Research on Rural Land Management Right Mortgage Loan： Income Effect and Mode Differences
（Henan Institute of Finance，Zhengzhou，Henan451464，China） Abstract：Based on the investigation in pilot counties ，the author makes an statistical analysis on the income effect of rural land management right mortgage loan by using PSM（Propensity Score Matching）model. The results show that after eliminating the selectivity bias and endogenous problems，the rural land management right mortgage loan has been playing a remarkable and sustainable part in promoting farmers' income；and the longer the loan term，the greater role it plays. besides，compared with the government-led mode，the effects of rural land management right mortgage loan in the market-oriented mode are more effective. Therefore，in the future the key to improving and perfecting rural land operating right mortgage policy is to face up to the heterogeneity among farmers，proactively provide differentiated financial products，make further improvement in optimizing the rural financial ecological environment，perfecting related incentive mechanism.
Key words：rural land management right；mortgage；income effect；mode differences