Research on the Underlying Logic and Risk Prevention and Control of Land Financial Products
The purposes of this study are to explore the underlying logic,risk sources and main manifestations of land asset financialization,and to propose the policy recommendations,to provide the references for establishing a more robust and efficient land management system and reducing management risks.The research methods include theoretical analysis,inductive deduction and comprehensive analysis.The research results show that 1)financial products are the bridge between land assets and financial assets.The balance between land value and credit,property rights definition,and income and risk constitute the value basis,institutional foundation,and power basis of financialization,respectively.2)Based on the basic principles of trust and guarantee,the land assets are converted into free—flowing financial assets through structural design and credit enhancement,and the liquidity,risk diversification,value discovery and allocation efficiency are improved.3)The uncertainty,such as land ownership,value assessment and planning change,leads to the risks,such as legal compliance,value distortion and value fluctuations for financial products.The financialization of land assets may lead to problems,such as scattered land ownership,loss of assets,concealment of circulation,market fluctuations and regulatory failures.In conclusion,the prevention and control of the risks of land financial products should be made from both the land and financial ends,deepen the reform of land system,improve the adaptability of land assets to financial products,establish a whole chain of the supporting land rules,standardize the process of financialization of land assets,strengthen the prevention and control of financial risks,and prevent risk breeding and cross-transmission.
land financial productsrisk managementprevention and control
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