Research On The Credit Rationing Of Leading Enterprises Of Agricultural Industrialization In Jilin Province

Credit rationing is common in credit market, which means that the borrowers are not qualified to loan money or can loan a small amount of money. At present credit rationing attracts many scholars’ attention; their conclusions are almost the same, which is that credit rationing is in equilibrium for a long run. This problem is more frequent and severe in the rural credit market in China, which is an obstacle of rural economy development. Therefore this paper mainly studies the credit market in Jilin province focusing on the leading agricultural enterprises, which are considered as the dominant force of agricultural industrialization. This paper generalizes the influencing factors of credit rationing by the leading agricultural enterprises, analyzes the formation of the credit rationing, and explores the reasons for credit rationing. On the above-mentioned basis, the paper proposes reasonable solutions to credit rationing of the leading enterprises in order to provide theoretical reference to the leading agricultural enterprises. This paper consists of 8 chapters, and the contents and conclusions are as follows.Firstly, this paper analyzes the status quo of credit rationing by leading agricultural enterprises. The author calculates the availability of credit source, the credit shortage, the credit rationing rate. The author analyzes and evaluates the status quo and features of the credit rationing by the leading agricultural enterprises. On the basis of the above-mentioned analysis, the reasons for the specific way by the leading agricultural enterprises are explored and the research results enrich the research achievements of credit rationing by the leading agricultural enterprises.Secondly,this paper analyzes the influencing factors of the credit rationing by the leading agricultural enterprises. The credit rationing results from the restriction between the supply and demand parties and other participants in the credit market. Therefore, the game between banks and enterprises, the restriction of interest, information and internal environment lead to the credit rationing. In the end, the author generalizes six influencing factors, which are credit rationing, credit demand by the enterprises, credit supply by the banks, interest rates, information cost and external environment, sets up a theoretical model for the credit rationing by the leading agricultural enterprises.Thirdly, this paper analyzes the formation mechanism of credit rationing by the leading agricultural enterprises. According to the relative theoretical foundation and conceptual model, this paper analyzes the formation mechanism of credit rationing by the leading agricultural enterprises. It includes that the supply of the credit by the banks and the demand for the credit by the enterprises have the effects on the credit rationing, the marketable interest rate, information cost and external environment have effects on the supply of the credit by the banks and the demand for the credit by the enterprises.Fourthly, this paper displays the descriptive statistics of the survey samples of the leading agricultural enterprises. The data are ready for the empirical analysis. It also covers the survey samples by region and trade, the design and structure of the questionnaire. It analyzes the credit rationing by the enterprises in the terms of the industry, region, asset size and capital shortage.Fifthly,Empirical Analysis of credit rationing by the leading agricultural enterprises is conducted. In accordance with credit rationing mechanism formation this paper generalizes eight hypotheses. Normality test is done by the sample data. The use of CFA model is set up for the confirmatory factor analysis. The structural equation model is used to test the research hypotheses. The testing results show that the increase of the credit supply by the banks will lessen the degree of the credit rationing, the increase of the credit demand by the enterprises will strengthen the degree of the credit rationing, the marketable interest rate is related to the supply of credit by the banks positively, information cost is related the credit supply by the banks negatively and the marketable interest rate is related to the credit demand by the enterprises negatively.Sixthly, this paper puts forward the countermeasures to lessen the credit rationing by the leading agricultural enterprises in Jilin Province. On the basis of the above research, model and testing of the hypotheses, this paper found that the behavior of the enterprises and the banks has their reasonability and shortages, the well-functioned interaction between the interest rate, information and external environment will lessen the credit rationing by the leading agricultural enterprises.Compared with the existing literature, this paper has the following innovations. First innovation is a new research perspective. This paper conducted research on credit rationing in a new perspective, which is the interaction between the internal stimulus of credit demand and supply parties, external environment. It centered on the reasons for the credit rationing by the leading agricultural enterprises. Therefore this research results are objective, comprehensive and deep. The second one is a new conceptual framework. This paper builds a new theoretical conceptual model of credit rationing by the leading agricultural enterprises on the basis of game theory and asymmetric information, analyzes the game and decision-making by the banks and the enterprises during the loan and paying off the loan. The new conceptual framework forms a comprehensive research route for the credit rationing by the leading agricultural enterprises. The last one falls in the methodology. This paper utilizes the structural equations to solve the problem of data shortage, which is caused by the confidentiality of bank information and privacy of the loan information of the enterprises. The other methodology cannot be used here. The structural equations includes the measure model and the structure model, unites the measure and analysis. So the qualitative indicators can be used in the analysis of credit rationing. Therefore this paper is different from the existing literature on credit rationing. It utilizes the structural equations to analyze the credit rationing by the leading agricultural enterprises, generalizes the influencing factors of credit rationing by the leading agricultural enterprises, tests the formation mechanism of credit rationing by the leading agricultural enterprises through the model, fit, evaluation and rectification theoretically and empirically.