Research On Multi-Fund Support System Of New Agricultural Management Entities

The development of economy in China has entered a new normal state.It is necessary and urgent to promote the supply-side structural reform of the agriculture and accelerate the transformation of agricultural development mode.Cultivating the new agricultural management entities is the key to the supply side reform and the change of agricultural development mode.But nowadays the new types of agricultural management are facing such constraints as the relative reduction in agricultural funds,the increasing difficulty to receiving funds and some other challenges.Taking Shaoyang(which is in Hunan Province)as an example,this paper examines the development of the new agricultural management entities here.Using the field survey data from Shaoyang as a supplement,this paper makes some statistical analysis and establishes the multinomial logit model to verify the influence of various kinds of funds on the cultivation of different new agricultural management entities.In addition,we draw lessons from the USA,France,Japan and the Korea in the development and cultivation of the new agricultural management entities.Based on their successful practice and experience,this paper puts forward some policies and suggestions to help the new agricultural management entities to obtain financial supports.The results show that the four kinds of new agricultural management entities obtain the funds from lots of ways.However,due to their differences in the asset level,operation scale,risk tolerance,information disclosure and other indicator,there are supposed to be some differences in their financing channels.Specifically,banks and private lending funds are more available to the agricultural leading enterprises,while specialized households mainly rely on their own funds and get external funds through private lending,with low accessibility to bank loans.Most farmer cooperatives and some family farms rely on government subsidies.The empirical results show that the self-owned capital investment has a significant positive impact on the cultivation of agricultural leading enterprises,family farms,farmer cooperatives and specialized households,and has the greatest impact on the specialized households.The government finance has a significant positive impact on specialized households,farmer cooperatives and family farms,but no significant effect on agricultural leading enterprises.The special funds of financial institutions and private capital have significant positive effects on the development of agricultural leading enterprises,family farms and farmer cooperatives,but there is no significant effect on specialized households.We propose that the reform of the new financial support system should consider the characteristics of the new agricultural management entities,their demand for funds.The construction of financing system should contain the governmental financial support system,the institutional financial support system,the social financial support system and the innovative financial support system,supplemented by the following relevant supporting measures:to strengthen the legislation,to speed up the construction and promotion of agricultural insurance and to build agricultural products value chain,with the hope to comprehensively solve the financial needs of the new type agricultural entities.