| Since the foundation of People's Republic of China, the farm land institution has undergone different periods from the land tenure revolution to the agricultural cooperation to the people's commune, and finally to the household contract responsibility system. With the change in micro economic foundation of agriculture and macro social environment, the limitation of HCRS appeared gradually. Under the household management system many problems including fragmentation of farmland, small scale in management, low mechanization and non-exploration of cultivated land arose. The joint stock-cooperative system of farmland originated in the Zhujiang Delta was a form of institutional innovation of farmland transition system at the certain historical period. Since it enriched the connotation of HCRS and showed a great significance to achieve large-scale management and agricultural modernization, the joint stock-cooperative system has been highly praised by both researchers in theory and persons involved in policy implementation. Its implementation was hampered by many practical obstacles such as the lack of pre-conditions, the obscure in the nature of joint-venture, the blemish of property rights and stock rights and so on which slowed down the pace of practice and restricted the effect of the joint stock-cooperative system.Recently many researchers have studied on the theme of joint stock-cooperative system and there have been many arguments in the structure of property rights, the initialization of stock rights, the management mechanism and the mode of operation of farmland stock-cooperation ventures. As a typical inductive institutional innovation, the come-into-being of joint stock-cooperative system of farmland was under certain historical backgrounds, its development followed certain mechanism and had institutional connotation different from the general stock and cooperative systems. The structure of property rights, the initialization of stock rights and the management mechanism were closely connected with the distribution of profits among varied stakeholders and thus would influence the efficiency of system. In this paper the joint stock-cooperative system of farmland was analyzed systematically and comprehensively from the perspective of neo-institutional economics, to pursue the background and an internal motivation led to the innovation, dissects the theoretical intension of the modern joint stock-cooperative system, and demonstrates systematically the property structure, management mechanism, and institutional performance. Then the theory was explored through trying the farmland joint stock-cooperative system in Jiangsu province.The main contend can be summed up as follows:Firstly, based on the review of documents on the joint stock-cooperative system and other related documents in and abroad, several important concepts were clarified in chapter 3. The necessities of neo-institutional economics in institution analysis and its main theoretical system, such as institution innovation theory, exchange cost theory, property theory, and enterprise theory were elucidated. The basic theoretical framework of institution analysis was proposed also.Then the current situation of the joint stock-cooperative system was summarized and evaluated generally in Chapter 4. The practice procedure and main types were concluded. The concrete ways and characteristics of four models, Nanhai, Huantai, south Jiangsu, and Shanghai, were introduced. The problems faced in executing the joint stock-cooperative system were put forward.In chapter 5, after the evolution of the joint stock-cooperative system was retrospect comprehensively, it's concluded that the system absorbed experiences from the traditional rural cooperative movements and formed on the base of HCRS, community stock-cooperative system and land transition system to pursue the internal motivations led to the innovation. And the basic motivation lies in the fact that under the existing institution, the new external profit could not be internalized and with the active participation of primary societies and secondary societies the expected benefits will be greater than the expected costs. But the expected benefits and costs are different between peasant households, farmland stock-cooperation ventures and local government. Because of these, the cost-benefit analysis in accordance with different institution innovation individual was taken.What was the intension of the modern joint stock-cooperative system? That was defined after comparing it with classical cooperative system and modern stock system in chapter 6. Consequently, the property structure, the initialization of stock rights and the profit allocation system of the joint stock-cooperative system were analyzed from the aspect of enterprise property system. In chapter 7, the inner-structure, the entrust-substitute relationship and the management mechanism were expounded from the aspect of enterprise management structure, and the institutional shortcomings of farmland joint stock-cooperative ventures in property system and management structure were pointed out by linking with practice.The institutional performance was corresponding to institution design such as property arrangement, management structure, and so on. The institutional performance of the joint stock-cooperative system was assessed in chapter 8, the comprehensive efficiencies in economy, society and ecology were justified and the institutional performance was also analyzed both from the perspective of efficiency and fairness. It showed that the efficiency and justice were fulfilled in some degree in current joint stock-cooperative system, but efficiency loss for the aim of justice.At last, the above theories were explored from three aspects:The first, a survey was done in Jiangsu province to study the decision-making behavior of farmer households' to attend the land stock-cooperation using Logistic model. The results showed that factors such as the proportion of farmers' non-agricultural income, the net annual income per capita, the education level of village civilians exerted greater influence on farmers' behaviors. Besides, due to the imbalance of regional economy not only the decision-making behavior to attend the land stock-cooperation differed among farmers of Southern Jiangsu, Middle Jiangsu and Northern Jiangsu, but also the factors and there degree influencing behaviors.The second, a case of Shanglin Village, Suzhou City, Jiangsu Province was used as an example to disclose the character and mechanism of joint ventures and to assess objectively.The third, a study in South Jiangsu was used to explore the effects of farmers' income in the joint-ventures by means of the difference-in-differences estimation.The results showed that the newly-developed system did lead to the improvement of farmers' total income, especially the non-agricultural income per capita, but the effects are not as significantly as expected.According to the above research, to smooth the implementation of the joint stock-cooperative system, suggestions were proposed including advancing the system stably and gradually, practicing different mode according to local conditions, enhancing the support of government, regulating the organization of joint-ventures, clarifying the property of joint-ventures, improving the transition mechanism of stock rights, setting reasonable profit allocation system inside the joint-ventures and guaranteeing the implementation of system legally.
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