The participation of forest farmers,as the most important management entity of forest land,is the first step in the development of forestry carbon sequestration projects.Considering the characteristics of China's"relational"society and the resulting transaction costs,we anatomize the rationale behind forest farmers'participation in the forestry carbon sequestration projects,analyze the influence of social networks,social trust and social norms on forest farmers'participation in forestry carbon sequestration projects,and examine the conditions under which social capital functions using micro-farmers'survey data in Ningshan County from the perspective of transaction cost economics and social capital theory.The results of the study show that 89％of the sample farmers participate in the forestry carbon sequestration project,showing a high level of participation;the strong relationship network,interpersonal trust,institutional trust,punishment mechanism and reciprocal behavior variables all contribute significantly to the participation of forest farmers in the forestry carbon sequestration project,while the weak relationship network variables does not affect the actual participation decision of forest farmers;the results of the moderating effect show that the membership of forest farmers in the cooperative significantly contributes to the influence of the social capital dimensions on the participation of forest farmers in the forestry carbon sequestration project.The results of the moderating effect indicate that the membership of forest farmers in cooperatives can significantly contribute to the positive effect of each dimension of social capital on forest farmers'participation in forestry carbon sequestration projects.
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