The Transaction Characteristics of Forest Right Mortgage Loan and the Selection of Transaction Model

Based on the theory of transaction cost economics, this paper analyzes the transaction characteristics of forest right mortgage loans. It is found that the forest right mortgage loan transactions of small-scale rural households have the characteristics such as high asset specificity, strong uncertainty and low frequency of individual transactions. According to the principle of matching transaction characteristics with governance structure, it is deduced that the forest right mortgage loan transaction model suitable for small-scale rural households are the "tripartite governance" transaction model, and the choice of transaction model in practice also confirms this point. At the same time, this paper analyzes the case of "Fulin Loan" in Sanming City. It is found that it adopts the tripartite transaction model of "rural households + forestry cooperatives + financial institutions", which effectively promotes the increase in the total amount of loans of rural households and the single-family loan, and reduces the loan interest rate. The single-family loan quota increased from 55,800 yuan in 2007 to 106,000 yuan in 2019; the monthly loan interest rate was reduced from over 8‰ to 5.9‰, achieving the effect of saving transaction costs by optimizing the transaction model.