[Objective] The farmers' legitimate rights and interests in the process of land conversion were investigated in order to provide a scientific basis to formulate a national new compensation standard. [Methods] Viewed from the philosophical concept of value

this paper constructed a comprehensive farmland value framework. Using methods of income reduction

equivalent factor and the shadow price

the comprehensive values of farmlands in Siping City of Jilin Province were quantified and evaluated. [Results] (1) The comprehensive value was evaluated as 1.33×106 yuan/hm2. In which

the economic value was 4.56×105 yuan/hm2

the ecological value was 3.74×105 yuan/hm2

the social value was 2.87×105 yuan/hm2

the development right value of farmland was 2.18×105 yuan/hm2. (2) The actual compensation value in land conversion was 4.50×105 yuan/hm2; (3) In the process of land conversion

the loss of farmers' land rights and interests was 8.84×105 yuan/hm2

[Conclusion] In 2012

the actual compensation value accounted for only 33.7% of land comprehensive value. This reflected a fact that the land rights and interests of land-lost peasants were trespassed. It is considered that the limiting understanding of farmland value

the unreasonable compensation standard for land acquisition

the imperfect land expropriation regime

the fuzziness land property rights are all the main causes that the land-lost farmers' land rights and interests is treated unjustly in the process of land conversion.