjects and the guarantees.Based on theoretical deduction,this paper puts forward some assumptions,obtains data by means of questionnaire survey,empirically analyzes the factors affecting default risk by using Probit Model,and compares models of preventing default risk of land circulation.This paper draws the following two conclusions.In the first place,the factors affecting default risk include the term of transferring,the degree of information symmetry,intermediary organizations and government participation.Based on theoretical deduction,this paper puts forward hypothesis,obtains empirical data of default risk through questionnaire survey,and makes tests with Probit Model.The results show that: first,the term of transferring has a significant positive impact on default risk,which means the longer term of transferring,the greater default risk.Although impact of area and price on default risk has not passed the significance test,from the term of transferring,area and price of transferring are also important factors that land operators need to consider.Second,the higher degree of information asymmetry,the greater default risk.Especially for land contractors,they need to fully grasp the laws,regulations and policies of land transferring,and fully understand the situation of land operators,so as to reduce default risk.Third,participation of intermediary organizations can reduce default risk.The stronger formality of intermediary organizations,the smaller default risk if they participate land transferring.Fourth,government participation plays a positive role in reducing default risk.In the context of “Streamline administration and delegate power,improve regulation,and upgrade services”,land transferring should be carried out in a relatively market-oriented way as far as possible,but this doesn’t mean that the government doesn’t need to act.The empirical results show that the government needs to take measures in implementation of supervision and coordination of disputes after land transferring.In the second place,we should establish a penetrating supervision mechanism for preventing default risk of land transferring.From existing cases of preventing default risk of land transferring in China,administrative participation and coordination,intermediary organization supervision and introduction of insurance mechanism can play a positive role,but there are also some problems.Learning from the way of preventing and resolving financial risks,we can establish a penetrating supervision mechanism from the aspects of the chain,the subjects and the guarantees.In terms of implementing the whole chain supervision,we should establish and improve land transferring contract mechanism in advance,establish and improve the dynamic adjustment mechanism in the process,and establish and improve the dispute resolution mechanism afterwards.In terms of establishing the main risk control system,we should promote the self-discipline supervision of intermediary organizations,establish the risk control system of land operators,and establish the supervision system of village collective economic organizations.In terms of establishing a coordination guarantee mechanism,we should promote professional supervision of government departments,implement performance guarantee insurance,and establish a docking mechanism between intermediary organizations and banks.In addition,this paper provides some policy suggestions.The first is to cultivate a multi-level rural land transfer market,forming a multi-level rural land transfer market of “provincial overall planning,implementation of cities,counties and townships,village level cooperation”.The second is to develop various forms of moderate scale operation,and change the mode of agricultural development.The third is to improve diversified safeguard measures,including strengthening organizational leadership,establishing a normalized communication and coordination mechanism,developing new agricultural markets and implementing financial support.