Influence Of Farmland Mortgage Loan Constraint On Agricultural Long-term Investment Of Farmers

With the development of the 13 th Five-Year Plan,under the environment of policy support and technology upgrading,China is transforming from traditional agriculture to modern agricultural production mode.On the one hand,the process of agricultural modernization and large-scale is intensifying;On the other hand,the expansion of agricultural scale is constrained by the rapid growth of long-term investment demand in agriculture.In the case of insufficient internal financing,farmers often consider external financing to smooth production budget,but for a long time,due to the lack of appropriate collateral,Chinese farmers face the formal financial institutions "difficult financing,difficult guarantee,difficult mortgage" problem.Since the launch of the farmland mortgage loan pilot,the policy of farmland mortgage secured loan has achieved certain results,providing more flexible loan financing methods for farmers with investment capital needs.However,relevant studies have confirmed that in the process of promoting the policy of farmland mortgage,it is restricted by the high cost of mortgage financing,low land appraisal value and small amount of farmland mortgage loan.Farmers are still faced with a high degree of farmland mortgage loan constraints,it is difficult to achieve its goal of supporting farmers long-term investment in agriculture.Firstly,based on the theory of institutional change and the theory of farmers' behavior decision,this paper establishes the theoretical analysis framework of farmland mortgage loan constraint affecting farmers' long-term agricultural investment behavior against the background of farmland financial system reform;Secondly,through the field survey data of399 households in Tongxin County,this paper accurately evaluates the constraints of rural households' farmland mortgage and long-term agricultural investment;Finally,this paper empirally analyzed the impact of farmland mortgage constraint on farmers' long-term agricultural investment behavior through Tobit model,and further obtained the average treatment effect of farmland mortgage constraint on farmers' long-term agricultural investment through PSM estimation.The research shows that :(1)from the perspective of constrained supply and demand of farmland mortgage loan,the demand side constraints are generated by farmers due to the risk of losing land,poor endowment resources and low farmland evaluation value.And farmers' rejection of farmland mortgage loan is relatively high,which becomes an obstacle forfarmers to participate in farmland mortgage loan,while the supply side of farmland mortgage loan is less constrained.(2)Demand-side constraint effect shows that the greater the degree of demand-side constraint on farmland mortgage,the lower the long-term investment level of farmers in agriculture.Demand-side constraint effect reduces the possibility of long-term investment return of farmers by increasing their long-term investment risk and transaction cost,thus inhibiting their long-term investment.Compared with the rural households with no farmland mortgage loan,the long-term agricultural investment of rural households with farmland mortgage loan and the long-term agricultural investment of rural households with the demand side constraint decreased by 34.36% and39.71%,respectively.In addition,the supply side constraint did not significantly inhibit the long-term agricultural investment of rural households at the statistical level.Based on the above conclusions,this paper puts forward a series of policy suggestions to optimize the system design of farmland mortgage loan and improve the enthusiasm of farmers for long-term investment in agriculture.