Study On Financial Support Of Family Farm Development: Instruments Selection And Combinatorial Design

Family farm is an indispensable production subject in the construction of modern agricultural management system,and an important participant in the construction of modern agricultural industry system,production system and management system.The generation and development of family farm is a comprehensive system engineering.Different financial instruments have different functions and functions in the whole system.In the process of family farm development,we need to further support and optimize the financing,credit construction,risk aversion,price discovery,technology application and other aspects through the corresponding financial instruments.For a long time,due to the lack of qualified collateral for family farms in China,it is difficult to obtain all kinds of funds needed for production from formal financial institutions such as commercial banks,which makes family farms face the dilemma of "financing difficult and financing expensive" in the development process.The lack of effective collateral and imperfect guarantee system reduce the availability of family farm loans,which seriously hinders the development of family farms At the same time,the natural risks and market risks faced by family farm management urgently need to be solved through agricultural insurance policy tools and disaster relief.Therefore,to speed up the establishment of a financial system in line with the financial needs of family farms,to innovate the combined financial support mechanism to promote the development of family farms,and ultimately to promote the development of family farms is the focus of current decision-making departments.Based on the production efficiency theory,industrial organization theory and agricultural financial support theory,this paper reveals the operation mechanism of family farm development in production investment,financial demand,risk aversion,credit construction,etc.,and reasonably demonstrates the theoretical mechanism of the impact of combined financial instruments on family farm development from the perspective of the supply side,from the perspective of family farm financing constraints,financial institutions Financial supply,policy sector financial policy support and other dimensions have constructed the theoretical framework of financial support for the development of family farms.Based on this,this paper investigates the financing constraints and financial resources acquisition of family farms in more than 120 districts,counties,towns,townships and villages in 17 major cities,such as Jinan,Qingdao and Zibo,Shandong Province,and obtains the micro data of 291 provincial demonstration family farms by issuing questionnaires.Finally,this paper analyzes the effect of agricultural credit,agricultural insurance and land management right mortgage on the development of family farms through the design of multiple linear model,cross-section threshold model and tool variable quantile model,and designs a combined financial support mechanism to meet the financial needs of family farms,which has rich theoretical and practical significance for the development of family farms The specific conclusions are as follows:First,in order to further expand the operation area and investment scale of family farms,there is an urgent need for agricultural loans,agricultural insurance,mortgage-backed financing and other financial services,while the willingness to choose private financial organizations and network platforms to borrow money is not strong.From the perspective of investment performance of family farms,the investment scale of most family farms has not reached the optimal level.The low level of investment decision-making and management is the main reason to restrict the improvement of their performance.There is still room for further improvement of the investment scale and investment performance of family farms.In addition,the small scale of family farm funds leads to the lack of production factors,the lack of financial policies leads to financing difficulties,the lack of effective collateral for family farms leads to poor investment and financing,the lack of effective supply of agricultural insurance leads to operational risks,and the lack of risk subsidies leads to poor operation is the main reason for restricting the development of family farms.Second,family farms are faced with serious supply-oriented financing constraints due to the lack of collateral.If the corresponding collateral can be introduced to family farms,it will be more conducive to improving the availability of financial resources of family farms,and then conducive to the development of family farms.Increasing the agricultural credit supply of family farms is conducive to promoting the development of family farms.At the same time,when the supply level of agricultural credit is low,its effect on the development of family farms is small;when the supply level of agricultural credit is high,its effect on the development of family farms is large,that is to say,there is a nonlinear effect of "first decreasing,then increasing" on the development of family farms.Third,agricultural insurance can compensate for the loss caused by the production risk of family farms,which is a powerful financial tool to protect the development of family farms.Increasing the support of agricultural insurance for the development of family farms can effectively promote the development of family farms.At the same time,when the supply level of agricultural insurance is low,its effect on the development of family farms is small;when the supply level of agricultural insurance is high,its effect on the development of family farms is large,that is to say,there is a nonlinear effect of "decreasing first,increasing later" on the development of family farms.Fourth,the mortgage financing of land management right provides a favorable financing way for the development of family farms,builds an effective credit system for commercial banks and family farms,increases the supply of agricultural credit for family farms,and helps to promote the development of family farms.At the same time,when the supply level of mortgage-backed loans is low,its effect on the development of family farms is large;when the supply level of mortgage-backed loans is high,its effect on the development of family farms is small,that is,the mortgage-backed loans have a nonlinear effect of "increasing first,then decreasing" on the development of family farms.Based on the theoretical and empirical research conclusions,this paper puts forward the mechanism design of the combination of financial instruments to support the development of family farms from three aspects:First,we need to improve the mechanism of mortgage guarantee,strengthen cooperation with Shandong Agricultural Development Credit Guarantee Co.,Ltd.,vigorously promote "Lu Dan Hui agricultural loan",actively establish the risk sharing proportion mechanism of finance,banks and guarantee companies,and give full play to the coordination effect of financial subsidies,agricultural credit and mortgage guarantee.Second,we should establish a risk compensation mechanism,establish a loan loss risk compensation fund and insurance risk compensation fund through financial investment,financial subsidies,tax relief and other policy tools,and assist family farms to share production costs and risks.Third,we should strengthen the financial service mechanism,strengthen the construction of financial information technology projects,explore the establishment of "three rural" resource asset ownership management center,set up agricultural operation asset value evaluation institutions,establish agricultural risk asset collection management center,and promote financial institutions to support the risk resolution,property right disposal and land management right re circulation in the process of family farm development,so as to create a good Financial ecological environment,and try to introduce "agricultural loan + mortgage guarantee + risk subsidy + agricultural loan reinsurance","agricultural insurance + catastrophe bond + risk fund","rural e-commerce + agricultural credit + Internet finance" as the main combined financial support mechanism to promote the development of family farms.