The Innovation Of Peasants' Lending System From The Perspective Of Peasants' Financing Behavior

Since the historical task of building new socialist rural areas has been proposed in the Fifth Session of the Sixteenth Central Committee of the CPC (Communist Party of China), Chinese "three dimensional rural issues" policies achieve great breakthroughs, entering a new stage in agriculture and rural development. With the development of Chinese agriculture and rural economic society and the improvement of peasants'the living standards, peasants'financial needs as the micro-economic subjects are constantly changing. Therefore, how render peasants the needed financial services is the major task that policy-making departments and rural financial services may encounter.In China, peasant households are not only the most basic economic organization of agricultural production, but also the most dynamic cells of the rural economy. Therefore, how to satisfy the peasants' financial needs used for the production is the major task in rural financial area. Based on the peasants'real financial needs, this thesis classifies peasants' income level and investigates peasants' lending and borrowing behaviors and the satisfaction of the rural financial service for peasants respectively by questionnaires and interviews. Specifically describing the frequency of borrowing, size of household financial indicators, peasants'satisfaction, orientation and use of credit and the honesty, the results show that the characteristics and preferences of peasants'financing behavior comes as following:1. high financing needs of small peasants, credit behavior in general; 2. short-term borrowing of funds, temporary, small scale; 3. high level of official financing needs, lack of satisfaction; 4, the actual loan increasing year by year; 5. a higher proportion of non-productive household borrowing, use of financial preferences; 6. an obvious trend of non-formal finance; 7. lack of mortgage guarantee in the majority of the peasant households; 8. high awareness of small-scale credit, while low capacity of implementation; 9. difficult to meet the financing needs of small peasants. The variables are interpreted by these 10 aspects, such as age, education, population, income, income sources, institution, deposit, awareness, credit granted, informal. Affective factors like demands, loans, and source of credit are quantitatively analyzed by probit binary choice model. Combined with the theories, the causes of difficulties of the peasants'financing and the constraints of supply and need that the peasants'financing may encounter are explored.According to the statistics and the investigation into the operation of the farmer lending systems in and abroad, a series of farm lending systems suited for peasant financing are designed in the light of the advantages of international farm lending system and the pros and cons of domestic farm loan system. One is the innovation of government-oriented peasant lending system, including the implement of risk-sharing mechanism, the reduce of peasant' risk, the establishment of honesty, the innovation of new products, the extension of peasant households financing channels and so on. The other is the standardalizaion and the development of the private peasant lending systems. The private peasant lending systems are incorporated into the formal regulation and the form of financial cooperation is improved. Meanwhile the property rights system of private financial organization in rural areas can be established financial organizations, promoting the reform of market-oriented interest rate liberalization and improving their access, exit mechanism and deposit insurance system.In this thesis, the conclusions are elicited based on the theoretical analysis and empirical research:1. Peasants face the constraints of financing supply and needs:besides the demanding loan condition of the finance applied department, peasant households'own defect worsen the need constraints; 2. The informal system intensifies the constrains peasants financing, because the "relationship" "credit" "face" constitute the factors of constrains for the credit among the acquaintance, which burdens the peasants'financing; 3.Stratification emerges in peasant household financing:Peasant households' own the tiny differences result in the alienation of their financing behavior which shifts the rural financing to the stratified-structure market. Different financing needs not only represent peasant holds'different financing, but also the stratification of the supply of the rural financial market; 4. The current rural loaning system is hard to cater for the needs of peasants'financing:According to statistics, the two indicators about the satisfaction of the needs of peasants'capital out-flow/in-flow and of the financial service are lower than 0.5. That is to say, peasants'financing can not be satisfied and the quality of the service disappoints the peasant households. From this point of view, the current rural loaning system bears the default in quantity as well as in the quality. Finally comes to the relevant suggestions about the policies based on the above research.