交易费用、风险规避与农地金融切入点选择

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

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。

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.