Study On Institutional Innovation For The Sustainable Development Of Rural Finance

Based on the background of building socialism new country, the unceasingly deepenning of rural finance organizational reform, the comprehensive opening of finance after joining WTO and the non-sustainable problems of rural finance development, this thesis first establishes the logical basic point by reviewing and profitting the theory of rural finance development, the financial sustainable development as well as the financial institutional vicissitude and innovation; then defines the rural finance sustainable development and institutional innovation under the perspective of transaction by choosing the analysis paradigm of new institutional economics; and reveals the institutional innovation mechanism of the rural finance sustainable development, including basic process, power mechanism, external restrictions and micro foundation. On the basis of these analysis, this thesis diagnoses the achievements of China's rural finance institutional vicissitude during the reforming period by applying the institutional and quantitative methods, and points out the problems and reality performance of non-sustainable development, then analyses the institutional reason. Finally taking the China's rural finance sustainable development as the goal, the institutional innovation as the key point, this thesis puts forward the corresponding countermeasure proposal.The main conclusions are as follows:1.The rural finance sustainable development is a systematic concept including finance, economy, ecology and so on. In narrow sense, the rural finance sustainable development is sustainable of rural financial transaction based on information, trust and trustworthiess as well; while in broad sense, it is the organic unification of sustainable development on rural finance transaction, rural finance and rural economy, rural finance and overall finance under the condition of rural financial ecology.2.The rural finance sustainable development is the course of institutional vicissitude based on certain power, restriction, sujects'behavior and so on. It is the course of institutional vicissitude and innovation according to the certain paths on the basis of micro power such as the variation of relative price, information cost, technology and preferences; macro power such as the balance between demand and supply, revolving efficiency maximization, fairly transaction and operating safely; restrictions including path dependence, transaction condition, imbalance between urban and rural, financial ecology, and rural financial subjects'function as well.3.During China's transition period, the rural finance institutional vicissitude doesn't achieve the sustainable development objective because of the inside and outside restrictions. According to the institutional vicissitude process, influenced by economic system, original condition, divergent interest group,environment home and abroad and so on, the rural finance displays non-sustainable development characteristic such as the dual structure, the compulsory institutional vicissitude, the lag in the rural economy and the overall finance institutional vicissitude and subordinating to the economic developmental strategy. On the quantitative side, first, rural formal finance also displays non-sustainable characteristic, i.e., singel financial assets, weakness of medium function, low profit level, lack of competition in rural financial market; second, by applying gray related analytic approach, this thesis proves that rural formal finance is imbalanced to rural economy; third, rural formal finance is the lag in the overall finance according to the quotas such as M2/GDP,FIR.4.The rural finance sustainable development is the result of financial, economic ecologic institutional restrictions, including the developing path, the financial function, the rural economy institution, the dual structure and the financial ecology and so on.5.Key to the rural finance sustainable development is Omni-directional institutional innovation, i.e., choose reasonable developing path according to the economic development concrete stage in various areas, the multiplicity of rural economic subjects, the transformation of governmental function and so on; perfect rural financial function; innovate rural economy institution; melt dual structure; optimize rural financial ecology, such as credit system, law environment, supervising and managing system, intermediary system and governmental function.