| At present,the strategic position of land consolidation in China has changed greatly with the development of economy and society.As an important development platform of promoting new urbanization,agricultural modernization,and urban and rural development,the rural land consolidation has been the main agricultural land consolidation,and gradually shifted to the high standards of farmland construction and rural construction land remediation.The required funds are huge.Such as the twelfth five-year period,China to complete 400,000,000 acres of high standards of basic farmland construction tasks,the required funds will reach six hundred billion.The rural construction land remediation involves demolition placement,etc.,the required units of investment greater.In the face of such a huge financial demand,rural land remediation alone government investment,it is clearly difficult to bear.The vigorous development of social capital which has the strong desire to participate in the construction of rural land rehabilitation has laid the material and technical foundation.At present,BOT,TOT,PPP and other project financing mode,has become the hot topic of the experts and scholars.There is also some land consolidation project in practice in accordance with the financing mode of construction,and the effect is better.This kind of project financing mode which is the basic concept of "government-enterprise(private)",also provides a new financing idea and idea for rural land renovation.Of course,the implementation of these models in the environment is also a poor adaptability and other defects,so that the project has a greater risk.On the basis of previous researches,this paper studies the theory and methodology of BOT-TOT-PPP integrated financing model of rural land consolidation project,utilizing the model of combination of theoretical and empirical analysis,qualitative and quantitative analysis,with the support of principal-agent theory,land supply and demand theory,etc.Besides,this paper also takes Fertile Farmland of Million Hectare Project(FFMHP)in and Connecting an increase in Urban construction with a decrease in Rural residential land Project(CURP)as examples to fulfill the empirical research.Specifically,this paper carries out the following contents:(1)Current situation and requirements of land consolidation investment and financing.Find the existing problems of the current land consolidation investment and financing,the traditional financing methods and the typical project financing model as BOT,TOT and PPP,and explain the applicability of the three financing models for land consolidation project.(2)Feasibility and its connotation of integrated financing model.From the two aspects of the economic attribute of land consolidation project and the complementary nature of the three models,the feasibility of integrated financing mode of land consolidation is discussed.And then it elaborates the connotation,the way,the advantage and the concession of the integrated financing.(3)Framework system design of integrated financing model.Combined with empirical research,including the structure of the organization,the structure of time and space,the structure of the investment structure and the assets structure.(4)Operation program of integrated financing model.The operation program is divided into 4 stages:project analysis stage,mode of primary stage,mode conversion stage and acceptance stage.(5)Key factors of integrated financing model:cooperation and restraint mechanism and risk sharing mechanism.This paper mainly analyzes the reasons of the cooperation and restraint mechanism,and then establishes a series of cooperation mechanisms including the benefit distribution mechanism.This paper expounds the risk factors of integrated financing mode,carries on the risk identification,carries out the risk evaluation,designs the risk sharing framework,and takes the empirical research to carry on the verification.(6)Performance evaluation and guarantee mechanism of integrated financing model.The performance evaluation index system of integrated financing is put forward,and the effect evaluation model of project integration is constructed by DHGF algorithm.From the 4 aspects of legal protection,financial innovation,the protection of farmers' rights and profit insuring mechanism to improve the implementation of integrated financing mechanism.This provides a guarantee for the smooth implementation of integrated financing of land consolidation project.From the research above,some conclusions are drawn out as following:(1)Through the combination of three kinds of typical financing mode,integrated financing model can overcome the single model' unworthiness for land consolidation project.Land remediation investment is growing,the traditional government investment and bank lending model has been unable to meet their financial needs.Compared with BOT,TOT and PPP financing mode,there are some defects in the three.Such as BOT model to make the government lose control of the project,which is contrary to the relocation needs of government led.TOT fund income lag,can not solve the problem of funding required for the project.PPP focuses on the concept of innovation,lack of operability.But the three have their own advantages,can be very good complementary.From the land renovation project of its own economic attributes and the three models of complementarity,the integration of the three has the feasibility,more suitable for land consolidation project.(2)Integrated financing model includes binding,rolling style.Combined with the characteristics of land consolidation project,the franchise can include:land management rights,supplement farmland index trading rights,savings targets trading rights,placement of the housing collateral in real estate development,retained suburb land development rights etc.The goal of integrated financing mode is to improve the efficiency of land use efficiency,reduce the project cost,and ensure the project to be finished on time,in order to realize the maximization of project benefit and minimize the risk.Therefore,it has the advantages of expanding the source of funds,strengthening the social capital,improving the government's control,and to coordinate the interests of all parties,and ensure the quality of project implementation.