农村土地承包经营权抵押、农户异质性与信贷约束缓解：机理、绩效与制度设计

As a breakthrough point in China's rural finance reform, agricultural land use right mortgage has important practical significance to solve the rural financing problem in the new stage of agricultural modernization and production mode transition. According to the pilots in Jiangsu, Hubei and Sichuan provinces, this project analyzes the mechanism and efficiency of rural land use right mortgage in reducing information asymmetry and credit constraints based on the perspective of household heterogeneity. First, the mortgagability of rural land use right is explored on the basis of function and property of qualified collateral. And a farmers - bank credit decision model is established to analyze the operating mechanism of rural land use right mortgage. Second, using quasi-natural experiments the performance of land use right mortgage is evaluated and the heterogeneous effects on different types of households are focused on. Third, the risk factors and risk sharing mechanism of the land use right mortgage is analyzed. Finally, some specific policy suggestions for China's land use right mortgage reform are put forward.

在农业现代化与农业生产方式转型的新阶段，作为农村金融改革的一个突破口，农村土地承包经营权抵押对解决农村融资难问题具有重要的现实意义。本课题立足于江苏、湖北和四川三省的试点，基于农户异质性视角，对农村土地承包经营权抵押在降低借贷双方信息不对称、缓解农户信贷约束方面的作用机理及其有效性进行系统研究。首先，基于抵押品的金融功能和经济属性，深入剖析农村土地承包经营权的可抵押性及其约束条件，并建立"农户-银行信贷决策模型"分析农村土地承包经营权抵押的运行机理；其次，运用准自然实验方法对试点地区农村土地承包经营权抵押的运行绩效进行评价，并着重考察其对不同类型农户的异质性影响；第三，探究农村土地承包经营权抵押的风险因素及其风险分担机制；第四，构建理论模型分析地方政府在农村土地承包经营权抵押试点中的职能与作用边界；最后，为我国农村土地承包经营权抵押制度设计提供具有可操作性和针对性的政策建议。

本课题以江苏、湖北、山东和安徽地区为例，基于农户异质性视角，对农村土地承包经营权抵押缓解农户信贷约束的作用机理及其有效性进行了理论和实证研究。研究发现：在当前的法律环境和产权制度约束下，农地经营权可抵押性不足，开展“间接型”农地经营权抵押贷款成为大部分试点地区金融机构的理性选择；农地抵押贷款试点对缓解农户完全数量配给、提高农户信贷可得性具有一定作用；由于不同地区农户生产经营活动性质不同，农地抵押贷款需求存在显著的地区差异；抵押风险也是影响农户农地抵押贷款参与决策的重要因素。上述研究结论表明，在我国农村土地制度改革的背景下，农地经营权抵押贷款试点应该分阶段逐步推进，应鼓励不同经济发展水平的试点地区因地制宜地开展不同类型的试点模式，同时要完善风险补偿机制和社会保障制度，缓解农地抵押风险。在考核期内，课题组共发表中文核心期刊论文12篇，指导完成硕士论文4篇，较好地完成预期研究目标。