利用期货市场转移订单农业违约风险

On How Futures Market Helps Transfer Default Risk of Contract Agriculture

我国的订单农业一直难以得到有效的发展,其中一个重要的原因是高违约率,龙头企业和农户都存在严重违约现象,违约风险成为订单农业的关键风险。本文认为违约风险产生的根本原因在于利益风险分担机制不合理,通过"公司+农户+期货"模式,利用期货的价格发现功能和套期保值功能实现风险的再分配和转移,从而达到避险的目的。

Since too many breaches of contracts by leading enterprises or farmers as one of the main reasons account for slow development of China＇ s contract agriculture, the default risk is the crucial risk for the contract agriculture. This author claims that the presence of default risk should be fundamentally attributed to the irrational benefit risk sharing mechanism. It is believed that based on the model ＂company＋farmers＋futures＂ , the default risk can be avoided if only the price discovery function and hedging function of futures are used to help reallocate and transfer the risk.