关键词: 农地经营权抵押, 金融供给, 农村金融机构

Abstract: In 2015, the State Council of China carried out a pilot program of agricultural land management rights mortgage in 232 counties including Daxing of Beijing, hoping to solve the problem of rural credit constraints by expanding the scope of collateral. This paper uses data from rural credit cooperatives and rural commercial banks to estimate the effect of agricultural land management right mortgage, taking the pilot program of agricultural land management rights mortgage in 2015 as a quasi-natural experiment. The results show that the mortgage of agricultural management right does not significantly increase the rural financial supply at present, and the results are robust after considering the substitution effect of the mortgage of agricultural management right on other guarantee methods, the progress of land right confirmation and the impact of the mortgage of farmers? housing property right. At present, the agricultural land management and circulation mode in China restricts the effect of agricultural land financialization, especially the mode of “rent payment by year” makes it difficult for the land transferee to use the mortgage financing of agricultural land management rights obtained by lease. The urgent task is to stabilize the expectation of the land transferee through proper institutional design, and guide both sides of the land transfer to sign a long-term lease and pay the rent for the next few years in a lump-sum. This paper has strong policy implications for further promoting the reform of the mortgage of agricultural land management right and improving the rural financial system.

Key words: Mortgage of Agricultural Land Management Right, Financial Supply, Rural Financial Institutions