Formal and Informal Institutions: Impact Differences in Forest Land Circulation-Based on the Empirical Analysis of 1 086 Farmers in 5 Provinces

【Objective】The formation of the property rights transaction system is essential for realizing forestry property rights transactions. Studying its influence on farmers' forest land circulation behavior is of great significance and value for promoting the standardized operation of the forest land circulation market and moderate-scale management of forest land.【Method】This study set out from three levels: the formal system of property rights trading platform, the informal system of non-governmental circulation intermediary, and the intervention of village cadres in between, and constructed an analysis framework of the impact of property rights trading system on farmers' forest land circulation. This paper investigated the influence mechanism and differentiation characteristics of the property rights transaction system on farmers' forest land transfer behavior under different location conditions by Probit and Tobit models from the survey data of farmers.【Result】1) From the point of view of circulation behavior an