An Empirical Study On Farmers’ Intention To Participate In The Agricultural Land Contract And Management Right Mortgage Loan

The development of agriculture in China is just in a critical period of transformation from the traditional agriculture to the industrial one, which requires a large amount of fund. Farmers’ own funds usually cannot fill the financing gap during the development of agriculture. F urthermore resources of external financing channel are limited and subject to a lot of conditions. Therefore the problem to finance has become the primary obstacle to agricultural production and rural economic development. As an innovative means of financing for farmers and other agricultural economic organizations, rural land contract and management right mortgage loan can revitalize the high value land assets in rural by changing the assets into capital and effectively resolve the problem of shortage of funds. After the Third Plenary Session of the eighteen, agricultural land contract and management right mortgage loan entered the stage of full implementation based on pilot projects. Since farmers are the most obvious beneficiaries, their intention to take this new financing means largely determines the potential demand of its market. For all the reasons above, the influence factors of farmer’s participation intention gradually become the focus of scholars’ researches at present.This paper analyzes the forming path of farmer’s participation intention about rural land contract and management right mortgage loan based on the Theory of Planned Behavior and the Theory of Risk Perception. Firstly the study researches farmers’ risk perception about agricultural land contract and management right mortgage loan which can be divided into four kinds of risks. They are Legal and Policy Risk, Loan Factors Risk, Land Risk and Repayment Risk. The paper then combines the variables of farmers’ risk perception and their past similar experiences with the original variables of Attitude, Subjective Norm, and Perceived Behavioral Control to build an extended model of the Theory of Planned Behavior which is used to research the influence factors of farmer’s participation intention. Finally the study makes an empirical analysis based on the survey data from twelve provinces. Furthermore the research analyzes the relationship among farmers’ risk perception, farmers’ attitude and their behavior intention, as well as the relationship among farmers’ past similar experiences, perceived behavioral control and their behavior intention. The test of mediator effect of attitude and perceived behavioral control is also made in the final part of empirical analysis.In this paper, Structural Equation Model is the main method to analyze. The data is sorted and counted from the questionnaires survey. The reliability and validity of the scale and the measurement model are examined as a premise of the study. Then the study modifies the structural model using the tips in the output of AMOS and determines the final model structure between variables. Finally the research draws the following conclusions:In the model of farmer’s participation intention about agricultural land contract and management right mortgage loan, farmers’ risk perception come from a few aspects and have significantly both direct and indirect negative effect on their participation intention. Farmers’ attitude has a positive impact on their intention to participate in land contract and management right mortgage loan, and it is the mediator variable between farmers’ risk perception and their behavior intention. Subjective norm, perceived behavioral control and their past similar experiences also have a positive effect on farmers’ intention to participate in the mortgage loan. However, there is no mediator effect between the past similar experiences and their participation intention, which means the experiences has no significant impact on farmers’ perceived behavioral control. The relationship between the experiences and the participation intention is also weaker than others. The extended model of the Theory of Planned Behavior built in the study has a good explanatory ability about the forming path of farmer’s participation intention. This research reflects some key sections during the psychological decision process from information cognition to intention formation, which will provide important theoretical foundation to the improvement and e xtension of agricultural land contract and management right mortgage loan.