交易费用、风险规避与农地金融切入点选择

根据合约理论,比较了农地金融三个可能的切入点:保障型耕地、发展型耕地与"四荒"地。所对应三种合约所面临的交易费用及风险规避需要,得出"四荒"地合约包含的交易费用最低,又最大化的体现了合约方风险规避的需要,成为最优的合约选择;发展型耕地合约仅次于"四荒"地,是次优但可行的合约选择;保障型合约是最不经济的合约选择,因此在现阶段,我国农地金融制度的构建应将"四荒"地或发展型耕地作为切入点。

Selection on Portal of Farmland Finance According to Transaction Cost and Risk Hedging

The paper points out three potential portals for farmland finance institution(FFI), farmland of dependent type (FDT), farmland of profit type (FPT) and four-barren land (FL).Contrasts were made between potential transaction costs and demand of risk hedging of three contracts related three starting-points above,according to contract theory.The FL contract contains the lowest transaction cost while the best solution for risk hedging demand,therefore constitutes a optimal selection. The following is the FPT contract, sub-optimal but possible selection, so the FDT contract the worst one. The paper, therefore, states that FL or FPT should be made portal as designing FFI in current time.