| Rural revitalization will inevitably require the development of rural finance.China ’s agricultural business entities are unable to provide collateral due to lack of effective property,and are subject to severe credit constraints from financial institutions,which restricts the development of rural finance.The “Interim Measures for the Pilot Operation of Mortgage Loans for Rural Contracted Land” issued in 2016 determined the pilot operation of farmland operation right mortgage loans in 291 regions of the country.It is expected to accumulate experience and unify the pilot business standards for farmland operation right mortgage loans and gradually Promote and revitalize land rights and activate rural financial markets.The pilot regions of the country have accumulated a lot of valuable experience through exploration,and gradually exposed many problems,such as the lack of willingness of financial institutions to participate,and the pledge of farmland management rights.From the perspective of supply side,this paper studies the behavior and influencing factors of financial institutions in the process of handling the mortgage business of farmland management rights.First,based on the transaction cost theory,the financial institution’s response behavior mechanism is analyzed;the governmentfinancial institution-borrower three-party evolutionary game model is constructed,the behavior of the financial institution is mathematically deduced,and the factors that affect the financial institution’s behavior evolution under different support policies Simulation experiments were carried out;on this basis,using the questionnaires obtained from the pilot investigation of farmland management rights mortgage loans,statistical analysis was performed on the preference characteristics of client managers of financial institutions participating in farmland management rights mortgage loans,and an orderly Probit model was established,Empirical analysis of the influencing factors of the response behavior of financial institutions in the pilot areas.The paper mainly draws three conclusions: First,under the government’s active support policy,the overall management of borrowers,financial institutions and supporting institutions can effectively increase the trust of all parties to the transaction,and the transaction of farmland management rights mortgage loans The cost is minimal,and farmland management rights can play an effective role as collateral.In regions with a good credit environment and clear property rights,financial institutions under the market mechanism will still respond to the issue of loans.Second,the financial institutions in the pilot regions have most investigated the credit situation and income level in the business development of farmland management rights mortgage loans;in regions with a large agricultural economy and a good credit environment,financial institutions are more inclined to develop Farmland management right mortgage business;from the perspective of the loan process,financial institutions pay more attention to pre-loan preparations and required facilities.Third,the risk compensation mechanism and the land circulation center that play a role when the borrower defaults after the loan has no obvious impact on the financial institutions ’willingness to lend,deviating from the theoretical deduction conclusion,because under the single market mechanism,the farmland management right mortgage There is a lot of uncertainty.Financial institutions raise strict loan access standards or require guarantees to increase credit for strict risk control,and issue substantial credit loans or general guarantee loans,resulting in the post-loan external support mechanism is empty.Based on the research conclusions,it is proposed to develop farmland management rights mortgage loans according to local conditions and to build a professional property rights assessment institution,enhance the flexibility of farmland management rights mortgage contracts,establish a rural credit system,improve rural financial literacy,and strengthen agricultural production risks Countermeasure suggestions for management. |
