Study On The Mitigation Of Farmers' Credit Constraints In Agricultural Supply Chain Financial

At present,the imbalance between urban and rural development and agricultural and rural development in China is prominent.Increasing financial support for agriculture to ease the credit constraints of farmers is the inherent requirement of implementing the "rural revitalization strategy".At present,the credit restriction of peasant households exists universally in different degrees in our country.There are many reasons for the credit restriction of peasant households.Among them,the lack of qualified collateral of peasant households and the difficulty of controlling the credit risk of banks are the main reasons.For this reason,the theoretical circles have proposed different guarantee methods to solve the credit restriction problem caused by the lack of qualified collateral of peasant households.Restricted by multi-realistic conditions,the above-mentioned guarantee methods can not meet the actual needs of the rural credit market in China,and the credit constraints of farmers are still the same.Supply chain finance and its development concept,which originated in the field of industrial products,has become one of the most popular innovations in banking financial practice at home and abroad under the background of increasingly fierce market competition,more unbounded information transmission and changing consumer demand.Agricultural supply chain finance has changed the traditional way of measuring farmers' credit from the perspective of a single peasant household.It regards peasant households,agricultural enterprises and agricultural supply chain as an organic and unified whole,alleviates the information asymmetry between peasant households and financial institutions,resolves the plight of peasant households' loan guarantee,improves peasant household credit,so as to better alleviate peasant household credit const Farmer credit constraints provide new development ideas.Firstly,based on structural equation model,321 households in 16 counties(cities,districts)of 8 prefecture-level cities in Hunan Province were taken as samples to study the main factors affecting farmers' credit constraints.The results show that the characteristics of peasant households,family endowments and social capital have significant negative effects on the credit constraints of peasant households.The education level of peasant households is the most significant factor in the latent variables of peasant households' own characteristics.The impact of the per capita net income of peasant households on the latent variables of peasant households' family endowments is roughly the same;whether there are relatives or friends in rural Work is the most significant factor affecting the latent variable of social capital,and the number of households who can borrow financial institutions is the most significant factor in the latent variable of financial repression.Therefore,a series of measures,such as raising farmers' education level,cultivating new agricultural operators,increasing farmers' per capita income,lowering the interest rate of agricultural loans,supporting new rural financial organizations and encouraging farmers to participate in rural financial markets,are of great significance to alleviate farmers' credit constraints.Secondly,under the condition of information symmetry,this paper establishes a financing decision-making model composed of banks,companies and farmers,studies the optimal decision-making of banks,companies and farmers,and studies the optimal decision-making of all parties under the condition of information asymmetry on the basis of this comparative benchmark.Then,on the basis of the previous two models,it establishes the financial inventory of agricultural supply chain under the condition of information asymmetry.The pledge model studies the optimal decision-making of each subject.The results show that the guarantee ratio will affect the loan interest rate of bank households,and the bank risk preference and guarantee ratio will affect the loan quota of farmers.The introduction of the third-party logistics model of agricultural supply chain financial inventory pledge can effectively reduce the problem of high loan interest rate and low loan quota caused by information asymmetry.Therefore,to ensure the effective operation of agricultural supply chain finance and cultivate the main body and carrier of agricultural supply chain finance is conducive to alleviating the credit constraints of farmers.Thirdly,the article chooses 188 samples of farmers participating in agricultural supply chain finance,adopts the credit evaluation method of "subject + debt",constructs the credit risk evaluation index system of agricultural supply chain finance farmers,evaluates the credit risk of agricultural supply chain finance farmers,and empirically studies how agricultural supply chain finance improves the credit of farmers.When calculating the probability of farmers' compliance with contracts,we find that 74.902% of farmers' A will abide by the loan contracts under the agricultural supply chain financial model,while only 35.826% of farmers' A will fulfill the credit contracts under the traditional credit model.This proves that the agricultural supply chain finance can significantly improve the probability of farmers' compliance,reduce the risk of farmers' default,achieve the improvement of farmers' credit and encourage financial institutions to involve in agricultural credit.Loans should be put in place to ease the credit constraints of peasant households.Therefore,it is particularly important to change the way of farmers' credit risk assessment,construct various internal and external credit enhancement mechanisms,control credit limits reasonably,and strengthen post-loan risk early warning for alleviating farmers' credit constraints.Finally,this paper takes the non-credit constraints,supply-based credit constraints and demand-based credit constraints into the same framework for analysis.Based on the survey data of farmers in Hunan Province in 2018,and based on the existing research,this paper chooses a multi-value Logistic model to compare the mitigation effect of farmers' participation in agricultural supply chain finance on supply-based credit constraints and demand-based credit constraints of farmers and their effects on mitigation.The law of change.It is found that farmers' participation in agricultural supply chain finance can alleviate both supply-oriented credit constraints and demand-oriented credit constraints.The alleviation effect of farmers' participation in agricultural supply chain finance on supply-oriented credit constraints and demand-oriented credit constraints is weakened with the increase of farmers' income,financial development and the promotion of farmers' social capital.Therefore,we should improve the relevant laws and regulations of agricultural supply chain finance,strengthen the financial supporting facilities of agricultural supply chain,build the financial service ecosystem of agricultural supply chain,and improve the financial service capacity of agricultural supply chain.The main innovations of this paper are:(1)innovation of research perspective.Taking agricultural supply chain finance as a breakthrough point,this paper reveals the mechanism of reducing information asymmetry in agricultural supply chain finance and the mitigation of farmers' credit constraints,and empirically studies the mitigation effect of farmers' participation in agricultural supply chain finance on farmers' credit constraints.(2)theoretical research and innovation.Under the conditions of complete symmetry of information,complete asymmetry of information and financing mode of financial pledge in agricultural supply chain,this paper establishes a financing decision-making model composed of banks,companies and farmers,and studies the optimal decision-making of each main body in agricultural supply chain.Through comparison,it is found that introducing the financial inventory pledge mode of agricultural supply chain of third-party logistics company can effectively reduce the lack of information.Symmetry leads to the problem of high interest rate and low loan quota,which is helpful to alleviate farmers' credit constraints.(3)Innovation of research content.Based on the credit constraints of farmers and their influencing factors,the mechanism of reducing information asymmetry in agricultural supply chain finance and the mitigation of credit constraints of farmers,the research on credit enhancement of farmers in agricultural supply chain finance and the mitigation effect of credit constraints of farmers in agricultural supply chain finance,the shortcomings of existing domestic agricultural supply chain finance research are remedied.