| In china, building a harmonious socialist society must go along with the construction of new village and the development of rural economy. Since2008, the rural economy mainly presents two characteristics. First of all, the policy about promoting rural reform and development, had effectively increased investment in rural area, which greatly stimulated the enthusiasm of the famers’ production. The second one is the global financial crisis caused a considerable impact on china’s economy, a large number of enterprises’bankruptcy in coastal areas led to migrant workers return home. Besides, the price of agricultural products had been gradually lowered. Nowadays, the problems about "Agriculture, Rural areas and Peasantry" is always the key and difficulty point of the government’s task. However, China’s rural financial system can’t fit the development needs of the rural economy, rural financial system is not able to meet the financing demands of farms, and the absence of rural financial system becomes the bottleneck in the development of rural economy. So the studying of the China’s rural financial development has great theoretical and practical significance.Farmers are economic entities in rural area, with the development of the rural economy, farmers have a great many of financial demands. China’s rural financial market includes the formal financial institutions and non-formal financial institutions. Previously, Postal Savings Bank only keep savings but without loan, the loan business was started relatively late. In the present situation, the rural credit cooperatives is the main channel of the loans between famers and formal financial institutions. However, because of the shortcomings of Rural Credit Cooperatives, their financial services is rather limited, which can not meet the financial demands of fanners, and farmers’ financing behavior is severely inhibited. Thus, farmers often prefer to private lending. In order to meet the capital requirements of production and living, farmers get loans from financial institutions, spontaneous forms in rural internal. Fanners’ loans is the key and difficult points of the rural finance.This paper attempts to research on farmers’ lending practices, analyze the characteristics of farmers lending practices, and then use empirical analysis to discuss the factors that influencing farmers’ financial demands, and finally propose some suggestion for the actual development of rural finance.The basic object of this study is farmers’ lending activity, we use farmers questionnaire data to analysis the characteristics of farmers and financial demands, aslo use the Probit model and the Logit model to make study on the factors affecting farmers financial demands. The results show that:China’s farmers have a wide range of financial demands. Although the Rural Credit Cooperatives is the first channel, the farmers willing to loan form the formal financial institutions, the proportion of loans from formal financial institutions is small, farmers would rather prefer private lending. China’s rural financial market still exists severe credit constraints, include supply credit constraints and demand credit constraints, need-based credit constraint has significantly deeper influence than the supply-degree of credit constraints. The lack of effective demand is the importance factor that restricting the fanners financial lending. The basic conditions of our farmers has limited the amount and deadline of the farmers’ loans. The micro-credit of Rural Credit Cooperatives can effectively meet farmers’"short" financial demands, so it can greatly help farmers get rid of financial difficulties, and effectively support the rural economic development. Reason of farmers loans had been directly reflected in its application, the application of the loans reflected the strength of the farmers’ demand for funds. The proportion of our farmers’ loans for consumption was significantly higher than used in the production, which is consistent with the vast majority of existing research’s conclusion. In this paper, we used Stata software to carry out analysis regression on the variables in the econometric model, which includes resident population, the number of students, number of males, the number of migrant workers, the average age of labor, educational level, land, income, income sources, micro-credit, credit rating, the formal financial institutions and private financial institutions. Uniting the results of Probit and Logit Regression, we can find factors such as the number of males, the number of students, land, agricultural sources of income, credit rating, private financial institutions, that have a positive significant effect on farmers’ financial demands. Factors such as income, non-agricultural sector, formal financial institutions, that have a significant negative impact on farmers’ financial demands. At last, we summarized the results and the conclusions of the analysis, and propose recommendations. In order to promote and improve the development of China’s rural financial system, and further enhance the support of the rural financial on the construction of a new socialist countryside.This paper is divided into six chapters, the first chapter is an introduction, it introduces the research background of this article, the purpose and significance of the study, research ideas, research methods, research framework, possible innovation and the inadequacies, which attempts to provide a macro understanding this article for readers.The second chapter introduces the previous researches on rural finance both domestic and abroad, which includes some of the theories on famers’ economic behavior, and research literatures about farmers’ demand for credit. These literatures provide a wide insight on the topics and research ideas of this paper.Chapter Ⅲ mainly carries out the descriptive statistical analysis between farmers’ characteristics and financial demands, and the preliminary analysis of research data shows that, factors that may affect demands are:resident, student, age, education level, farmers’production type, income and income sources.Chapter Ⅳ uses descriptive statistical methods to analyze the farmers’ financial demands.Chapter Ⅴ is the empirical analysis, we suppose "if farmers have financial demands or not" as the dependent variable, suppose the factors that may affect the farmers financial demands as control variables, and then regress Probit model and the Logit model. On the base of analysis results,we find those factors that has a significant impact on farmers’ financial demands.Chapter Ⅵ is Conclusions and recommendations, we summarize the conclusions of this study, and supply some specific policy recommendations.The main point of this article is:all innovations of rural financial system should based on the fanners themselves and their behavioral characteristics. Although Chinese rural financial system is undergoing constant reform and development, there are still many problems, which means that study on the influential factors of farmers’ financial demands has important practical significance. By reviewing of previous literature, this study chooses the behavior of farmers as a starting point, use descriptive analysis to find out the characteristics and financial demands of the farmers, besides, through empirical analysis, we find out factors that affect fanners’ financial demands, and we propose recommendations to promote and improve the development of China’s rural financial system, and further enhance the support of the rural financial on the construction of a new socialist countryside.The innovation of this article as following:(1) The data we use in the paper is collected within10provinces, including20040famers’ questionnaire. Previous research about rural economy rarely choose empirical analysis, and the quantity of sample is much less than this study.(2)This study use descriptive analysis method, will more accurately describe the characteristics and financing behavior of farmers.(3)In this study,we compares Probit model and Logit model regression by using Stata software, and find out the factors with significant influence on farmers’ financial demands. |
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