Research On The Credit Demand And Credit Constraint Of New Agricultural Business Entities

Agriculture,rural areas and farmers has always been the important issue in China' social-economic development and economic reform.To solve the agricultural and rural problems,at least when it comes to solve the problem of China's more than half.China put forward the development goal of building a well-off society and formulated the road of industrialization,informatization,urbanization and agricultural modernization simultaneously at the 18 th Central Committee of the Communist Party of China.Rural development is the key to China' development,and agricultural development is the key to Rural development.The development of modern agriculture not only requires the leaping and revolution of the productivity,but also the innovation and promotion of the production organization and management.The efficient economic organization is the key to economic growth.The reform and development in China's rural areas has greatly promoted the transformation from traditional agriculture to modern agriculture in 30 years.With the adjustment of agricultural structure,the transformation of rural basic management system,the transfer of agricultural labor,the acceleration of industrialization and urbanization in China,Agricultural management organizations has been differentiating and growing constantly,and the new agricultural Business Entities(NABEs),including the Large farmer,the family farm,the farmer cooperative and agricultural enterprise,came into being and become the Micro-foundation and backbone forces in the agricultural modernization since the the new century especially.Rural finance is the core of modern rural economy,and any rural economic activity depends on the financial capital.As the large-scale,specialized,intensive and market-oriented modern management by transferring land,under the family contract management,the NABEs' s financial demand and dependency is far more than the traditional contracted farmers,and showing a significant difference with the traditional ones.However,because of the adverse effects of China's dual economic structure,China's rural financial market has always been less developed,and the problem of rural financial suppression is very prominent.At present,China's rural financial services,especially rural formal financial services still can't satisfy the rural economic development,the financing difficulties of the NABEs become more and more prominent,and become the core elements of their development constraints.Therefore,it has important theoretical and practical significance to study on the credit behavior from a micro perspective and put forward the the design of rural formal financial system,for how to solve the problem of serving modern agriculture,deepening rural financial reform and achieving the goal of "new four construction" in China.The contents of this paper are: First,The background description and observation of the research on the credit behavior of the NABEs.As a logical starting point,it expounds the differentiation of farmers in China,the specific investigation of the economic activities of the two types of rural financial needs and the current situation of rural formal financial supply.Second,the credit demand analysis of NABEs.It analyzes their current situation and characteristics of the credit demand by the typical sample of NABEs in Liaoning province.The binary selection Logistic model is used to analyze the influencing factors of their credit demand.And Empirical Analysis of Small and Medium-sized Farmers is continue in the same way.Third,the supply and demand dual credit constraint analysis of NABEs.Based on the control of credit demand,it analyzes the supply-type credit constraint and demand-type credit constraint in theory,expounds the identification method of the credit constraint based on the credit rationing mechanism,analyzes the factors influencing the total credit constraint,the supply-type credit constraint and demand-type credit constraint by the logistic model of binary selection in empirical method,and empirical analyzes the impact on their income effect using the production function method and building the credit constraint intensity index.At last,it puts forward the policy suggestions to alleviate the financing difficulty of NABEs,reform and perfect the rural formal financial system and serve the development of agricultural modernization.The innovation of this paper lies in: firstly,other than the rural credit problems research on our country farmers as a whole and less consider the different needs of different types,and the policy conclusions are too wide,it focuses on the credit behavior of NABEs,and fulls always highlight the contrast with the ordinary small farmers.Secondly,based on the analysis paradigm of "demand guide",it focuses on the new credit demand characteristics of NABEs.It studies deeply on their credit behavior from the double micro perspective of credit demand and credit constraints.It analyzes not only their credit demand and influence factors,but also their credit constraints and influence factors,not only the supply-type credit constraint,but also the demand-type credit constraint,and carry out out the demand-guided analysis paradigm.Thirdly,it differs from the general macro-qualitative study on the NABEs,it establishes the theoretical framework of the research on the credit behavior of the NABEs,including defining the willingness and effective Credit demand,the theory of the supply-type credit constraints and demand-type credit constraints,building a more explanatory power of the theoretical framework by taking into account the rural external institutional environment and other factors on comprehensive lending both sides,on the basis of the study on farmers' credit behavior framework of domestic and foreign.Fourthly,it use the direct willingness investigation method to identify and judge directly their credit demand and credit constraints by drawing a series of related questions about their credit experience and related information of the current and the past.then it builds measurement models to research their credit demand and credit constraints.In this paper,with the method of combination of questionnaire