Research On The Influence Of Rural Financial Market Structure On China's Agricultural Development

Rural finance,as an important part of the overall financial system,influences the operation of national economy of a country or region through the driving effect of agricultural development.Rural financial market structure as the rural financial industry the most basic part of the organizational structure,types and characteristics of rural financial market structure directly or indirectly to the rural finance main body(rural banking financial institutions such as the main body of market behavior and market performance have a significant impact,determine the overall effectiveness of the rural financial development,affect the financial support of rural finance to the agricultural development and sustainability,and further to the agricultural growth,total factor productivity,agricultural emission reduction,industrial restructuring,transformation of development mode and so on the most important aspect of agricultural development to promote or hinder.And what is the overall effect of rural financial market structure on agricultural development? There are relatively few researches on the structural economic impact of rural financial market in domestic and foreign literatures.As the largest agricultural country in the world,China's rural finance has developed from a financial institution in the early stage to diversified rural financial institutions.The development of rural financial market structure has evolved from a complete monopoly type of people's bank to a monopolistic competition with stronger competition.As the country's financial system reform deepening,China's rural financial market in market structure types of rural financial market,the main body of investment scale,operating performance,area distribution network,or effects on agricultural development of the rural financial market structure are in change,and a strong regional development difference.However,the development and adjustment of rural financial market structure is closely related to the agricultural production factor resource endowment institution and development level in rural areas of China.These agricultural production factor resources and agriculture depend on the opening degree of the developing country or region,agricultural development policy,agricultural functional area,regional development environment and other influential factors,which jointly determine the type and development characteristics of China's agriculturalstructure.Therefore,how to seek to match the structure of rural financial market under the constraints of existing agricultural economic structure,and the harmonious development of the two will provide a stronger internal economic driving force for the sustainable and efficient development of rural financial market structure.Rapid advances in China's agricultural development since the reform and opening to the stability of the good development momentum,for the steady development of national economy and society to provide a solid base support,further optimize the agricultural structure,agricultural development way for transformation,agricultural development efficiency is rising steadily.But at present,China's agricultural development is also facing some challenges,such as the overall economic growth is slowing,imbalance in the structure of supply and demand of agricultural products and agricultural products quality is not high,agricultural management main body increased difficulties of farmers' income,agricultural pollution,etc.For example,the 2017 national economic and social development statistics bulletin shows that the growth rate of the first,second,third industry's added value is 3.9%,6.1% and 8%,respectively.The proportion of first,second,third industrial added value to GDP is 7.9%,40.5% and 51.6% respectively.Therefore,no matter from the rate of agricultural growth and the contribution to the national economy,there is a serious weakening.With weak natural quality of agricultural development on one hand,face more natural resources,the influence of uncertainty factors such as climate,on the other hand,it also with long mainly depends on the amount of agricultural production factors of high investment,extensive development,high consumption,high pollution emissions,low efficiency and low output has a direct relationship.Therefore,based on the existing basis for the development of rural financial market structure and agricultural conditions and characteristics,analysis the rural financial key factors affecting the development of agriculture or focus,combined with China's rural financial market and the regional difference of agricultural development,will be more conducive to the rural financial market structure and the optimization of agricultural structure adjustment,and to explore the rural financial market structure influence the best swimmer of agricultural development will be a meaningful work.On the basis of existing literature research,this paper systematically studies the main aspects of the influence of rural financial market structure on China's agricultural development: agricultural growth,total factor productivity of agriculture and agriculturalemission reduction.In view of the regional differences in rural agriculture in China,this paper analyzes the impact of rural financial market structure on agricultural development,and also focuses on the specific impact of agricultural development on different regional levels.Through analysis,the basic conclusions of this paper are as follows:(1)Since the 80 s of the last century,China's rural financial market structure has undergone four evolution: from the people's bank of unify the whole country,the agricultural bank in rural financial market dominance,the monopoly of the rural credit cooperatives,and so far,including the rural small and medium-sized financial institutions,rural Banks and rural commercial bank the new type of rural financial organizations such as dry diversified rural financial operators to coexist,rural financial market operators to increased competition,in terms of China's rural financial market concentration,no matter from the overall level,or from the provinces(area),the features of three economic belt,or functional area of grain production(main producing areas of grain production,main sales area,production and marketing balance of grain production area),with the passage of time,the rural financial market concentration are falling,but the regional gap is widening.At present,judging from the overall,rural financial market structure is still the oligopolistic type or highly oligopolistic type type of rural financial market,the more the economy is relatively backward area stronger degree of rural financial market structure is monopoly.(2)From the perspective of the key aspects of agricultural development,from the industry growth,China's agricultural development has made the world number of achievements,the added value of ecological-economic and growth rate are improved rapidly.From agricultural total factor productivity level,China's agricultural total factor productivity since 1997 has been a slow rise process,but a large shift in 2003-2011,after the trend of agricultural total factor productivity appear even cut,agricultural total factor productivity levels at the same time also has certain regional differences,a notable problem is the area of agricultural total factor productivity index higher overall level of economic development is not high.From the point of agricultural pollution reduction,all kinds of agricultural pollutant emissions and emissions intensity remains high,despite a drop in emissions intensity,The issue of concern is: big agriculture province in China,especially in food production areas,pollutant emissions and emissions intensity is relatively large.