| Under the background of the economic slowdown, China People’s Bank and other two financial institutions comprehensively has promoted the innovation of the rural financial products, services guidance and agricultural land mortgage pilot, which led to a significant easing of the financing problem for agriculture-related SME. And it is conducive to promoting the economic development of China’s "three rural", releasing the consuming power in China’s rural areas, and stimulating new growth points of domestic demand. So how to establish a financial system of agricultural land truly in line with the reality of our country, how to make better use of agricultural land mortgage, this new financial credit products, to ease the financing problems of the agriculture-related small and medium enterprises so as to promote industrial restructuring, coordinate urban and rural development. That is a significant highly theoretical and practical topic to study.Using the pecking order theory, transaction cost theory and property rights theory, based on the research of the relevant literature, this paper studies current status about the agriculture-related SME financing and the agricultural land mortgage financing for agriculture-related SME in pilot areas. In addition, through statistical method, this paper in-depth inquiry the factors which affect rural financial institutions grant land mortgage in the mortgage business, and reached the following conclusions:First, it has a great potential for agriculture-related small and medium enterprises using the agricultural land to finance. In the research area, more than85%of the loan officers are willing to give financing to the agriculture-related SME. Up to80%thinking the value of farmland management rights is average or higher, even nearly50%of the credit officers said the value is high or much high. It is no doubt that agricultural land is a valuable property for the agriculture-related SME. It will have great effect for solving the financing problem of agriculture-related SME if we can really make this sleeping asset lively.Second, the farmland right stability and integrity is the most important factor to finance by land mortgage for agriculture-related SME. The certification of farmland right and release the land mortgage limit in law that are recognized as the key to grant farmland mortgage loan among the many effecting factors. This suggests that farmland property stability and power integrity is the premise to carry out financial operations, or even if the government to take the lead in the pilot circumstance, financial institutions are less willing to participate in.Third, property ownership had no effect on agriculture-related SME to finance by agricultural land mortgage. Under China’s special social system, the loan officer did not pay too much attention to the farmland ownership. Therefore, it is not the agriculture-related SME’s barrier to finance by the agricultural land mortgage.Fourth, the SME land mortgages facing many restricting factors. From the survey we can see that the agricultural land market, risk protection mechanism adapted to farmland mortgage, agricultural land valuation and realization of the mortgage right are valued by the loan officer. However, related systems are not yet meet the requirements because of farmland transfer restriction and an agriculture-land mortgage is also constrained in China, which limit the agricultural land mortgage financing for agriculture-related SME in China.Finally, after a detailed analysis of restricting factors of the agricultural land mortgage financing, this paper proposed some suggestions, such as set a good legal system and policy environment for farmland mortgage to support agriculture-related SME financing, establish a market for agricultural land Property rights transaction, and improve the agricultural land evaluation system. |
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