权属来源、用途特性、经营规模视角下农地经营权抵押约束的实证研究

It is of great significance for implementing the theory of "Separation of Three Rights" to guide the practice and accelerating the rural financial innovation. Basing on the basic facts of land-using rights' mortgage in pilot areas of China, and combing property rights, behavioral economics and financial constraint theory, the project constructs theoretical framework and research methods for analyzing financial constraints of land-using rights' mortgage. Using first-hand data collected from pilot areas of 17 provinces, and considering origin of ownership, usage characteristics and business scale as important viewpoints, the project is going to observe and analyze the internal correlation between the three factors and financing decisions and financial constraints from the financial demand side perspective in order to judge the key important factor and evaluate the mortgage policy to alleviate the effectiveness of financing constraints of rural households. Selecting sample farmers according to the three elements and mortgage demand and combining with the investigation of rural financial institutions, the project also explores correlative effects between three factors and credit rationing of financial institutions from the perspective of financial suppliers by using methods of experimental economics. Comparing the experimental results and combing with practical observation, the project pursues to reveal the origin of determining factors which hinder the effective supply of mortgage loans of financial institutions. Finally, basing on the empirical results and experiences of both here and abroad, the project would like to give some policy suggestions for improving effective path so as to strengthen agriculture, benefit farmers, and raise rural living standards, meanwhile, to further promote the process of pilot about the mortgage loan of land-using rights.

农地经营权抵押在落实“三权分置”理论指导实践和加快农村金融创新方面意义重大。本项目立足于中国农地经营权抵押试点的基本事实，在结合产权、行为经济学及金融约束理论的基础上，构建用于分析农地经营权抵押约束的理论框架和研究方法体系。基于17省份试点区一手调查数据，以权属来源、用途特性及经营规模三个要素为切入点，从金融需求方视角现实观察和实证分析农户三个要素与其抵押融资决策、金融约束的内在关联性，解析判明关键视角，阐述评价抵押贷款政策缓解农户融资约束的有效性。按照三个要素及抵押需求筛选样本农户，联合调查地农村金融机构，采用实验经济学方法从金融供给方视角检验农户三个要素与金融机构抵押贷款供给约束的联动影响，对比分析实验结果和现实观察，揭示阻碍金融机构抵押贷款有效供给的根源及决定要素。最后，基于项目成果和国内外经验，为提升农地金融强农惠农富农的有效路径，以及深入推进农地经营权抵押贷款试点提供政策建议。

本课题的研究目标：从权属来源、用途特性、经营规模的视角出发，系统研究我国农地经营权抵押农户遭受贷款约束的影响因素，提出加快农村金融创新的政策建议。. 通过开展大规模农户调研和典型案例调查，本研究创建完善多套一手数据库，包括：（1）4省（区）8县（区）5000多户农户农地经营权抵押数据（包括部分建档立卡贫困户）；（2）10家金融机构农地经营权抵押全流程运作模式的典型案例资料；（3）完善了已有2省（区）4县（区）1058户农户农地经营权抵押数据库。. 基于以上数据库：（1）分抵押权人，实证分析权属来源、经营规模等因素对农户农地经营权抵押约束影响程度及方向；（2）理论探讨并实证分析务农劳动力禀赋对金融机构农地经营权评估价值配给的影响；（3）对农地经营权抵押贷款促进经济作物种植户农业增收的缘由及其作用机理进行分析；（4）阐释并分析农地经营权抵押约束、经营规模扩大与农户农业收入增幅之间的关系；（5）实证研究农地经营权抵押约束对农户农业经营收入和非农务工收入增长率的影响。. 依托该项目，课题主持人发表论文10篇，其中在《Sustainability》上发表SSCI论文1篇，在《中国农村经济》、《农业经济问题》、《农业技术经济》等核心期刊发表论文8篇，人大复印报刊资料《金融与保险》全文转载1篇。撰写两份政策报告，获得省级部门采纳。获得省级、民间知名奖项各1项。基于该项目，指导完成了3篇硕士毕业论文，9名硕士生参与了本课题研究。. 主要研究结论：（1）权属来源、经营规模在担保中介和金融机构两类抵押权人信贷配给决策中存在着不同权重的影响；（2）务农劳动力质量禀赋显著降低农地经营权评估价值发生概率，务农劳动力数量禀赋则与之相反；（3）相比粮食种植，农地经营权抵押贷款用于经济作物种植对促进农户农业增收的概率更高；（4）遭受农地经营权抵押约束会导致农户经营规模扩大幅度和农业收入幅度双下降；（5）农地经营权抵押约束对农户农业经营收入和非农务工收入增长率均有显著的负向影响。