The Application Of Commission Theory In The Reform Of Agricultural Credit Cooperative Property System

Agricultural credit cooperative is a community mutual-funded organization which is formed by the peasants' purchase of shares, adopt democratic management and mainly served for the associators. It came into being from a series of agricultural financial reforms in the 1980s and gradually became the main force of the agricultural financial market. Especially after the financial reform in the mid 1990s, as the state-owned commercial banks, including agricultural bank, withdrew from the agricultural market one after another and the business of the agricultural development bank shrank, agricultural credit cooperative had almost become the only regular financial institution in the grass-roots agricultural financial market Up to the end of 2004, all the deposit balances of the agricultural credit cooperatives in the country had reached 2,784.097 billion yuan and each loan balance reached 1,955.125 billion yuan. But due to many different reasons, in the process of developing agricultural credit cooperative, the property unclarity was the basic reason to restrict its development. Agricultural credit cooperative institutionally and legally belongs to collective ownership, namely the corporate possession by all the associators. But its property system and corresponding legal relationship isn't quite clear, even incompatible. The agricultural credit cooperative in our country, in fact, has been in a state of lack of proprietors for a long time, which leads to the imperfection of the administrative structure of the company and a serious phenomenon that the company is under the control of "the insiders", and furthermore, makes the associators lose their right to control the agricultural credit cooperative, to punish, and to ask for the surplus value.In 2003, State Department started up the further reform of agricultural credit cooperative. Managerial system and the reform of property system were the two important aspects of the whole further reform of agricultural credit cooperative. As the experiments were gradually made, the important move in the reform of agricultural financial system had become the focus of all the circles ever since. Whether it could succeed or not mainly depended on establishing the operating system of clear property, sufficient capital, perfect administrative structure and continuable developing finance through promoting the reform of agricultural credit cooperative property system.In fact, commission is a form of division of labour when economy develops to a certain extent and a redistribution of economic rights. In modern market-oriented economy, with thedevelopment of division of labour, the improvement of specialization and the increasing expansion of information difference between social members, the market participants are not in a symmetrical distribution of market information which seriously affected the working-out of economic policies and the results of the policies. Commission theory is a theory to study the economic relationship between the market participants under the condition of non-symmetrical distribution. The person who gives the authority is the client and the person who is authorized is the deputy. Their relationship is a form of contract in information difference between market participants in essence. It is a game under contract between the deputy who has much information and the client who has a little information.Based on the general description of both domestic and overseas research actuality, by the study of the basic ideas of the commission theory and combined with the discussions of appearance and development of the international and domestic agricultural cooperative finance, the article points out the deep-seated contradictions and problems in the property relationship of the agricultural credit cooperative in our country, applies the commission theory to analyze and thereby design the reform scheme of the property structure suited for the situation in our country. On such basis, the corresponding policies and suggestions are proposed in accordance.The combination of normative and demonstration researches is used as the study method. The article mainly starts with the introduction of the normative commission theory, reviews the development and the present situation of agricultural credit cooperative, probes into the establishment of the normative administrative structure in the perfection of the administrative structure of agricultural credit cooperative company, forms favorable stimulus and sanctionative system and solve the problems of "Under insiders' control" now prevailing in agricultural credit cooperative.The possible innovation of the research is that it surveys and sets up a corporativeadministrative system of agricultural credit cooperative through a special vision------commission theory. And it also analyze and designs the role orientation of every link in the commission chain, confirms the boundaries of respective responsibility, power and benefit, and proposes the property reform scheme suited for the virtuous exertion of agricultural credit cooperative in our country.