(3)Structure system of integrated financing model includes organization structure,time space mix structure,investment structure,asset structure,etc.The main members of the organization and the core stakeholders are the government,social investors,item company,lending institutions and village collective and farmers in the project area.Using the decomposition of the land consolidation project,considering the operation of different stages,the mixed structure of its time and space can be realized by the combination of molecular events and stages.Through the empirical study of FFMHP show that the mixed structure has better flexibility and maneuverability.(4)Operation program of integrated financing model is divided into 4 stages:project analysis stage,mode of primary stage,mode conversion stage and acceptance stage.The stage of project analysis is mainly about the classification of engineering projects and the project profitability.The primary stage of the primary stage is to select the financing mode,and then select the cooperation unit,and then to determine the structure of the integrated model,the structure of the integrated model,the investment structure,the structure of assets,the hybrid structure of the time and space.The overall framework of two aspects of spatial structure and time structure is constructed.The model conversion stage mainly includes the dynamic conversion of the pattern matching,the franchise agreement,the item company set up,the project planning and design and budget,project financing,construction,project management.After the acceptance by the government,the item company according to the franchise carry out operations.And the operation expires,the project was handed over to the government.(5)Key factors of integrated financing model include cooperation and restraint mechanism and risk sharing mechanism.This paper analyzes the 11 stakeholders of integrated financing of rural land consolidation,and their mutual relationship.Then the interests of the main stakeholders were analyzed.Because their interests are not consistent,a series of cooperation and constraint mechanisms should be established.Cooperative and coordination mechanism,interest distribution mechanism and constraint supervision mechanism are included.A profit distribution mechanism based on the extension of the bargaining model was proposed.Cooperation and coordination mechanism includes information sharing,coordination of income,target coordination,conflict management and trust mechanism,and cultural coordination mechanism,etc.The supervision mechanism includes the mechanism of market competition,industry and credit,legal restraint,local government supervision,financial supervision,audit supervision and so on.Through the empirical study of FFMHP,the interests distribution mechanism based on the extension of the multi agent model to obtain the distribution plan and cost allocation method and Shapley value method in contrast to narrow the stakeholders of profit margins.This method can reflect "cost,profit and risk matching" according to the amount of investment,but also reflect“A win-win situation" by taking into account the interests of all parties.Through the empirical study,the implementation effect is good,and has great application value.'From the perspective of risk,the problem of principal-agent problem and information asymmetry is the main aspect.According to the principle of system analysis,the overall dynamic principle,the principle of prudence,the integrated financing risk level holographic model framework includes 7 aspects:policy,market,lending institutions,government,item company itself,project stage and project contract risk,which can reflect the risk type.Through the empirical study of CURP 2015,the fuzzy comprehensive evaluation model of risk assessment is moderate risk.Results and the actual situation in two years were consistent,and the results were more reliable.(6)The performance evaluation index system includes 3 aspects:improving efficiency,reducing cost and ensuring quality.DHGF model of performance evaluation was established.Using the center point type whitening weight function,the result was more effective.Through the empirical study of CURP 2014,the results show that the performance of the "excellent" level,the project implementation of integrated financing has achieved good results.The funds on time in good condition,engineering construction cost savings rate in good condition,can also be promoted.This is mainly due to the exploratory stage of integrated financing model.Financing loans are often delayed.(7)To promote integrated financing,it is necessary to establish a corresponding guarantee mechanism from the 4 aspects of legal protection,financial innovation,farmers'rights and interests protection mechanism and income guarantee mechanism.The legal protection mechanism is mainly to establish the application of the project financing rules system.The financial innovation mechanism is mainly the type of collateral,which can be used as a financing guarantee.Farmers' rights and interests protection mechanism is mainly to solve the problem of the item company.It is necessary to establish a forward-looking vision and management and control ability of the leading body.Income guarantee mechanism is mainly for non-market factors,the government and social investors signed the "minimum income guarantee contract terms",to protect the basic income of social investors,in order to attract social investors to invest enthusiasm.This paper puts forward policy suggestions for rural land consolidation financing:?Changing government philosophy,and guiding and supporting land consolidation financing actively;?Establishing financing rules,mading it clear that the financing of the franchise agreement as a civil contract;?Paying attention to cooperation constraints,designing a reasonable and effective interest distribution mechanism;? Sharing reasonable risk according to the different stages of the difference between the different types of share;?establishing cross-regional trading platform according to the rules of market economy. |
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