以对外直接投资化解农产品进口贸易风险

Defusing the Risks of Agricultural Product Import Trade by Outward Foreign Direct Investment

开展对外直接投资(OFDI)是中国涉农企业化解农产品进口贸易风险的有效方式。近年来,随着农产品进口量不断增加,中国在全球农产品贸易流量中的权重显著提升衍生出“买得贵”价格风险与“买得难”数量风险,基差交易模式下的信息不完全与信息不对称衍生出“买得贵”价格风险,海外农产品供应链物流环节多、进口通道航行时间长等特征衍生出“运得慢”供应链风险。中国涉农企业开展OFDI、融入全球农产品供应链,投资仓储物流、加工贸易业务等海外农产品供应链关键环节重要资产,能够提升粮源自主掌控能力对冲“买得难”“买得贵”风险,构建交易信息体系降低“买得贵”风险,深度融入全球农产品供应链运营管理化解“运得慢”风险,从而在一定程度上将农产品进口贸易风险内部化并创造内部化收益。基于此,文章从企业、行业和政策层面提出相关建议,以更好地促进中国涉农企业开展OFDI。

Outward foreign direct investment(OFDI)is an effective approach for China’s agricultural enter⁃prises to defuse the risks of agricultural product import trade.As the import volume of agricultural products keeps growing in recent years,China’s weight in global agricultural trade flow has increased,accompanied by the risks of overhigh prices and limited access to import products.The former is resulted from the incomplete and asymmetric information in basis trading.In addition,the multiple logistics links in overseas agricultural supply chains and long import navigation time have led to the supply chain risk of slow transportation.The OFDI for integration into the global agricultural supply chain building and important assets in key links such as warehousing,logistics,processing,and trade in the overseas agricultural product supply chain can boost China’s agricultural enterprises in terms of mastering grain sources to hedge against the risks of overhigh prices and limited access to import products.A trading information system should be built to mitigate the risk of overhigh prices.The deep integration into the operation and management of the global agricultural product supply chain can attenuate the risk of slow transportation.These measures,to some extent,can internalize the risks of agricultural product import trade and create internalized benefits.This article proposes suggestions from the perspectives of enterprises,industries,and policies to promote the OFDI of China’s agricultural enter⁃prises.