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Study on Innovation of the Rural Financial Products and Service

Author: WeiZuo
Tutor: SunShaoYan
School: Jilin University
Course: Finance
Keywords: Product innovation service innovation rural finance transaction cost
CLC: F832.7
Type: PhD thesis
Year: 2013
Downloads: 1003
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Abstract


between urban and rural areas is very large. To narrow the gap between urban andrural development, we must accelerate the development of the rural economy,increasing the income of farmers, the construction of modern agriculture, it cannot dowithout support of fund. The development of rural economy, in the various factors ofproduction, the most is the lack of funds, lack of money supply is short board ofChina’s rural economic development. From the view of present, if not properlyresolving the financial problems, the maintenance, the market-based farmers in thedevelopment stage will retreat to poor state, poor farmers cannot maintain basic life.If not properly resolving the financial problems, to resolve the plight of the ruralsmall and medium-sized enterprises, leading enterprise, cooperative organization, wewould not be able to realize agricultural modernization, can not effectively improve"two kind" the economic situation. If not properly resolving the financial problems,,the new rural construction can not be guaranteed, the new urbanization constructioncan not be fulfilled.Over the years, the state has promulgated a number policy to encourage andsupport the development of rural finance, the rural financial system has been basicallyestablished, but current situation of the fund supply and demand are still notoptimistic, capital outflow is still very serious, according to statistics,3000–4000billion yuan of rural funds through the financial system from village to city every year.contradict from result of the empirical part of this paper is that the rural savingsinvestment conversion rate can promote rural economic growth results. That is to say,we should try various devices to use the funds from rural areas, improve efficiency inthe use of rural funds, improve the supply intend of rural financial institutions,formoney as much as possible staying in the countryside, even to the rural areas, in orderto effectively promote the economic growth in rural areas. Supply shortage of financial institutions in rural areasare mainly in the followingaspects:The first aspect is that small the overall size and small single line are difficult toform scale, as to high operating cost. By the end of2011, credit scale only accountedfor the total credit of25%in county, it is difficult to form a scale effect; generalindividual peasant household financing amount is in5000yuan, can not be effectivelydiluted financial institutions lending fixed cost; in addition to the dispersion, traffic,communication facilities in rural areas is relatively backward, the rural financialinstitutions have to bear high transaction cost to provide credit support for " threerural ".The second aspect is Property of the "three rural" are limited, effective mortgageis short, it is difficult to reduce the cost of default of financial institutions. And nowthe credit products of financial institutions is the establishment in the city financialbasis, to mortgage loans, for the actual situation of agriculture,it is difficult to meetthe financial institutions lending requirements, financial institutions can not cover thedefault risk, so as lack of willingness to lend.The third aspect is the "three rural" credit transaction information asymmetry, sothat financial institutions obtaining the "three rural" information had to spend a largeamount of information cost. Main body of demand distribute in the vast rural areas,small scale, it is difficult to obtain the information of borrowers about managementlevel, financial and credit status for financial institutions in rural through the commonway. Before the credit after information collection, identification, financialinstitutions agreed to loan, after the loans, the financial institution will continue tomonitor the information about operation of the borrower, property status, the use ofloans, in order to reduce the risk of default, to ensure that the funds and interest ofloans in full payment.The fourth aspect is the law, the environment, the system is not perfect,execution cost of the financial institutions is high. Because of the "three rural" loansis relatively small, the execution cost of the third party is relatively high and difficultto implement, in real, there are very few financial institutions through legalprosecution, even if the prosecution may also be the loss outweighs the gain. And because asset scale and system constraints, rural borrowers make it not practical formortgage assets; financial institutions generally only accept property, land, equipmentand the liquidity of securities as collateral, which greatly weakened the rural debtsassets mortgage ability, once the borrower breach of contract, the implementation isdifficult.In order to solve the problem of rural finance and improve supply of the ruralfinancial institutions, from perspective of the rural financial products and servicesinnovation this article re-examined the outflow of funds problem, find out themotivation of innovation, make the transaction cost as the main line of the ruralfinancial products and service innovation, design products and services to meet the"three rural" characteristic and demand, saving of transaction cost of financialinstitutions, and look for the continued support of rural financial products andservices innovation from the policy, environment etc..This idea is this. In the second chapter of this paper summarizes the research onthe basic theory of rural finance from home and abroad, puts forward the ruralfinancial transaction cost theory and the theory of dynamic equilibrium of the gamemodel, so as to find a key to innovation of rural financial products and services.Based on the transaction cost theory, rural financial transaction cost can be dividedinto four parts, namely, information costs, operating costs, the cost of default and theimplementation costs, and expounds the analysis framework of rural financialdynamic game model, this also is innovation of this article.In the third chapter, weanalyze quantified role of China’s rural finance to rural economic growth, and thecharacteristics of modern agriculture, farmers, rural small and medium-sizedenterprises and the building of a new countryside. By introducing the Pagano mode,analyze of the relationship between rural finance and rural economic growth. thenominal GDP growth is positively related to the rural savings investment conversionrate. through the attempt to find financial demand characteristics and special rules ofthe rural financial needs, to decrease the transaction cost of rural finance, finddirection for promoting rural financial products and service innovation. The fourthchapter, it studies from status, existing problems, internal motivation and externalenvironmental constraints of the rural financial products and services innovation main body, and points out the main the problem of supply of rural finance. Supply structureof rural finance does not match the structure of demand, the social intermediaryservice is short. Insufficient number of branches, Lack of innovation power and Pathdependence effect agencies of rural financial products and service innovation. On theincentive of rural financial products and service innovation, the expected profits aregreater than the expected cost to promote innovation, innovation talents incentivesupport the innovation. Analyse of the restriction of system, policy constraints, thecredit environment and other external factors. Summize the cause of the problems ofsupply of rural financial products and service.The fifth chapter is studied in therelationship between rural credit demand characteristics and high transaction costs,the relationship rural credit supplier characteristics and high transaction costs, therelationship between asymmetric information and the high transaction cost, theinnovation of financial products and services can decrease the transaction cost of ruralfinancial demand and supply. Extended to the sixth chapter, path selection of China’srural financial products and service innovation, which is based on principle of avirtuous cycle, principle of demand oriented, the principle of profit maximization,principle of suit one’s measures to local conditions, we conclude five innovation path.These are the mortgage innovation, payment innovation, joint credit innovation,guarantee mechanism innovation and based on farmers’ associations innovation. Fromthe perspective of transaction cost,we analysis the innovations and provides casesanalysis.Finally, in view of the actual situation of the rural financial market in China,thispaper takes out that the government should strengthen the support of fiscal policy, taxpolicy, monetary policy and regulatory policies for the product and service innovationof rural financial; main body of rural finance should introduction of private financialinstitutions, to promote rural financial products and service innovation throughmarket competition, the existing rural financial main body should accelerate thecommercialization reform, establish necessary internal incentive mechanism. from thetransaction cost theory, This paper discusses the necessity of the establishment of afair legal environment, information sufficient credit market environment andconstruction of modernization of payment settlement channel in rural areas, find out the countermeasures to ensure the emergence and sustainable development ofinnovation of rural financial products and service.

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CLC: > Economic > Fiscal, monetary > Finance, banking > China's financial,banking > Local financial services industry
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