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Rural Credit Cooperatives (RCCs), the main force of rural finance, are the ties of finance to contact farmers, which play pivotal roles in supporting rural economic system reform and promoting rural economic and social development. Since the establishment of RCCs in Hunan Province, they has experienced a difficult and tortuous reformation and development course, but these reformations don’t involved or avoided the sensitive and important problem, the property right reformation. From practice, Hunan Province RCC has not yet found a suitable road for property right reformation; theoretically, the reformation remains a large difference in institutional model. In recent years, there are many serious problems such as unclear property right, nominal corporate governance structure, imperfection internal control mechanism, severe financial risks and so on in property right system, serious impediment to survival and development of RCCs in Hunan Province. Therefore, deepening the reform of property right system of RRCs in our province, not only related to the sustainable development to institutions, but also related to whole situation of agricultural development, rural stability, and farmers’income increment.In this study, property right reformation of RCCs as the main line, firstly, we analyzed the theories of property right, property right system, and institutional change; and then, we articulated characteristics of institutional changes regularity according to property right reform of RCCs in Hunan Province. Based on summing up the effect of a new round of property right reformation since2003for RCCs in Hunan Province, in-depth analysis of current situation and existing problems of property right system was performed, and these problems mainly are dislocation of property right, unreasonableness of legal governance structure, serious phenomenon of insider control, deficiencies of cooperatively financial property right system, and imperfect of information disclosure mechanism. In addition, we dissected the caused of these problems as follow:firstly, the rural financial environment is not conducive to a thorough property right reformation of RCCs in Hunan Province; secondly, government intervention is too heavy to obstruct property right reform; thirdly, centralized management system weakened autonomous right of grass-roots level RCCs; fourthly, too much emphasis on the reformation of property right model rather than property right; fifthly, accumulated or lost property right is impossible to define.Based on above study, using the principles of institutional economics, we optimized the designed program about property right system reformation, according to the successful experience of foreign rural cooperative finance and actual situation of RCCs in Hunan Province. In one hand, we strengthen the content of reformation on innovation of property right system, adjustment property right model to local conditions, improvement the corporate governance structure, conversion internal management mechanism. In the other hand, we speed up the process of property right reformation of RCCs by improvement of internal and external environment, such as enhancement of employees’ quality, scientific and reasonable arrangement between the government and RCCs, establishment of internal or external supervision system, and development of rural cooperative financial infrastructure, etc.
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