Economic Analysis On Forest Asset And Behavior Of Debtor And Lender In Forestry Property Mortgage

The reform of forestry property system achieved the distinction, stabilization and legitimacy of the forestry property, and the reform opened the door to improve the forestry market. The business of forestry property mortgage was the product of the reform and the innovation of the financing mechanism. The business will lead the important role to promote the construction of the forestry market, and also the main approach to realize the forest value, to improve the rural credit and the forestry financing. Since 2004, this business of forestry property mortgage was initiated in Yong'an. Because it has been ran not more than 4 years so far, the academic research is scarce. So this paper aims at becoming the pathfinder of this field. Based on the field survey of Yong'an, the paper tries to make a pilot study of forestry property mortgage on some aspects such as the developmental course, running patterns, characteristics of collateral, degree of participation about debit and credit, and financing expense.Firstly, the paper systematically analyzes the research background, actuality, and the research clue of the whole paper. As for the research actuality, it makes the summary and appraisal of the research on forestry property mortgage and rural credit, according to the aspects which are related to the paper writing.Secondly, the paper detailedly summarizes the developmental course and the main running pattern of forestry property mortgage of Fujian province. There are three main running patterns have come into being. One is the pattern of directly forestry property mortgage. The second one is the pattern of "Financial institutions+ Private security company+ Borrowers". The third one is the pattern of "Financial institutions+Government credit platform+ Borrowers". In these three patterns, the pattern of directly forestry property mortgage costs least but the risk is the highest, and the pattern of "Financial institutions+Government credit platform+ Borrowers" costs most but the risk is the minimum.Thirdly, the paper makes the comparative analysis between the collateral of forest assets and the traditional collateral of industrial assets from the perspective of economic characteristics. Comparing with the industrial assets, the forest assets have bad liquidity, security and bad veracity in measurement. And all the above characters lead the forestry property a high credit risk.Fourthly, according to the above analysis, it makes field survey of Yong'an on the behaviour of debtors and lenders. The paper analyzes the kinds of participant financial institutions, the degree of participation, the scale and the structure of loans. Moreover it analyzes the participant degree and change of different kinds of debtors, and the characteristics of the ordinary farmers in the mortgage. It finally concludes that the suppliers are almost composed of policy-oriented financial institutions, but lack of the participant of the business-oriented financial institutions. It also finds that the forestry enterprises are the biggest beneficiaries in the mortgage business, each mortgage size and total mortgage size show a climbing trend, and the financing to ordinary farmer show a declined trend.Fifthly, the paper uses the comparative method of transaction expense theory. It studies the credit transaction expense of forestry property mortgage with the real estate mortgage using the compare of experience and data. It finds that the transaction expenses of forestry property mortgage are far more than the real estate mortgage.Finally, on the foundation of the above conclusion, it raises some suggestions to improve the business of forestry property mortgage. Firstly, make a perfect system which is based on the policy-oriented finance to promote the participant of the business-oriented finance. Secondly, improve the market system of forestry factors. Thirdly, improve the standardized administration and appraisal of forestry property. Forthly, promote the forestry insurance quickly. Fifthly, research the innovation to micro-credit.