The paper analyzes theoretically the background,status and operating environment of agricultural equity exchange (AEE) and addresses specifically the operating mechanism and transaction control of AEE at county-level via the case of AEE in Donghai County. The study shows that, on the one hand, the AEE mode at county-level platform is feasible. On the other hand, it reveals 3 problems, which are the lower acceptance of monorail exchange control, the lower participation of private transactions and the lower level of mortgage innovation. Therefore,further deepening AEE pilot programs should focus on prop-erly coordinating collaborative relationship of dual transaction control mode, making market segmentation among equity enti-ties, differentially setting up transaction costs and encouraging financial institutions to cooperate with AEE to innovate mort-gage tools in order to meet the financial demand of ordinary farmers. Administrative measures should stop in front of the smooth construction of AEE channels while market attracts agricultural production entities to participate in it.%文章从理论上分析了农村产权交易所的产生背景、作用地位和运行环境，以东海县农村产权交易所为案例，具体阐述了县级农村产权交易所的运行机制和交易控制。研究认为，在县级平台搭建农村产权交易模式具有可行性，但是容易出现单轨交易控制接受度低、民间交易参与度低、抵押贷款创新程度低等3个方面的问题。因此，进一步深化农村产权交易所试点应妥善协调双轨交易控制模式的协同关系，对产权主体进行市场细分，差异化设置交易费用，鼓励金融机构与农交所合作创新农村产权抵押贷款产品，满足普通农户资金需求。行政手段应止步于通畅的农村产权交易渠道构建，而农业经营主体的参与应由市场方式吸引。
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