The Study On Financing Channels And Influence Factors Of Farmers'Cooperatives

Farmers' cooperatives,which play a vital role in the agricultural production in the agriculturally advanced countries,gather the individual farmers to reduce production cost,improve bargaining power and solve contradiction between the small-scale farmers and the giant market.However,China farmers' cooperatives are still in its infancy,and many problems,financing in particular,affect its development in various aspects.There are several major channels of financing in farmers'cooperatives and different channels display different features in financing requirements,ways of financing supply and financing shortage.Most of the domestic researches saw the problem of financing shortage as integrity,but the present paper divides the sources of financing into internal channel,external regular channel and external irregular channel.It is hoped that the paper will to some extent fill in the research gap of the financing problem in farmers' cooperatives in China and shed light on solving this problem and formulating relative policies.This paper,at the first place,analyzes the historical origin and development of the cooperatives and finds out the financing influences enforced by the cooperatives system.Then,from the perspective of China's rural financing system,this paper dissects the external financing environment of cooperatives and discovers the external reasons of financing difficulty.Later,this paper combines the internal and external reasons to sum up the existing financing channels and the financing difficulties of cooperatives.To analyze and solve the problem,this paper,with reference to the domestic related research,summarizes the influencing factors of cooperative financing channels and divides them into three respects:internal financing channels,external regular financing channels and external irregular financing channels.By using quantitative analysis,this paper makes an empirical analysis on the influencing factors of the three channels and finds out the key way to solve the financing problems of cooperatives.The conclusions of this paper are as follows:(1)The sources of financing of China farmer' s cooperatives are divided into three respects:internal channels,external regular channels and external irregular channels;the sources of cooperatives financing are mainly from internal channels,while the external regular channels have a poor availability and the external irregular channels have a higher financing cost;the daily financing requirements of cooperatives can be met basically,but the overall financing requirements for further development can not be met.(2)The social endowment of the person in charge and the return level of investment are the key factors influencing the internal financing channels;(3)The income and social endowment of the person in charge,the profitability of the cooperatives and the credit rating are the main factors influencing the external regular financing channels;the reasons for the low accessibility of financing in cooperatives' external irregular channel lie in the lack of self-assurance and the insufficient support from government.(4)Regional economy,the interpersonal relations of the person in charge,the cost of financing and the credibility are the major factors affecting the external irregular channel in the cooperatives.It is the irregularity in the irregular financing market that causes the high cost of financing in cooperatives' external irregular channelThe main innovations of this paper are as follow:Firstly,the innovation in vision.This research devided the financing channel of farmers' cooperative into three channels,which enable a more adequate and detailed researh into cooperatives' financing.Secondly,the innovation of method.This research used logistic regression method to analyze influence factors of three financing channel,which is an improvement base on current studies.