and field research,qualitative analysis and quantitative analysis,normative analysis and empirical analysis of the method,it gets the the following conclusions through theoretical and empirical research:(1)Under the background of farmer differentiation,land circulation and the change of agricultural management system,the main body of rural financial demand in our country has profoundly changes,the multiple occupations small farmers and large-scale farmers has become the two categories of rural areas in China.Their household income and expenditure structure have changes.The household expenditure of the scale-oriented farmers is mainly based on the productive expenditure,and The capital loan is mainly used for the purpose of agricultural production and should become the main object of the formal financial service in rural areas of our country.But,From the supply of the rural finance,rural real access to formal financial institutions Loans have been shrinking,the design of rural formal financial services,which still meets the the production needs of homogeneous small-scale farmers with small loans,can't meet the needs of rural business changes.It is necessary to carry on the bottom-up rural formal financial innovation according to the change of the credit demand of NABEs.(2)The family decision-makers of NABEs age is relatively young,the overall level of education is high,"rural capable people" represents a considerable proportion of them,they complete the money input and large-scale operation,by transferring land with their own funds,bank loans,relatives Friends borrowing,private borrowing and other capital investment,own funds represents a considerable proportion.but because of the large-scale,they face greater financial difficulties.Due to larger and longer Capital demand,and the lack of collateral collateral,etc.70% of the demand for loans from the formal financial institutions has not been met.And the demand loan met is small,short duration,from rural credit cooperatives in China.Therefore,the current formal financial services as the main model of small loan is unable to meet the needs of NABEs,or even contradictory.(3)The formal credit demand of the NABEs is strong,and the factors that affect them are mainly from the aspects of agricultural production and management,the rational cognition of financial policy,personal characteristics and family characteristics.Agricultural productive expenditure,the production stage,whether there is a plan to expand or not,and whether there is a loan or not have a significant positive correlation with the credit demand.While the personal characteristics and the characteristics of agricultural production have no significant impact on the credit demand of the small-scale farmers.The total household income has a significant negative impact on the credit demand of the small ones.The total household expenditure,especially the living service expenditure,has a significant positive impact.on their credit demand.Therefore,the influencing factors of credit demand mainly come from the related aspects of agricultural production,rather than the living expenses is the main difference between the and the small ones.(4)The NABEs is faced with more serious credit constraints,the proportion of credit constraints is 77.6%,22.4% is not subject to credit constraints.The level is higher than the traditional farmers or farmers in poor areas estimated by scholars.They are not only subject to supply-type credit constraints,but also the demand-type credit constraints,and the number of rationing,transaction cost rationing and risk rationing is the three main distribution methods.In contrast to the traditional farmers,their supply-type credit constraint is much larger than the demand-type credit constraint,and their supply-type credit constraint is 2.3 times of the demand-type.Therefore,the financing difficulty of NABEs is mainly due to the number of rationing from the formal financial institutions.(5)The NABEs of different age,different educational level and different types are all facing serious Credit constraint.Whether there is stata and financial statements,production statement,the total income,whether it was engaged in industry and commerce or village government and other non-farm work experience have a negative correlation with the credit constraints.the amount of loan demand,the demand term requirement,and whether or not a bank loan have a positive correlation to the credit constraints.And their individual financial information has a significant negative correlation with the supply-type credit constraints,the loan amount requirements and the loan term requirements and their bank loan experience has positive correlation with the supply credit constraints.Total income,whether there is a non-farm work experience have a significant negative correlation with the demand-type credit constraints.(6)With the method of the production function approach by using their credit constrains as a special factor in the production,this paper estimate whether it is affected by the credit constraint on their income.It is concluded that there is a significant negative correlation between the credit constraint of the NABEs and their income.At the same time,through the construction of the credit constraint intensity index,the average credit constraint intensity of the new agricultural management subject is 0.80,and further empirical analysis shows that the change of the credit constraint intensity of the new agricultural management entity will cause 0.43 Changes in unit income levels.Finally,based on the characteristics of credit demand,he characteristics and causes of the supply-type credit constraint and the demand-type credit constraints,this paper puts forward three policy suggestions: First,increase the rural formal financial supply and construct the rural formal financial system with multiple orderly competition.The second is to reform the traditional micro-credit model,establish the rural formal financial products and services innovation mechanism according to the characteristics of the NABEs.At last it puts forward to improve the rural financial environment,improve financial and financial support policy from the perspective of the external financial environment.