Research On Rural Households' Optional Willingness Of Credit Guarantee Mode From The Perspctive Of Property Mortgage

In the Chinese countryside,there always be farmers' credit problem of "hard to loan,hard to guarantee,hard to mortgage".To solve farmers' financing predicament,since 2000,the rural credit cooperative,as the main force of the formal rural financial institution has successively and specially carried out many loan transactions for rural households,such as micro-credit loan,multi-family guarantee loan,property rights pledge loan,property mortgage loan and the combinations of basic guarantee way.The series of design and implementation about the way of loan guarantee is greatly significant for broadening the financing channels and alleviating constraints of farmers' financing.As the main participant of financial activities,the rural households' choice is the base to develop the formal credit guarantee mode.Therefore,researching the rural households' choices between different credit guarantee modes is full of realistic significance,specially for judging the operation effect and then guiding to perfect the loan policy.Under the current background of the government strongly initiating the property mortgage loan,the in-depth analysis of rural households' choice between property mortgage and other credit guarantee modes and its influencing factors,is an important theoretical reference to further promote property rights mortgage loan policy,and optimizing the rural financial service.Since 2006,the government of tongxin county has began to explore the pilot work of rural land management rights mortgage loan,by setting up the rural land association,encouraging farmer to become the member by using their management rights of land,and by establishing the cooperation of land management rights circulation to undertake the guarantee function,and “from bottom to top”,step by step to promote financing pilots.The "tongxin model" is created by the government and the rural commercial bank(hereinafter referred to as the "bank"),combined with guarantee and rural property mortgage,is a innovation and regional characteristics guarantee loan.Studies have confirmed that,the "tongxin model" is an effective way to alleviate farmers financing difficulties.But in the field research we find that,the land mortgage loan still has many problems,such as,the policy cognizance of the local farmer of the land mortgage loan is not high;the land value assessment is not standard;the loan amount is too low to meet the farmers' demand.The article,by presenting,summarizing and commenting the related foreign and domestic literature about credit guaranty function,rural credit guaranty operational mode,has been established and cleared the follow-up research direction and thought.By defining concepts of rural household,credit,guarantee,guaranty way,and presenting the theory of rural households' optional willingness,economic behavior and choice behavior,based on transaction cost theory and rural sociology theory to analyze rural households' guarantee choice to lay the foundation of the paper.Based on the above background and theory basis,the article details the credit guarantees behind regular credit,using tongxin sample data of 517 households and Multivariate Probit Mode,defining the independent variable Y(guarantee way the farmer choose)equal to1,2,3,4,respectively represent credit,guarantee,mortgage,pledge.Set 11 variables of five categories,the households' personal characteristics,family resources,social resources,psychological cognition and the financial environment,to the dependent variable.Using Stata software to analyze rural households' optional willingness between four modes of guarantee way and its main influence factors.The results show that property mortgage has become the main choice of farmers' formal financing method in the pilot area,which is matched with the logical policy;There are mutual influence in the farmers' choice between different guarantee ways,among them,the property mortgage has remarkable alternative effect on the farmers' choice of the other guarantee ways,and then the credit way has remarkable complementary effect on the farmers' choice of the guarantee and pledge way;the determinants of farmers' different financing choices have significant difference and similarity;and policy cognition and advantage cognition of the property mortgage both are the significant factors influencing farmers' option on four financing methods;and land management area,formal loan experience,are the main factors that have positive effect on farmers' choices of property mortgage;village cadre resource has a negative effect on the farmers' choices of property mortgage.According to current situation of farmers' selection of credit guarantee mode in tongxin county,development problems and research conclusions,the corresponding policy suggestions and countermeasures are put forwarded.(1)strengthen the efforts of the propaganda and interpretation of the property mortgage policy,improve farmers' financial cognition;(2)reasonably increase the loan amount,highlight the advantages of “tongxin mode” loan;(3)optimize the land value evaluation mechanism and the risk compensation mechanism,perfect the "tongxin model";(4)speed up the construction of the credit farmer,the credit village and the credit township(town),improve the construction of the rural credit system;(5)broaden the scope of the pledge in rural,promote the development of the pledged guarantee way;(6)strengthen the construction of the rural culture and moral,improve the farmer's quality.