The System Environment,Realistic Dilemmas and Governance Paths of Forest Rights Mortgage Loans:Based on a Survey of Fujian Sanming Collective Forest Rights Re-form Pilot Area
Under both formal and informal institutional environments,forest rights mortgage loans are greatly influenced by the characteristics of personified property and the special nature of credit transactions.Based on a survey of Sanming collective forest rights reform pilot area in Fujian province,it is shown that the real dif-ficulties in the development of forest rights mortgage loans are mainly due to the endowment effect and in-formation asymmetry,that is,the endowment effect inhibits the credit demand for forest rights mortgage loans,and the information asymmetry inhibits the effective supply of forest rights mortgage loans.From the perspective of rural revitalization,a good ecological environment for inclusive forestry finance should be built in collective forest areas,focusing on the comparative advantage of village cadres with rural authority as"quasi-financial intermediaries",effectively cultivating and tapping the potential demand for forest right mortgages loans,so as to alleviate the endowment effect and information asymmetry of forest right mortgages loans,and maximize the efficiency of forestry financial allocation,thus promoting rural revitalization in forest areas.
forest rights mortgage loansinstitutional environmentinformal institutionendowment effect
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