中国农村土地证券化研究

4121020021 1020720153STUDY ON THE RURAL LAND SECURITIZATION OFCHINAA Dissertation Submitted toJiLin University of Finance and EconomicsFor the Academic Degree of Master of EconomicsSchool of FinanceJiLin University of Finance and EconomicsMarch 2015"" ""ABSTRACTChina is a nation based on the foundation of agriculture and the status for the development of agriculture affects directly to national economy. However, in recent years, such development remains unfavorable, which renders the issue of `rural region, peasa nt and agriculture' among the highest priority in social development. The main reason for this severe issue is the lack of financing. In rural region, land is the indispensable mean of production and the most basic safeguard to the living of peasant. But d ue to the inadequacies and flaws in our nation's land system for rural region, the positive effect of land is hindered, causing low efficiency in land production and management, which in turn causes the lack of financing. In order to alleviate such severe situation, new approaches, focused on the new channels of financing, improved land circulation and enhanced scale land use, must be sought. Objectively speaking, it is hard to seek revolution from policies and the old time channel for financing are no longer appropriate, so the answer for solution lies in innovation. This essay is proposing the securitization for rural land as an answer. In recent years, the securitization of property is a major innovation of financial market, which is to divide land, not easily dividable in practice, into numerous equity income proofs. Through the credit rating for this practice, we can alter the process of investment of subject for investors to investment in stock and dividend for investors. As a mean of property securitization, the rural land securitization focuses on the guaranteed and expected future capital. The process then involves the development of document of title for the profit of such capital or portfolio, and these document of title can be purchased by multiple investors and can be transferred. This solution turns the right to contract for management of rural land to negotiable security product, which brings sufficient capital to rural region, and increased the anti-risk capacity for agriculture.Six chapters are presented in this essay. The first chapter is introduction, which states about the background information for rural land securitization, organized the relevant foreign references cited, and proposed the research approach and methodology applied, simultaneously illustrating the pros and cons for this essay. The second chapter starts with the three major stages of the rural land system in our nation, and then listed the current problems seen in such system. The third chapter dealt firstwith the basic definition of property securitization and rural land securitization, then goes to the meanings for rural land securitization. The meanings can be shown in various perspectives like the widen of channels for financing, increased land circulation, expedited urbanization, and enhanced development for capital market. Then the chapter presents the availability of rural land securitization: on one hand it possesses the property of essential production and is regulated by law for its property form, on the other hand it corresponds to the weakening of rural land protection and the increasing of finance awareness in peasants. In a broader sense, with the vigorous development of the capital market in China, the tide for rural land securitization is ready. The 4th chapter illustrates the three patterns for rural land securitization, including the securitization of loan against collateral for rural land, profit securitization for rural land, as well as the property right securitization for rural land. These three patterns can provide guidance to the carry out of rural land securitization in China. The 5th chapter scrutinizes the potential problems in this process. The 6th chapter provides solutions and suggestions for the problems discussed in the 5th chapter.KEY WORDS rural land, rural land securitization, property right of rural land (I)ABSTRACT (II)1 (1)1.1 (1)1.2 (2)1.3 (4)1.4 (5)2 (5)2.1 (5)2.1.1 (5)2.1.2 (6)2.1.3 (6)2.2 (7)2.2.1 (7)2.2.2 (7)2.2.3 (8)2.2.4 (8)3 (9)3.1 (9)3.1.1 (9)3.1.2 (9)3.2 (10)3.2.1 (10)3.2.2 (11)3.2.3 (11)3.2.4 (11)3.2.5 (12)3.3 (12)3.3.1 (12)3.3.2 (13)3.3.3 (13)3.3.4 (14)3.3.5 (15)3.3.6 (15)4 (15)4.1 (15)4.2 (17)4.3 (18)4.4 (19)5 (21)5.1 (22)5.2 (23)5.3 (23)5.4 (24)6 (24)6.1 (25)6.2 (26)6.3 (26)6.4 (27)6.5 (27)7 (28) (30)11.119821986""20042013"" """"2014119""""""""1.2""20901997Christine A PavelTerry 2003Carter19991990Sharpand Millerd200220082009201020032003200520102003201320032010 20012008200520101.3""1.4""22.12.1.11950""2.1.2195219572.1.3197858 19842.22.2.1"""" "" ""2.2.2""2.2.31978""2.1/IFIND-2.2.4""33.13.1.11977 3.1.23.2 3.2.13.2.23.2.3""3.2.4""""3.2.53.33.3.1""3.13.3.21978199320023.3.33.23.21996 1997 1998 1999 2000 2001 2002 20030.98% 1.31% 0.92% 0.84% 1.13% 2.79% 4.44% 3.97%2004 2005 2006 2007 2008 2009 2010 20114.92% 4.56%5.07% 5.24%6.00% 12% 14.65% 17.84%433.3.4""3.1IFIND-3.3.5""3.3.6""44.1201311152014119 20144.220014.4""55.1""""""1391222682222225.1""5.1194 5.25.35.466.16.2""""6.36.4""6.5""""7""[1].[D]..2007.[2].[D]..2012.06.[3],.[J]..2003(9).[4].[J]..2003 (4).[5].[J]..2010(5).[6].[D]..2011.[7].[J]..2009 (2).[8].[J]..2010.10.[9].[M]..2002.04.[10].[D]..2010.12.[11].[J]..2005(10)[12].[J]..2005(3).[13].[D].:.2007.[14].[J]..2013(01).[15].[D]..2006.[16].[D]..2009.06.[17].[J]..2013.03.[18].[D]..2006.[19].--[J]..2004.10.[20].[D]..2011.10.[21].[J]..2010(1).[22].[J]..2003(5).[23].[D]..2010.06.[24].[D].:.2007.[25].[D]..2011.04.[26].[D]..2010.12.[27].[J]..2005(10).[28].[J]..2001(4).[29].[D]..2008.[30].[D]..2013.04.[31].[D]..2013.[32].[J]..2010 (14).[33].[J]..2008(8).[34].[M]..2003.08.[35].[J]..2009.11.[36].[J]..2008(9).[37]().[M]..1997.[38]Carter M. 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