Moral Hazard,Monitoring Structure and the Design of Rural Financing Mechanism
分析了农村融资难的核心问题，提出农场组织化和监督是替代抵押品的关键机制，并探讨了通过金融结构设计、财政补贴和监管来改善融资条件，对中国农村金融改革有参考价值。
The financing difficulty is the core problem of rural financial system.Because there is lack of collateral in rural areas,therefore,it is crucial to develop the collateral substitute mechanisms.According to our analysis, we conclude that farms organization(or diversification) and monitoring are the two important substituting mechanisms,and will be helpful to reduce the requirement of collateral.Through farms' organization and other intermediation,we can design various financial structures to ameliorate financing conditions by utilizing the advantages of capital providing,monitoring and/or technical aids and the guarantee of new financial institutes and rural economic organizations.Besides,some policies,such as proper fiscal subsidies policy and moderate financial supervision will also promote farms' financing ability.All above conclusions will be useful to further understand the significance of China's rural financial system reform.