An Empirical Analysis On Rural Land Fiance

Rural land financial reform is an important part of rural land reform, and also a major part of the rural financial deepening. With the development of rural economy, the process of urban-rural integration and the changes of rural population’s production and living conditions, it should be carefully considerated and appropriatly soluted that how to protect the the peasants’property rights and interests of the land and provide them better land financial environment on the basis of maintaining the existing framework of the land system. According to whether financing through the financial intermediation institutions, rural land finance can be divided into land direct financing and land indirect financing.Based on investigations of Ningbo, the paper explores the methods on constructing rural land finance system of China from both rural land direct finance and rural land indirect finance. To the rural land direct finance, the existing research about land equity investment mainly pertains to macroanalysis. Thus this article uses the method of theory analysis and empirical test to explore whether rural land equity investment is the effective way of rural land direct finance from the perspective of welfare economics. On constructing rural land indirect finance, the existing related research mostly belong to theory analysis, and few empirical tests are mainly on the basic of farmers. Well, considering the interest of both supply and demand sides of rural land indirect finance busineses, this paper try to study how to build the land mortgage system from the perspective of farmers and the rural financial institutions.The following is the structure and main contents of this paper. Chapter1, which is the part of introduction, mainly explains the research background and purpose, the thoughts and methods of this study. Chaper2introduces the basic concepts and theories of this paper, and gives a summary and comment on the literatures on researches about rural land direct finance and rural land indirect finance both at home and abroad. Chaper3explores the effective form of rural direct finance. The theory analysis from the perspective of welfare economics illustrates that within the forms of rural land direct finance in China, rural land transfer, leasehold and equity investment are all effective forms of rural land direct finance, and thus land equity investment has comparative advantage in improving land welfear. Then the paper uses a case study of Changhui rural land shareholding co-operative to prove this. Chaper4explores the way of constructing rural land indirect finance system of China. The theory analysis indicates that comparing with rural land indirect securitization, rural land mortgage is the foundation and the most feasible form of rural land indirect finance in China. The paper studies the willingness and its effective factors of both supply and demand sides of rural land indirect finance busineses based on the investigation of Ningbo city in Zhejiang province, accordingly try to build the rural land indirect finance of China. The results show that farming families best wish to mortgage their land equity, then they wish to mortgage curtilage base and the farmland; rural financial institutions are most interested to provide land equity and farmland mortgage busineses, but is relatively conservative to carry out curtilage base mortgage business. Chaper5summarizes the research results and puts forward some suggestions for China rural land finance development:rural land shareholding co-operative system should be introduced in a rational manner; the willingness of both supply and demand sides of rural land indirect finance busineses should be considered in constructing rural land indirect finance system.