Analysis On The Willingness And Influencing Factors Of Small And Medium-sized Tea Enterprises In Anhua To Participate In Agricultural Value Chain Financing

Agricultural small and medium-sized enterprises are important agricultural management subjects in China,and their development has an important impact on China’s agricultural development.As an important innovation in the field of rural finance,agricultural value chain financing is conducive to improve the financing availability of agricultural small and medium-sized enterprises,alleviate the financing constraints to a certain extent,effectively meet the financing needs of agricultural small and medium-sized enterprises,and meet the requirements of agricultural development for financial innovation mode under the background of the new era.However,the financing situation of agricultural small and medium-sized enterprises under different agricultural value chains is different.Therefore,combined with the actual situation of local agricultural value chain,it is very necessary to study the influencing factors of agricultural small and medium-sized enterprises’ willingness to participate in agricultural value chain financing.Anhua tea value chain is a typical representative of China’s tea value chain.Therefore,taking Anhua tea value chain in Hunan Province as an example,this paper explores the financing willingness and influencing factors of small and medium-sized tea enterprises to participate in agricultural value chain,which has certain practical and theoretical significance.Based on domestic and foreign references and the theory of information asymmetry,this paper analyzes the data of 184 small and medium-sized tea enterprises obtained from Anhua field survey and questionnaire survey,summarizes the situation of Anhua tea industry and value chain financing,analyzes the specific mode of Anhua small and medium-sized tea enterprises participating in agricultural value chain financing,and describes and analyzes the basic characteristics and willingness of sample enterprises to participate in value chain financing combined with the survey data,Finally,using the binary logistic model,this paper makes a regression analysis on the influencing factors of tea enterprises’ willingness to participate in the internal financing of agricultural value chain and tea inventory financing,and draws the following research conclusions:Firstly,in terms of participating in the internal financing of the agricultural value chain,the understanding of the main decision-makers of the enterprise on the financing of the agricultural value chain,the average net profit of the enterprise in recent three years,the number of tea products,the scale of cooperative tea farmers,the scale of cooperative dealers,the satisfaction with the market price of tea,the intensity of competition between tea enterprises and the satisfaction with government support policies are eight important factors affecting the willingness of small and medium-sized tea enterprises to participate.Secondly,in terms of participating in tea inventory financing,the risk preference of the main decision-makers,the understanding of agricultural value chain financing,the establishment time of the enterprise,the scale of tea production and the satisfaction of tea market price are the key factors affecting the participation intention of small and medium-sized tea enterprises.Thirdly,among the influencing factors of the willingness of small and medium-sized tea enterprises to participate in the two agricultural value chain financing methods,the common influencing factors are the main decision-makers’ understanding of agricultural value chain financing and the satisfaction of tea market price.The higher the enterprise decision-makers’ understanding of agricultural value chain financing,the higher their satisfaction with the tea market price,the better their expectations for future production,and the stronger their willingness to participate in agricultural value chain financing.Therefore,these two factors are also important factors affecting the willingness of small and medium-sized tea enterprises to participate in agricultural value chain financing.Fourthly,in addition to the common influencing factors,when small and medium-sized tea enterprises participate in the internal financing of the agricultural value chain,they are more affected by the cooperation among the subjects of the value chain,such as the scale of tea farmers and dealers.This is because the internal financing of agricultural value chain is mainly based on the stability within the value chain and the trust relationship between various subjects.Small and medium-sized tea enterprises are more affected by tea products themselves when they participate in tea inventory financing,such as tea production scale and satisfaction with tea market price.Finally,combined with the research results of the influencing factors of the willingness of small and medium-sized tea enterprises to participate in agricultural value chain financing,this paper puts forward policy suggestions from the three main bodies of enterprises,financial institutions and government,so as to provide reference for promoting enterprises to participate in agricultural value chain financing.