Asset,Social Capital,and Accessibility Of Farmland Management Rights Mortgage

Under the background of the property rights separation reform of rural land and the strategy of giving priority to the development of agriculture and rural areas,the farmland management rights mortgages(FMRMs),as a feasible way to guide the capital to support agriculture,rural areas and farmers with marketization,is considered to be an effective way to solve the difficulties in mortgage and financing of farmers’ loans and revitalize the rural market capital.However,due to the lagging development of the land property rights trading market,the imperfect credit system of agricultural operators and the unstable value of mortgages,the mortgage function of FMRMs is insufficient and the accessibility of loans is generally low.In this context,in-depth exploration of the important factors affecting the accessibility of FMRMs and the role path of optimizing the supply of FMRMs is of great practical significance for deepening the reform of rural land finance and improving the ability of rural finance to serve rural revitalization.The key to improve the accessibility of FMRMs is that farmers make full use of their own internal(asset)and external(social capital)resources to alleviate credit constraints in the context of complex rural environmental conditions and scarce resources.Using data from the field survey of 1156 rural households,this article is to explore the effects of asset and social capital on rural households’ accessibility of FMRMs and its mechanism.Social capital was innovatively capitalized by structural social capital and cognitive social capital.The IVHeckman,2SLS and mediating effect models were applied.Results indicate that asset positively and significantly affect rural households’ accessibility of FMRMs;social capital,structural social capital,and cognitive social capital show positively and significantly effects on the access to FMRMs;while cognitive social capital also has positively and significantly effect on the quantity of FMRMs.Moreover,we found that asset could improve the accessibility of FMRMs by increasing the social capital and structural social capital.Additionally,the effects of asset on the access to FMRMs are greater for rural households with higher level of asset,small size farmland,and migrant experience;the effects of social capital on the access to FMRMs are greater for rural households with small size farmland and entrepreneurial and migrant experience;and the effects of cognitive social capital on the access to FMRMs are greater for rural households with small size farmland and entrepreneurial experience.Thus,policies aimed at optimizing the accessibility of FMRMs involving the establishment of rural credit rating system,the improvement of loan products and services,and the fostering new business entities are proposed.