Study On Mortgage Finance System Under The Policy Of The Separation Of Three Rights Concerning Land Transfer

With the rapid development of China's rural economy,the contradiction,which between the demand of scale operation of agricultural land and the strict limitation on the circulation of agricultural land,led to the reform policy of separation of three rights.And under this policy,the center government encourage its people to mortgage with the rural contracted land management right as the mortgaged property,which is from separation of three rights concerning land transfer.In China's economic transition period,the management right mortgage of rural contracted land is a great discovery of deepening reform of the rural economy.And it's a new method to develop modern agriculture and activate rural economy.This method is beneficial to cause increasing of peasants' property income in the meanwhile of ensuring the safety of food in our country.In the dual property system of property real right and creditor's right,management right of rural contracted land has already contained power and effectiveness of usufructuary right.But given its principle made by the property law at present,it cannot become a real right legally.But its power and effectiveness is far wider than creditor's right as if regard it as one.So apparently it's not true creditor's right,and we define it as a "creditor's right with property right contents to distinguish from true creditor's right.The essence of contracted land management right mortgage is still mortgage of right.Its legal basis is offered by the rights configuration.And its law and economic basis is offered by the source configuration optimization theory.Although this mortgage finance has sufficient theoretical basis,the rural contracted land management right,as a special property right,still have several problems like non-unified mortgage certification,lack of legal ground when pledge is implemented,irrationality of setting mortgage's condition,difficulty in putting registration of formation into the unified real estate registration,how to dispose mortgage and the insufficiency in the supporting system of pledging when facing with the aspect of mortgage finance.Thus,to improve the basic system of pledging,the right of management of contract land which is circulated should be registered and equipped with Circulation management certificate conformably,which can serve as the certificate of ownership of mortgage as well as the original registration of setting the hypothecation.It is essential to speed up relevant admissions on the judicial interpretation of the contracted land management of legislation changes work when the time is ripe,so that the legalization of the contracted land management rights mortgage policy can be promoted.Also,it's crucial to correct the explicit conditions of contracted land management and clear its mortgage registration requirement principles.At the same time,the methods that adopting the way of mandatory management in the disposal of contracted land management rights mortgage collateral so as to realize the mortgage is strongly recommendable.While improving the contracted land management rights mortgage system via building standard farmland property rights trading platform,we can establish and perfect the land value assessment mechanism and the diversity of slow-release and risk sharing mechanism aiming to promote the contracted land management rights mortgage related supporting system.