农业价值链融资的演进:贸易信贷与银行信贷的替代、互补与互动

The Evolution of Agricultural Value Chain : The Alternative,Complementary and Mutually Embedded Relationship between Trade Credit and Bank Credit Financing

在为农业提供融资服务时贸易信贷和银行信贷具有各自的优势。本文以对虾产业发展为例讨论了产业发展不同时期贸易信贷和银行信贷的各自优势及其互动情况,并分析了与之相应的农业价值链融资模式的发展过程。研究发现,产业发展初期核心企业的信息优势远超过金融机构的资金成本优势,使得以贸易信贷为主要特征的农业价值链内源融资占主导地位,这一时期贸易信贷替代了银行信贷;而在产业发展中期,随着行业公共信息的扩散,以贸易信贷与银行信贷垂直联结（互补）为主要特征的农业价值链外源融资占主导地位;而当产业发展步入成熟期时,金融机构真正加入到产业链中,或者核心企业开始开办金融业务,从而形成了贸易信贷和银行信贷更加紧密的互动关系。因此,在产业发展的不同时期应该注重贸易信贷和银行信贷各自优势的发挥与互动。

Trade credit and bank credit have its own merits to serve agriculture development. In this article,we discuss their advantages and interaction in different shrimp industry stages.Based on different industry stage,the agriculture value chain finance has different models.At the beginning of agriculture industry,the core firm’s lower information cost overcomes the bank’s lower interest rate,which causes endogenous financing become the main way of value chain finance,trade credit substitute bank credit;with the development of the industry,the public information of the industry will spread,and the demand of funds will increase quickly,which causes trade credit interlinkages bank credit to be the main financial way of value chain finance;When the industry has entered a mature stage,the bank become a member of this value chain,or the core firms start to carry out financial businesses,thus forming a closer interaction relationship between trade credit and bank credit.Therefore,in the different period of industrial development,we should pay more attention on the advantages and interaction of two funding ways.