The Choice Of The Governance Structure For The Land Using Right Mortgage Loan

In order to meet the need of rural financing and revitalize the land capital,various regions in China have carried out trials of rural land using right mortgage loans.On the government level,our government has issued a number of documents to provide policy support for the promotion of rural land using right mortgage loans.The existing typical modes of rural land using right mortgage loans mainly include the mortgage financing mode named "transaction-forensics-mortgage" in Wuhan in Hubei,the "guarantee company+farmland counter-guarantee" mode in Sihong in Jiangsu and "land cooperation+farmland counter-guarantee" mode in Tongxin in Ningxia.,etc.When comparing the typical cases of existing rural land using right mortgage loan pilots,we can find that they can be divided into two types of loan modes:the rural land using right direct mortgage loans and the rural land using right mortgage loans with third parties.Why does the same pilot project differentiate two different loan modes?In order to answer this question,from a macro perspective and an angle of asset specificity,this paper explores the mechanism of the asset specificity of the rural land on the choice of the governance structure for the rural land using right mortgage loan,and makes an empirical test using the data from 187 pilot areas nationwide and a case test based on typical pilot areas.The main research contents and research conclusions of this paper include the following three parts:Part 1:The classification of the governance structure for the rural land right mortgage loan and the analysis of the influencing factors of the choice of the governance structure.On the basis of analyzing the governance structure in the transaction cost theory,the governance structures for rural land using right mortgage loan are divided into the market governance structure for the rural land using right mortgage loan and the hybrid governance structure for the rural land using right mortgage loan,and according to the difference of the third-party guarantees,the hybrid governance structure for rural land using right mortgage loans are further subdivided into two types:the mixed governance structure participated by the guarantee corporation and the mixed governance structure participated by the joint insurance group.Through the comparative analysis,we can find that the incentive mechanism of review links i5 the same of the three types,but there are differences in participants,incentive mechanism of supervision links and incentive mechanism disposal links.At the same time,this chapter analyzes the choice of the governance structure for the rural land using right mortgage loans from three dimensions:the asset specificity of the rural land,borrowers and lenders,the external environment as well.Part 2:The construction of the asset specificity of the rural land evaluation index system.An evaluation index system for the asset specificity of the rural land is constructed on the basis of analyzing the asset specificity in the transaction cost theory.The method of factor analysis is used to calculate the geographical location specificity factor score and the rural land input specificity factor score for the eastern regions,central regions and western regions respectively.Through the comparison of the eastern,central and western regions,it can be found that the geographical location specificity gradually increases from the east to the west,and the rural land input specificity is the smallest in the west,followed by the east and the largest in the middle.Part 3:The analysis of the influence of the asset specificity of the rural land on the choice of the govermance structure for the rural land using right mortgage loan.The mechanism of the asset specificity of the rural land on the rural land using right mortgage loan is analyzed from a theoretical perspective in this section firstly.The data from the national pilot regions are used to construct a binary logit model to empirically test the influence of the asset specificity of the rural land on the choice of the governance structure for the rural Iand using right mortgage loan.The binary logit model of the choice of the govermance structure for the rural land using right mortgage loan shows that the two variables,namely,geographic location specificity and rural land input specificity,which both represent the rural land asset specificity,have a significant positive effect on the choice of the hybrid governance structure for the rural land using right mortgage loan.Therefore,the rural land asset specificity is an important factor to consider when making the choice of the governance structure for the rural land using right mortgage loan.According to the research conclusion of this paper,the asset specificity of the rural land has a significant positive impact on the hybrid governance structure for the rural land using right mortgage loan.Consequently,we should choose the governance structure for the rural land using right mortgage loan on the basis of local conditions,accelerate the development of agricultural scale,cultivate the rural financial market with moderate competition,and strengthen the policy guidance and financial support of local governments,so that the rural land using right mortgage loan can be developed smoothly and steadily.