(3)The theoretical analysis of rural financial market structure influencing China'sagricultural development indicates that the rural financial market structure(the higher the market concentration degree)that is not matched with the basic economic structure will not be conducive to the improvement of agricultural development level in China,the continuous sufficient investment in agricultural construction funds,the optimal allocation of agricultural production factors and other resources,which will not be conducive to agricultural growth,thus affecting the increase of the total factor productivity of agriculture,which is not conducive to the free flow of agricultural production factors,especially capital,and thus adversely affecting agricultural emission reduction.(4)On the impact of rural financial market structure on agricultural growth empirical analysis shows that the rural financial market structure to the agricultural growth negative influence coefficient,the higher the rural financial market concentration will be conducive to agricultural growth,after controlling for rural financial business point number of institutions under the condition of ownership,the rural financial market concentration of China's agricultural growth is still the significant negative impact coefficient,point of view from the majority of scholars in both literature are basically identical.Further analysis found that the efficiency of rural financial market development scale and development will also affect agricultural growth,rural financial market scale effect on agricultural growth coefficient is negative,and a significant test,and the development of the rural financial market efficiency on impact coefficient of the agricultural growth is positive,significant test.(5)Empirical analysis of the impact of rural financial market structure on total factor productivity of agriculture shows that the structure of rural financial market has a significant negative effect on the improvement of total factor productivity of agriculture,which is not conducive to the improvement of agricultural total factor productivity.Further analysis found that the rural financial market structure to the agricultural total factor productivity of the decomposition of the return of the factor influence,the rural financial market structure to the agricultural technology efficiency,pure technical efficiency and scale efficiency of influence coefficients didn't pass the test of significance,but the rural financial market structure to the agricultural technology progress of influence coefficient is positive,and through the test of significance,it shows that the improvement of China's agricultural total factor productivity is mainly from agriculture technology progress,rather than the efficiency of agricultural technology progress,and the effect of the rural financial market structure to the agriculturaldevelopment has great regional difference.(6)The empirical analysis on the impact of rural financial market structure on China's agricultural emission reduction shows that the influence coefficient of rural financial market structure on the intensity of agricultural pollution emission is positive,but it is negatively correlated with the emission reduction of agricultural pollution,that is,the concentration degree of higher rural financial market is not conducive to agricultural emission reduction.Further analysis indicates that the increase of agricultural water consumption in the control variable will lead to the increase of agricultural pollution emission intensity rather than the contrary,while the intervention of government policy and the intensity of agricultural pollution emission intensity are negatively affected,that is,the government's environmental regulation or efforts to support pollution control will significantly reduce the intensity of agricultural pollution emission,and contribute to the sustainable development of agricultural emission reduction.Based on the results of the analysis,the paper combines the basic facts of China's rural financial market structure and agricultural development.This paper puts forward the following Suggestions: optimize the structure of rural financial market,and orderly opening up rural financial markets continue to push forward the rural financial market management main body diversification mode,promote rural financial market structure optimization;We will further deepen the reform of the rural financial system,raise the market access threshold for rural financial institutions,improve the competitiveness of rural financial market structure,and increase the support of rural finance for agricultural development.For agricultural development area to produce the opposite sex,classification reform implementation,the implementation of differentiation of regional rural financial incentive policies,guide the money into key agricultural production region and poor economic base and agricultural development areas,which are relatively lagging behind others in terms of reducing agriculture regional development gap;We will encourage more rural financial market funds to invest in agricultural infrastructure,upgrade the level of agricultural production and equipment,and transform the way of development to promote sustained agricultural growth.The main innovation points of this paper:(1)The theoretical analysis of the influence of rural financial market structure on agricultural development is more systematic and comprehensive.The paper takes the structureof rural financial market as the entry point,and puts forward the three key aspects of the speed,efficiency and quality of industrial development,namely,agricultural growth,agricultural total factor productivity and agricultural emission reduction as the core content of agricultural development,and systematically demonstrates the influence of rural financial market structure on agricultural development,which has certain new ideas.(2)With the help of inter-provincial panel data,the empirical analysis analyzes and tests the influence effect and regional difference of rural financial market structure on agricultural development from three aspects: the whole country,the three economic belts and the grain functional area,which is unique and has a certain depth.Paper adopts 29 provinces and cities(districts),three big economic belt,east Midwest grain production function(main producing areas of grain production,main sales area,production and marketing balance of grain production area),2005-2016 panel data,can well capture the rural financial market structure effect on agricultural development,the change trend and the characteristics of regional diversity,more close to the reality of the development of rural agriculture.(3)The policy recommendations based on the conclusions of the study have some new ideas.Paper analysis results that could match the agricultural structure of rural financial market structure,is advantageous to the growth of agriculture and agricultural total factor productivity improvements and agricultural emission reduction,this paper puts forward the optimization of rural financial market credit funds and other financial resources configuration,to divisions priority investment in key areas,regional differentiation implementation,according to the functional category step by step to promote rural financial organic combination development policy to promote the development of agriculture.