Study On The Legal Issues Of The Securitization Financing Of Family Farm's Land Management Right

Since the Central No.1 Document in 2013 puts forward to encourage and support the development of the family farm, development in practice of the family farm in various regions is burgeoning, and the academic research on the family farm is increasingly widely and deeply.Family farm is a new type of agricultural management body, but at the mercy of the "weak industry" attribute of agriculture, most family farms are facing financing dilemma in reality.Land is the family farm's most important production factor, but the current rural land system is more than fair and lack of efficiency, which makes the family farm's land cannot give full play to its due role and limits to realize the property value of the land. Asset-securitization is the development trend in finance in recent years, and the land is a kind of assets with great economic value, so the use of land securitization to finance capital is an effective way to break through the family farm financing bottleneck.The research object of the article is the legal issues of the securitization financing of the family farm's land management right, aimed at by analyzing the legal issues of the securitization financing of the family farm's land management right, and then putting forward corresponding countermeasures, thus clearing the legal obstacles when the family farm finances by the method of securitization of land management right. Besides the introduction,the article includes four parts.The first part, the summarization of the securitization financing of the family farm's land management right. This part mainly introduces the connotation, function and theoretical basis of the securitization financing of the family farm's land management right. The securitization financing of the family farm's land management right is the process that based on the general principle of asset securitization, constructing the family farm's land management right into marketable securities to raise the family farm development funds. Special purpose vehicle designs the obligatory right that the family farm's land management right mortgaged into securitised products to sell in the securities market to raise the family farm's development funds, having the functions of investment and financing and risk diversification, revealing rural land management right's legal nature of independent, complete property right, beraking rural financial repression dilemma, fully realizing the financial deepening and the rural cooperative finance.The second part, the necessity and feasibility analysis of the securitization financing ofthe family farm's land management right. That the country excessively focuses on rural land's safeguard function makes the rural land property right circulation being limited, lacking of the guarantee function, and the market value of the family farm land assets being difficult to fulfill. Due to the poor financing way, the family farms in-depth development faces serious economic difficulties. Through research and analysis, securitization financing of the family farm's land management right is not only necessary, but also feasibility, and it is an effective way to break the family farm financing bottleneck.The third part, the legal isseus of the securitization financing of the family farm's land management right. At present, the mian body positioning of the family farm is unknown,market access standard is chaotic, choice of concrete organization form is different; there are problems of organization form obstacle, asset "true sale", the bankruptcy risk and double taxation burden about special purpose vehicle. The securitization financing of the family farm's land management right not only has land mortgage legal restrictions, but also faces policy and legal risk, credit risk, interest rate risk, and many other risks.The fourth part, countermeasures of the legal isseus of the securitization financing of the family farm's land management right. Contraposing the legal issues listed in the third part,this part analyzes and researches in the legal view, puts forward the specific countermeasures in the end, to clear the legal obstacles of the securitization financing of the family farm's land management right.