Research On The Willingness And Influencing Factors Of Mortgage Land Management Right Of Farmers In Chengdu

With the modernization and specialization of agricultural development in our country,fund demands for agricultural production are increasing in recent years.The funds required for modern agricultural production can not be met by the endogenous financing of farmers at all.In order to solve financing difficulties of farmers,Chinese government has gradually pushed the rural financial reforms forward.And the demand of mortgage loans of the rights of land contracted-management has emerged.This reform eases the credit crunch of farmers who lack collateral.Because farmers are originators of mortgage loans for land management rights,their willingness to invest can play an important role in the operation of mortgage policy.In field research,we found the demand of mortgage loans varies from farmers of different land sizes.Therefore,this paper analyzes different demands and willingness of mortgage loans for farmers of different scales,and then uses the empirical test to prove different influencing factors and reasons.At last,this paper analyzes the impact of the supply of loans flowing from financial institutions on farmers' willingness to mortgage land management rights in current lender's market.From the published literatures,most of the scholars didn't distinguish different demands and influencing factors among farmers of different scales.Therefore,they can't explain the different constraints faced by small-scale farmers and large-scale farmers.This paper categorizes farmers according their management scale to find the willingness and influencing factors on different farmers.Firstly,by designing questionnaires and visiting farmers in the field,this paper uses descriptive statistics to analyze the differences in mortgage demand for land management rights of farmers of different scales.We can get following conclusions:(1)The larger land size,the higher demand for mortgage loans of land management rights.(2)Mortgage loans with different scales of land farmers have different reasons in the demand of loans.The reasons for small-scale farmers are mostly “I don't know how to mortgage”,“I can get some money by another means” and “high loan costs”.Mainly affected by their own resource endowments and financial products.The reasons for large-scale farmers are mostly “procedural troubles”,“low evaluation value” and “Unable to obtain the consent of the contractor".Mainly affected by property rights stability,loan convenience,and land appraisal value.(3)Mortgage loans of land management rights of farmers in different scales differ in the amount and the use of borrowings,but they are consistent in terms of borrowing period and risk perception.Small-scale farmers are mainly used for industrial and commercial operations,and large-scale farmers are mainly used to expand agricultural production.(4)Different size of farmers have different perceptions of mortgage risk.Most farmers who are interested in mortgage are not worried about losing land.Because most of them are not worried about repaying loans.It can be easy to contribute moral hazard and dampen financial institutions' interesting in suppling.Thirdly,the writer uses the Logistic model to empirically examine the influencing factors which affecting willingness of mortgage loans for farmers of different scales.We can get the following conclusion:(1)Annual income,loan interest rate,loan term,policy cognition,the degree of participation in the credit investigation are the influencing factors affecting the demand for mortgage loans for small farmers' land management rights;(2)Loan experience,annual income,agricultural income as the proportion of income,asset value,operating period,proportion of inflowing land,and loan procedures can affect their demand of mortgage loan.(3)The willingness of small farmers to mortgage land management rights is easily affected by the credit level.At the same time,because the short of land resources,their loanable amount is not high.Most of them could consider the cost of loans.For large-scale farmers,the tedious process in define the ownership,the stability of property rights and the convenience of mortgage loans are the main factors affecting their willingness of mortgage.Fourthly,the author analyzes the impact of financial institutions' supply on the willingness of farmers to mortgage.By using descriptive statistics and empirical tests,the author analyzes the influencing factors of financial institutions' willingness to supply mortgage loans.In order to prove the rationality of financial institutions' supply constraints the willingness of farmers' mortgage loans,the paper takes the willingness to supply in financial institution's as an independent variable and empirically tests the impact on farmers' willingness to mortgage loans.The result shows that:(1)The willingness of financial institutions to lend is not strong.Small-scale farmers and large-scale farmers have different constraints for financial institutions.(2)The stronger willingness of financial institutions to supply loans,the stronger the willingness of farmers to mortgage loans.With analysis and empirical test results,this paper proposed the corresponding countermeasures and suggestions for the mortgage loan of Chengdu land management rights.